Remember those Republican boasts that they would turn health care into President Obama’s Waterloo? Well, exit polls suggest that to the extent that health care was an issue in Tuesday’s elections, it worked in Democrats’ favor. But while health care won’t be Mr. Obama’s Waterloo, economic policy is starting to look like his Anzio.

Paul Krugman

True, the elections weren’t a referendum on Mr. Obama. Most voters focused on local issues — and those who did focus on national issues tended, if anything, to go Democratic. In New Jersey, voters who considered health care the top issue went for Gov. Jon Corzine by a 4-to-1 margin; Chris Christie won voters who were concerned about property taxes and corruption.

Yet there was a national element...