President Barack Obama said that the most “salient message” from the election was the voters’ demand that all levels of government and the private sector work together to “help the middle class move forward”. He’s right.

Real unemployment, in all categories, remains above 16 per cent; wages for 90 per cent of workers remain stagnant; there is little business confidence despite cash-rich treasuries; and the trade deficit in manufactured goods is a persistent $300bn each year.

Voters, particularly those in the industrial heartland, and only slightly less so on each coast, have demanded a more balanced economy. They want an economy that restores the vitality of the manufacturing sector. These workers supported the bailout of the auto industry because they believed there was no reasonable alternative. And they feel that the private sector, acting alone, cannot sufficiently advance the economy or protect their interests.