Barack Obama just wrapped up his speech on the economy in Toledo, Ohio, and it needs to be said that this was an exceptionally strong speech, and perhaps even a key moment in the campaign.
Notably, Obama -- who has been sounding optimistic tones about the crisis -- began prepping the electorate for the tough road we face ahead after he's elected president. The speech seemed to embody the notion that his victory is a foregone conclusion in a way that was a bit more direct in tone than in past speeches.
In so doing, Obama also tried to give voters a stake in electing him and a clear sense of how an Obama presidency would improve their lives, in keeping with the sense among Dem strategists that making an economic case with specificity is the way to win. He unveiled a new series of measures to bail out "Main Street," including a temporary tax credit for firms that create new American jobs over the next couple years and a 90-day foreclosure moratorium.
"If Congress does not act in the coming months, it will be one of the first things I do as President of the United States," Obama said. "This plan will help ease those anxieties, and along with the other economic policies I've proposed, it will begin to create new jobs, grow family incomes, and put us back on the path to prosperity."
Obama then rolled out an argument about what we face ahead. "I won't pretend this will be easy or come without cost," he said. "We'll have to set priorities as never before, and stick to them."
As many observers have noted, Obama faces a choice: Whether to strike optimistic tones about our future that might play well politically, or to address our future more realistically and hence make it easier to govern. Today Obama tacked towards the realistic, and used that to pivot on to another attack on Bush.
"George Bush has dug a deep hole for us. he said, in an ad-libbed line not in the prepared remarks. "It's gonna take a while for us to dig our way out."
In a particularly ambitious moment, Obama also promised to try for nothing less than a paradigm shift in the way we view our relationship to the economy, calling for "promoting a new ethic of responsibility" and for a serious bid to break our "cycle of debt."
"It's a serious challenge," he also said. "But we can do it if we act now, and if we act as one nation."
All in all, it was a very significant speech, and a very credible bid to close the deal with voters.