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At this juncture, it is painfully clear that Mr. Obama has no plan, no set of comprehensive growth proposals, to pull this economy out of its nose dive, only more government spending on construction projects or more green subsidies for renewable energy like wind power that have yet to prove they can be economically viable.

So he has taken to the road on a bus tour through the Midwest to talk about jobs, without a plan to create them, without any idea what it takes to boost capital investment in new private-sector enterprises and small-business startups that are the wellspring of job creation.

Meantime, the White House is lowering expectations that any new policy will make much of a difference during his presidency. “The fact is that there is no magic bullet that lowers our unemployment rate to where it would be ideally,” press secretary Jay Carney told reporters Wednesday.

“We knew the road ahead was going to be difficult, that the climb was going to be steep. I have to admit, I didn’t know how steep the climb was going to be,” Mr. Obama told supporters in Chicago Wednesday night.

Translation: He didn’t have a clue. He’s in over his head.

Donald Lambro is a syndicated columnist and former chief political correspondent for The Washington Times.