The money quote in Obama's interview with Sawyer, who asked him what happened in the debate, was: "It's not the first time I've had a bad night. But I think what's important is that the fundamentals of what this race is about haven't changed. You know, Gov. Romney went to a lot of trouble to try to hide what his positions are, because he knows that those ideas have been rejected. They won't work."
This is just more of the same. Obama is saying that our ongoing economic problems are still President Bush's fault and that Romney wants to go back to the Bush policies that caused all this -- as if the four years we've just experienced never occurred and as if he and his party weren't more responsible than Republicans for the policies that led to the housing and financial collapse.
It is true that the fundamentals of the race haven't changed. Obama wants to stay on the course of his failed policies, and Romney wants to reverse course. But Romney is not trying to hide his positions; Obama is lying about what those positions are.
Indeed, it's not just Democratic operative Stephanie Cutter who is making the embarrassingly false claim that Romney's tax cuts would cost $5 trillion. With this administration, almost everything, including Benghazi-gate, starts at the top. Obama repeated the claim to Sawyer and added that Romney's cuts would be skewed toward the rich.
No, the rich, by losing exemptions and deductions, would benefit less than lower-income groups, something that I, as a supply-sider, am not too pleased about, but it's nevertheless true. And the cuts would not cost $5 trillion, because those cuts would be offset by the elimination of the exemptions and by the economic growth the cuts would help generate.
But where Romney would most substantially deviate from the Bush policies is that he would severely cut spending, both in the short and long term -- in the latter with comprehensive, structural entitlement reform. And he would roll back Obama's unprecedented regulations that, along with Obama's taxing and spending policies, are smothering the private sector.
So let's summarize Obama's main argument for his re-election: Republicans caused the policies that led to our economic problems. Obama has put us on a path to recovery, and he would continue on that exact path, whereas Romney would reinstate the Bush policies that caused the problems.
He's wrong on every count.