Obama is "cornered." That's according to Brookings Institution senior fellow Bill Galston:

He is in a corner, there is no question about it. He is in a political corner, a fiscal corner and an economic corner. The Federal Reserve has fired every gun in its arsenal, and there is no appetite in Congress for any more stimulus. There is every reason to think that the economy he has is the economy he is going to have for the reelection campaign, maybe plus or minus just a little bit.

Galston, the former Clinton adviser, is a true leftist. It's not about the poor saps who voted for the One in 08 walking around with no jobs, or the dad filling up the gas tank hoping it lasts the week or the mom agonizing over whether to pay $5.99 for a jar of peanut butter. It's only about the "reelection campaign."

But most daunting to the White House is Obama has  few good tools at his disposal to jump-start the economy in the short term.

Obama and his flunkies lie like they breathe. They spin fantastic tales of a rebounding economy, a country "continuing to move in the right direction." A May report by the president's National Economic Council  highlights the administration's accomplishments in assisting small businesses, including expanded tax breaks and improved access to capital, and lauds a resurgent auto industry.

If the fast approaching economic tsunami hurts the president's chance for reelection, they'll just "jump-start" the economy with another arsenal of lies.

With pals like Politico in his corner, Obama doesn't have much to worry about except the increasingly "cornered" American people.

Read more M. Catharine Evans at Potter Williams Report