The conventional wisdom is that Wednesday night’s presidential debate is a huge opportunity for Republican nominee Mitt Romney. The emperor-has-no-clothes reality is that the political forum would be meaningless if President Barack Obama could stand on the stage and boast his administration had ushered in an era of low unemployment, surging economic growth, reasonable gas prices and rising prosperity for the American family.

None of that is remotely plausible. The jobless rate has been north of 8 percent for 43 months. Median family income fell more during the Obama recovery than during the recession. Economic growth is slowing: The economy grew at only a 1.3 percent rate in the second quarter, raising fears the nation may be drifting back toward recession.