The president took credit for pulling the economy back from "the brink of a meltdown," citing a $787 billion economic stimulus package that he said has resulted in the largest investments in energy, research and education in history, and the biggest spending on infrastructure since the interstate highway construction of the 1950s.

"Not only did we steer the economy away from potential catastrophe," he told donors at Miami's Fontainebleau Hotel, "but we also laid the groundwork now for making sure that our kids are going to be able to compete in an international, global marketplace."

The president may be correct in claiming his critics have political amnesia. But unemployment — which may be the most important...