I also think Obama misunderstands this moment. The Progressive Era, New Deal and Great Society laws were enacted when America was still a young and growing nation. They were enacted in a nation that was vibrant, raw, underinstitutionalized and needed taming.

We are no longer that nation. We are now a mature nation with an aging population. Far from being underinstitutionalized, we are bogged down with a bloated political system, a tangled tax code, a byzantine legal code and a crushing debt.

The task of reinvigorating a mature nation is fundamentally different than the task of civilizing a young and boisterous one. It does require some collective action: investing in human capital. But, in other areas, it also involves stripping away — streamlining the special interest sinecures that have built up over the years and liberating private daring.

Reinvigorating a mature nation means using government to give people the tools to compete, but then opening up a wide field so they do so raucously and creatively.