Politicians in both parties seem to believe that the U.S. faces looming catastrophes that require a radical rethinking of economic policy. They’re wrong.

The nation certainly has serious challenges, but the foundations of the economy are healthy. Radicalism is not required. The populist right and progressive left seem to agree that the dominant consensus in economic policy of recent decades – a central role for markets, friendliness toward globalization and free trade, and wariness of over-regulation – has been bad for Americans.