In making his case for re-election in the face of historically high unemployment and sluggish growth, President Obama has a simple and straightforward argument. Things were terrible when I arrived, he says, thanks to Bush-era policies of tax cuts and deregulation. We stopped the decline, but the ditch was so deep that it will take time to get out. Still, we are making progress, even if it isn't as fast as everyone would like. So the last thing we want to do is return to the failed Bush policies that, he says, drove us into the ditch. That argument appears...