(NYTIMES) — On Friday, an ugly job market report led to the stock market’s worst day of the year. As the recovery flat-lined, the president conceded to a crowd at a Honeywell factory in Golden Valley, Minn., that “our economy is still facing some serious headwinds” and getting sucked further into Europe’s sinkhole. In depressing imagery for the start of the summer campaign, cable channels carried the red Dow arrow pointing down while Obama spoke; the Dow wiped out all of its 2012 gains.

The president who started off with such dazzle now seems incapable of stimulating either the economy or the voters. His campaign is offering Obama 2012 car magnets for a donation of $10; cat collars reading “I Meow for Michelle” for $12; an Obama grill spatula for $40, and discounted hoodies and T-shirts. How the mighty have fallen.

Once glowing, his press is now burning. “To a very real degree, 2008’s candidate of hope stands poised to become 2012’s candidate of fear,” John Heilemann wrote in New York magazine, noting that because Obama feels he can’t run on his record, his campaign will resort to nuking Romney.

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