President Obama bounced off the canvas with a more spirited debate at Hofstra University on Tuesday night, as everyone expected he would. He was animated and on the attack. The question we kept asking as the evening wore on, however, is what does he want to do for the next four years?

At least two questioners put the point directly, yet Mr. Obama never provided much of an answer. Sure, he wants to hire 100,000 more teachers, as if there is the money to hire them or it would make much difference to student outcomes.

He wants to invest in "solar and wind and biofuels, energy-efficient cars," which probably means more Solyndras and A123s (see nearby). He wants to raise taxes on the rich—that's one thing he's really passionate about. Oh, and he does want to pass the immigration reform he said he'd propose four years ago but never did propose in his first two years when his party controlled Congress and he might have passed it.

But otherwise, what's his case for four more years? Judging by Tuesday's debate, the President's argument for re-election is basically this: He's not as awful as Mitt Romney. Mr. Obama spent most of his time attacking either Mr. Romney himself (he invests in Chinese companies), his tax plan as a favor for the rich ("that's been his history") or this or that statement he has made over the last year ("the 47%," which Mr. Obama saved for the closing word of the entire debate).

The paucity of this promise, the difference between now and four years ago, was never clearer than in the President's response to the young man who said he'd voted for Mr. Obama in 2008 but is less optimistic now. Mr. Obama responded by reciting his achievements—ending the Iraq war, "health-care reform to make sure insurance companies can't jerk you around," more Wall Street regulation, the auto bailout and more jobs.