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The Federal Reserve has sharply lowered its economic growth forecasts for the rest of this year to a new low of 2 percent, and it says unemployment is going to stay in the 8-plus percent range this year and next.

And yet here is the president telling the nation Monday that the best medicine for a failing, weakening economy is to raise taxes on job creators and capital investment that is the mother’s milk of a prosperous economy.

Mr. Obama has been campaigning in swing states voicing his own frustration about why his spending stimulus policy hasn’t worked. “[B]ut boy, things are still tough out there. Change hasn’t happened fast enough … I get frustrated, too,” he said in Ohio last week.

The problem isn’t Mr. Bush’s tax policies. If there is any life left in the economy, it is to some degree helped by lower tax rates on a still-struggling nation, trying to get back on its feet.

Mr. Obama, whose knowledge of what makes the economy work wouldn’t fill a thimble, still thinks that more spending stimulus is the cure-all and that tax cuts “drove us into the ditch” and caused all of our present problems.

He should read the report by Harvard economists Alberto Alesina and Silvia Ardagna, who studied stimulus policies in 21 countries undergoing economic problems. Their conclusion: “Fiscal stimuli based upon tax cuts are more likely to increase growth than those based on spending increases.”

For the past 41 months, unemployment has been more than 8 percent, and the economy is clearly in a nose dive, and Mr. Obama’s job approval polls have sunk into the mid-40s.

The Washington Post reported Monday that 54 percent of Americans and 60 percent of independents they polled “give Obama negative marks” on the economy.

Brace yourself, because the economy is only going to get worse until we have a new president and new policies.

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