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“Unfortunately, the Fed has already pulled all the levers that might make a difference,” University of Maryland economist Peter Morici says.

Meantime, consumer and business spending have slowed, a sign that both remain troubled and pessimistic about the economy’s declining growth. The Fed’s decision to keep its interest rates at near 0 for the next couple of years suggests it does not expect the Obama economy to improve until fiscal policies change.

Those policies are not going to dramatically change if Mr. Obama wins a second term. He has said as much in his campaign speeches in which he has called for raising taxes on investors and small businesses despite the economy’s weakness. So much for his promise to protect the middle class. Take, for example, the punitive taxes that some middle-class Americans will pay under Obamacare — the mandate tax for those who do not want or cannot afford to buy insurance.

America runs on capital investment, the life blood of our economy. But Mr. Obama says he will raise the capital gains tax rate to 23.8 percent and the dividend top tax rate to a high of 43.4 percent (when the millionaire surcharge is factored in). “Without offsetting changes elsewhere in the tax code, such tax increases would raise the cost of capital for business,” according to an analysis in Investor’s Business Daily.

You won’t hear any of this on the nightly news programs because the networks are in the bag for Mr. Obama. In the past year alone, it was a rarity to see any story on either of the three major networks about the unemployment crisis, falling incomes and the rising poverty rate.

Yet all is not lost. The latest New York Times/CBS News poll shows a “slim majority of likely voters still disapprove of how Mr. Obama has handled the economy and 7 in 10 rank the economy as fairly bad or very bad.”

But this story isn’t going to be told unless Mr. Romney tells it in hard-hitting campaign ads that slam Mr. Obama where he is the most vulnerable. There’s still time for him to turn this election around, as he did for many troubled businesses over his successful, job-creating career.

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