Notice that twice now Mr. Obama has invoked “individual ambition,” and not as a virtue. For other targets, he next counseled the graduates against the “voices that incessantly warn of government as nothing more than some separate, sinister entity that’s the root of all our problems, even as they do their best to gum up the works.”

The irony here should not go unnoticed: The opponents that the president disparages are the same folks who tried to save the country from one of the biggest pieces of gum now in the works: Mr. Obama’s own health-care insurance program, which today is filling many of its backers with dread as it moves toward full implementation in a matter of months.

None of that darkens Mr. Obama’s sunny view of collective effort. What does upset him, still, is the run-up to the 2008 financial crisis: “Too many on Wall Street,” he said, “forgot that their obligations don’t end with their shareholders.” No mention of the Federal Reserve, or Fannie Mae, Freddie Mac, the Community Reinvestment Act, or the many other “big and important things” government undertook before the crisis hit, things that explain the disaster far better than any Wall Street greed. None of that fits in Mr. Obama’s morality play. For that matter, neither do the Constitution’s checks and balances. When the president laments that “democracy isn’t working as well as we know it can,” he is not talking about those big, misbegotten public projects but about the Washington gridlock that has frustrated his grander plans.