The president’s plan would tap those concentrations of wealth to fund his vast jobs program with an emergency tax increase on the wealthiest Americans—restoring the 50 percent top marginal rate that Ronald Reagan championed in his initial tax reform of 1981. “My Republican friends love to cite President Reagan’s administration as the golden age of American conservatism. And I propose to follow his great example as a tax reformer. No, I won’t raise taxes on ordinary Americans—and 98 percent of you will pay nothing more. Even the wealthiest Americans won’t see a difference in what they pay on the first $250,000 they earn each year…

To conclude his tightly focused speech, which lasted only 20 minutes, not the usual hourlong slog, the president challenged Congress to approve his program within 30 days. He grew emotional as he dramatically took a folded letter out of his pocket and, abandoning his teleprompter, read it slowly. The writer worked in a furniture manufacturing plant in North Carolina before its operations relocated to Asia. Out of work for more than four years, he felt humiliated that he couldn’t provide for his children and wanted no more handouts—only the chance to work hard to help his family and his country. Pausing for maximum impact, the president ended his address with a fervent near-whisper: “I say—and you all know—it’s time we give him that chance. Let’s put America back to work!”

The media for the most part swooned over Obama’s “visionary” and “compassionate” presentation; even conservative commentators gave grudging respect to its boldness. Insiders understood that the Republican House would never honor the deadline. “Yes, we tried to do something about the awful unemployment numbers,” Democrats could say, “but the Republicans refused to ask their rich friends to pay more so we could hire millions.” If nothing else, the president’s ballyhooed bit of political theater could help shift responsibility for the pain of unemployment: instead of blaming him, angry voters might well turn on the heartless Republicans who blocked the instantaneous hiring of most of the unemployed.