At this point in 1980, U.S. President Jimmy Carter was on the path to oblivion but didn't know it. President Barack Obama may share Carter's fate if he doesn't change course soon. The 1980 presidential race was neck and neck until the end. It finally broke for Ronald Reagan when voters concluded that Carter could not cope with the economy and that Reagan, despite his conspicuous flaws as a candidate, was a viable alternative.
The Obama campaign is in a similar position. It might eke out a victory, but it is at risk of losing control of the economic narrative. Its best hope is to stop nickel-and-diming Mitt Romney and laundry-listing forgettable initiatives and, instead, give independents reason to think that Obama has a clear, viable plan to bolster the economy.
This election will be decided largely by independent voters, most of whom can probably tell you that Mitt Romney's economic plan is to repeal Obamacare and shrink the government.