Last July, President Obama's campaign announced that it had raised an average of $29 million in each of the previous three months for itself and the Democratic National Committee (DNC). I was only mildly impressed. After all, that was well below the $50 million a month needed to reach the campaign's goal of a $1 billion war chest for the 2012 race.

Seven months later, I'm even less impressed. Through January, the president has raised an average of $24 million a month for his campaign and the DNC. Next week, the Obama campaign...