Obama’s presidency may last 17 or 65 more months, but it has been irreversibly neutered by two historic blunders made at its outset. It defined itself by health-care reform most Americans did not desire, rather than by economic recovery. And it allowed, even encouraged, self-indulgent liberal majorities in Congress to create a stimulus that confirmed conservatism’s portrayal of liberalism as an undisciplined agglomeration of parochial appetites. This sterile stimulus discredited stimulus as a policy.

Obama’s 2012 problem is that he dare not run as a liberal but cannot run from his liberalism. The left’s narrative for 2012 is that by not offering another stimulus, Washington is being dangerously frugal. This, even though his stimulus — including cash for clunkers, cash for caulkers, dollars for dishwashers (yes, there actually were money showers for home improvements and greener appliances), etc. — led downhill…

America may be one-third of the way through a lost decade — or worse, toward a lost national identity. So, Republicans have their 2012 theme: “Is this the best we can do?”