Let’s face it: President Obama’s 1st term in the White House falls just short of even the lowest expectations of him. Mr. Obama promised to create new jobs and to bring relief to homeowners who faced foreclosure. Instead, Obama spent billions bailing out the bankers and the auto industry.

Still, the unemployment rate hovers over 8% — another promise broken.

The president covers the current Newsweek magazine, and the cover story, written by Niall Ferguson, pulls no punches.

Mr. Ferguson writes:

The voters now face a stark choice. They can let Barack Obama’s rambling, solipsistic narrative continue until they find themselves living in some American version of Europe, with low growth, high unemployment, even higher debt—and real geopolitical decline.

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Or they can opt for real change: the kind of change that will end four years of economic underperformance, stop the terrifying accumulation of debt, and reestablish a secure fiscal foundation for American national security.

But as Ferguson points out, the president is still ahead of challenger Mitt Romney in the polls (by a margin of 50.8 to 48.2) and comfortably ahead in the crucial electoral college votes. But even if Obama wins reelection in November, he’s a loser in the eyes of many Americans.

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