As his ratings and credibility slip-slide away, President Obama eyes the various US election races later this year. Will the Democrats do terribly? Or merely awfully?

One plan he has – maybe the only plan he has – is to blame everything bad on the previous Bush presidency. Hence his claim that he has had to deal with this grim legacy:

… a decade of misguided economic policies — a decade of stagnant wages, a decade of declining incomes, a decade of spiraling deficits.

Luckily he has Keith Hennessey to remind him of some basic facts. So he won’t make that mistake again.