Barack Obama won the Presidency in 2008 as the anti-George W. Bush and in 2012 he's been trying to win again as the anti-Mitt Romney, without elaborating much of a second-term agenda. Two weeks before Election Day, we now know why. His new ambitions look a lot like his old ambitions, except stuck on repeat.

On Tuesday Mr. Obama finally tried to give the future more definition with a new plan, except it isn't new and barely qualifies as a plan. "I've laid out a plan for jobs and middle-class security," he claimed in Delray...