Admittedly, the presidential to-do list is terrifying. The economy requires his full-time attention. So does health-care reform. And climate change. Indeed, he deserves praise for spending so much time on thankless foreign policy issues. He is tackling all the big problems: restarting Middle East peace talks, defanging Iran and North Korea and a "reset" of relations with Russia. But none of them are working.
The grizzled veterans of the Democratic leadership in Congress have found Mr Obama and his team of bright young advisers a pushover. That has gravely weakened his flagship domestic campaign, for health-care reform, which fails to address the greatest weakness of the American system: its inflated costs. His free trade credentials are increasingly tarnished too. His latest blunder is imposing tariffs on tyre imports from China, in the hope of gaining a little more union support for health care. But at a time when America's leadership in global economic matters has never been more vital, that is a dreadful move, hugely undermining its ability to stop other countries engaging in a ruinous spiral of protectionism.
Even good moves are ruined by bad presentation. Changing Mr Bush's costly and untried missile-defence scheme for something workable was sensible. But offensively casual treatment of east European allies such as Poland made it easy for his critics to portray it as naïve appeasement of the regime in Moscow.
Mr Obama's public image rests increasingly heavily on his extraordinary speechifying abilities. His call in Cairo for a new start in relations with the Muslim world was pitch-perfect. So was his speech in Ghana, decrying Africa's culture of bad government. His appeal to both houses of Congress to support health care was masterly – though the oratory was far more impressive than the mish-mash plan behind it. This morning he is blitzing the airwaves, giving interviews to all America's main television stations.
But for what? Mr Obama has tactics a plenty - calm and patient engagement with unpleasant regimes, finding common interests, appealing to shared values - but where is the strategy? What, exactly, did "Change you can believe in" – the hallmark slogan of his campaign – actually mean?
The President's domestic critics who accuse him of being the sinister wielder of a socialist master-plan are wide of the mark. The man who has run nothing more demanding than the Harvard Law Review is beginning to look out of his depth in the world's top job. His credibility is seeping away, and it will require concrete achievements rather than more soaring oratory to recover it.
- Edward Lucas writes for The Economist and is the author of The New Cold War (Bloomsbury, £8.99)