It is possible, I suppose, that the pundits are right and the public didn't really mean it when it elected a liberal Democrat president and gave Democrats even larger majorities in both houses of Congress. Maybe America really wants the same nice, reassuring, centrist thing as always.

But it is also possible that, for once, the public weighed the big issues and gave a clear verdict on the great economic questions of the last few decades. It is likely that we really do want universal health care and some measure of wealth-spreading,...