Barack ObamaAbout one thing, left and right seem to agree these days: Obama hasn't done anything yet. Maureen Dowd and Dick Cheney have found common ground in scoffing at the president's "dithering." Newsweek recently ran a sympathetic cover story titled, "Yes He Can (But He Sure Hasn't Yet)." The sarcasm brigade thinks it's finally found an Achilles' heel in his lack of accomplishments. "When you look at my record, it's very clear what I've done so far and that is nothing. Nada. Almost one year and nothing to show for it," Obama stand-in Fred Armisen recently riffed on Saturday Night Live. "It's chow time," Jon Stewart asserts, for a president who hasn't followed through on his promises.

This conventional wisdom about Obama's first year isn't just premature"”it's...