The Obama campaign strategy also has three elements. The first was embodied in a glossy 20-page pamphlet issued Tuesday, entitled “The New Economic Patriotism: A Plan for Jobs & Middle-Class Security.” Mr. Obama is distributing 3.5 million copies of it nationwide but it is too late: Voters concluded months ago that he lacks a forward-looking program. …

The second strategic thrust of the Obama message was exemplified in three TV ads released on Tuesday. They warn that Mr. Romney would end all abortion, gut Medicare, and undermine education. But this repeats months of similar messaging, so it is hard to believe that it will undo Mr. Romney’s current momentum.

The final element of Mr. Obama’s strategy is to constantly question Mr. Romney’s truthfulness. The president says his opponent suffers from “stage-three Romnesia,” as if the GOP challenger were a disease. While calling his opponent a liar thrills partisans, Mr. Obama risks turning off swing voters, especially since Mr. Romney’s favorability rating is now higher than his own. …

The president’s problem remains the economy. Facts belie his argument that it is largely healed.