Holman Jenkins on the failure of this president to see what America needs right now.

Even at this late date, he could tell his aides: "I see the bill coming due for a generation of excesses and the last thing we need is more excesses. I want growth. I want only proposals that encourage growth."

Our economy has great internal resiliency, even with Europe imploding, even with households weighed down by underwater mortgages. Population continues to grow. Families form and need homes. Cars wear out and need replacing. Domestic energy development is booming. Manufacturing is enjoying a renaissance. Boeing just announced its biggest plane sale ever. McDonald's is doing great.

Yet his greatest miscalculation is still to come. His aides are sizing up a re-election campaign that gives up on growth, that resorts to score-settling and resentment.