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There is one basic story in journalism and it has two parts: how things change and do not change. A higher premium is put on on the former, change, than on the latter, continuity. This can lead to hype or to imagining change where there is none, and to a distortion of what is going on.

The lead political story in 1996, the re-election of President Clinton and the Republican House and Senate, was a continuity story. Mr. Clinton's Cabinet reshuffle largely keeps his policy team either intact or in the hands of former number twos. No one has yet spotted signs of major new Clinton initiatives. Balancing the budget, adjusting Social Security's long-range …