Eleven months later, Washington is still reeling from the election of President Donald Trump. Politicians, operatives and interest groups, the media, intellectuals and writers — everyone is trying to find his footing in this new and unexpected political environment. This is having a major impact on the economic-policy debate.

Democrats are moving to the left, with many, for example, supporting a $15-per-hour federal minimum wage — a harmful policy that only one year ago would have been laughed out of the conference room at the Democratic National Committee. Senator Bernie Sanders of Vermont, a self-described democratic socialist, recently released a bill …