There is, I think, an amazing political fact right now that is hiding in plain sight and is rich with implications. It was there in President Obama's Jan. 25, pre-State of the Union interview with ABC's Diane Sawyer, who was pressing him about his political predicaments. "I'd rather be a really good one-term president than a mediocre two-term president," he said. "And I—and I believe that."

Now this is the sort of thing presidents say, and often believe they believe, but at the end of the day they all want two terms. Except...