Everybody agrees Mike Bloomberg had an awful debate Wednesday night, as Democrats took turns flogging him for offenses against woke progressivism. The painful experience should convince the businessman and former New York mayor that he can’t win the Democratic nomination with his current strategy of contrition and a leftward policy lunge.

How about running instead as a capitalist with liberal values who can expand the economy and extend opportunity to millions of kids trapped in terrible schools? Run as the entrepreneur and...