The limits of the administration’s “industrial policy,” touted as marking a “post-neoliberal” paradigm shift, have been extensively documented; it was always a national security program first—an ill-conceived reaction to fears of a rising China—and a pro-worker agenda second, if at all. The bigger, less talked-about picture is the long arc of ten years of failure to confront inequality after the Piketty moment in 2014. Across four key policy areas—taxation, labor standards, the welfare state, and antitrust—Democrats could have pursued a comprehensive program for combating plutocracy and empowering workers. But the opportunity was frittered away through a relentless focus on playing by the old rules of policy debate and routing reform through the usual elite channels, insulated from—and often outright hostile to—the voices and views of on-the-ground constituencies. All that came at the cost of forging a durable political coalition.