My column on Monday made a disparaging reference to Jimmy Carter’s famous “malaise” speech (in which, yes, he never actually used the word “malaise”), citing it as an example of the pessimism bubble that inflated in late-1970s America. Recently a narrative has sprung up, on the “crunchy” right as well as on the left, that argues that Carter was prescient rather than over-pessimistic, and that America would be better off today if we’d heeded his indictment of consumerism and self-indulgence, rather than spurning him for the go-go optimism of Ronald Reagan. This is not a crazy idea, since in many...