These economic blows are just one element in a cascading set of problems all hitting at the same time. It combines the nuclear anxieties of the 1950s and ’60s with the inflation threat of the ’70s, the crime wave of the ’80s and ’90s and the tensions over illegal immigration in the 2000s and beyond. This electorate is not experiencing a malaise, as President Jimmy Carter was once apocryphally said to have proclaimed, but has instead formed into a deep national fissure ready to blow like a geyser in the next election if leadership does not move to relieve the pressure…

To combat the drag that fear has on the electorate — what I call a “fear index” — Mr. Biden will have to move in some big and bold ways. Faced with runaway spending in the 1990s, President Bill Clinton proposed a balanced budget, a policy still favored by 80 percent of the electorate, according to April’s Harris poll, but he did it in a way that still managed to finance entitlements like Social Security. Pushing a big, seven-year policy plan like that would mean finding budget cuts elsewhere to pay for a permanent child tax credit, rather than raising taxes, and deficit spending, which would most likely cause costs to fall on the average American through inflation. Balancing the budget would change the conversation about the economy and show Americans that Mr. Biden was serious about getting our fiscal house in order.