Americans are losing jobs, losing the equity in their homes, losing their retirement nest eggs, and tragically, in increasing numbers, actually losing the family home itself. This is the issue on which the Obama people should long since have pounced.

A recent survey found that an overwhelming majority of Americans believe that the social contract of the 20th century  in which the government, employers and the society as a whole pulled together to see that those who worked hard and played by the rules were afforded the basic necessities of daily life and a shot at the American dream  “appears to be unraveling.”

Nearly 80 percent of those who responded to the survey, conducted for the Rockefeller Foundation and Time magazine, said they are facing greater financial risks now than in the past.

This anxiety is pervasive, and it was clearly evident a little more than two weeks ago when Phil Gramm, then John McCain’s key economic adviser, callously remarked that we were suffering from a “mental recession” and that the U.S. had become “a nation of whiners.”

The Obama crowd should have instantly seen the Gramm gaffe for what it was, a gift from the political gods. They should have run with it. I would have dragged out that old Maxine Brown song with the lyric: “Maybe it’s all in my mind.”

The Democrats could have had some fun and made political hay, using the Gramm comments to highlight what has happened to working people under Republican rule. But the Obama folks let the matter drop, and instead of an endless loop of “mental recession,” what we’ve heard incessantly over the past couple of weeks has been Mr. McCain pounding on Mr. Obama about the surge.

The word is that an economic offensive may finally be coming from the Obama campaign.

Anna Burger, the secretary-treasurer of the Service Employees International Union, was part of a wide-ranging group of advisers on economic issues who met with Mr. Obama in Washington on Monday. “He has very serious policies, not sound bites, for addressing the long-term and short-term issues that are having such a dramatic effect on people who are working and trying to make ends meet,” she said.

Translating those ideas into a compelling economic narrative for his campaign  something Mr. Obama has not yet done  is the key to defeating John McCain.