Barack Obama is deeply overexposed and often boring. He never seems to be saying what he's thinking. His speech Thursday was weirdly anticlimactic. There's too much buildup, the crowd was tired, it all felt flat. He was somber, and his message was essentially banal: We've done better than you think. Who are you going to believe, me or your lying eyes?

There were many straw men. There were phrases like "the shadow of a shuttered steel mill," which he considers writerly. But they sound empty and practiced now, like something...