Why isn’t the National Republican Senatorial Campaign Committee coming in for Jeffrey Bell in New Jersey? He’s in a remarkable political fight, running surprisingly close to the incumbent, Cory Booker, despite having zilch in his campaign account. Yet he can’t get his phone calls returned by the national GOP. This is all the more amazing because Mr. Bell is framing a national issue — the failure of the Federal Reserve to create jobs. It’s almost as if Bell’s real opponent were not the glad-handing Booker but Janet Yellen, the Fed chairman.

Mrs. Yellen has made reducing unemployment her No. 1 priority. The Fed has slathered trillions of dollars on the economy in an effort to boost jobs. The strategy’s failure — and the administration’s — is the best issue for the GOP in 2016. Mr. Bell understands the issue better than any candidate in the land right now. He grasps that the Fed deserves a big share of the blame for the Great Recession. He knows, too, that voters aren’t going to hear that from Cory Booker. He, after all, is a darling of Wall Street, which loves the Fed’s near-zero interest rates, which have buoyed the boom in share prices.