Come November, the president and his party may find themselves succeeding most by failing the least.

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At this juncture in his presidency, Barack Obama might think about taking his political cue from the title of Richard Fariña's 1960s novel: Been Down So Long It Looks Like Up to Me. In the race to the bottom that American politics has become"”the only question is which party will be less popular going into the November election"”Obama's been written off so completely that the Democrats' electoral prospects may be starting to look up simply because they can't drop much lower.

True, with the congressional elections still eight months away, it's...