Trump’s speech reframes the election around this core question: Is capitalism basically working or is it basically broken?

Trump can run on the proposition that it’s basically working. He has a lot of evidence on his side: The unemployment rate is the lowest in decades. Wages are rising. The typical family income is higher than it has ever been.

Americans seem to accept this position. Confidence in the economy is higher now than at any moment since the Clinton administration. According to Gallup, 59 percent of Americans say they are better off than they were a year ago. Three-quarters of Americans expect to be even better off a year from now.

Democrats, by contrast, have congregated around the message that capitalism is fundamentally broken and that the economy is bad.