Hillary’s made it official: She’s now a candidate for president in the 2016 election. Question is, can she win?

The former first lady and secretary of state certainly carries lots of baggage as she enters the race, including but not limited to all those missing emails.

But she isn’t expecting any of those issues to prove fatal. Her big fear — according to the Wall Street Democrats I speak to — is being stuck with (and blamed for) her old boss’ economy.

That’s because the economy has never fully recovered from the financial collapse that President Obama faced when he took office.

The spin from the Obama team on the lousy March jobs report went about like this: Lots of snow and frigid temperatures stopped an otherwise robust economy in its tracks, as people temporarily cut back on eating, drinking and shopping, to the point where employers just didn’t need to hire many new workers.

For those of us waiting for a good laugh, let’s hope Hillary makes these same nonsensical points on the campaign trail.

Fact is, many analysts believe the economy is worse than the headline numbers, filtered through the Obamaites and their media lackeys, suggest. They point to other data that hint things could even get worse in the months ahead.

That weak jobs report alone, of course, should make Clinton fear that — once again — the Obama economy isn’t really getting better.

Again, the headline number sounds good: Unemployment kept steady at a reasonable 5.5 percent, far below the double-digit mess Obama inherited, and not far from our pre-financial-crisis glory days.

But scratch a bit deeper, as many economists and savvy Wall Street investors have, and the economy looks weaker. For example, the real jobless rate — which takes into account the marginally employed and those not looking for jobs, folks who don’t show up in the official stats — is closer to 11 percent, as it’s been for the past year.

Worse, the workforce only gained 126,000 new jobs in March, down from around 200,000 or more a month for the past year.

And a year of 200,000 new jobs a month isn’t much to celebrate: Under President Ronald Reagan, the economy added more than 300,000 jobs a month for 23 months, and had plenty more months above 200,000 over his two terms — and the workforce was smaller then. (Reagan, like Obama, inherited a recession.)

Sure, when it’s cold out, people stay indoors more; construction workers don’t work; restaurants are less crowded. But other numbers (ones the White House rarely mentions) point to a real slowdown, not a winter-only one.

Take the Purchasing Managers Index, which measures the strength of the manufacturing sector. It’s been above the 50 percent mark — not bad, since any number above 50 means the sector is growing and creating jobs.

But the details are troubling: The March PMI number (the latest available) was 51.5 percent, just barely above 50, and it marks a 14-month low, down from 52.9 percent in February. This suggests that growth in manufacturing is starting to fade away.

Manufacturing doesn’t tell the whole story; service-related industries may be more important. But even if the likes of Walmart are now offering a bit more pay to their clerks, overall wage growth remains slow. That’s why surveys show many Americans saying the economy isn’t that much better now than after the 2008 crisis.

“The weaker-than-expected March jobs report finally gave way to other weak economic data points we’ve been getting,” said Joseph Fahmy, a managing director at Zor Capital.

Fahmy’s prediction: More grim data will soon appear and prompt the Federal Reserve to abandon its plan to raise interest rates in the spring or summer, lest the stock market wind up following the economy into the hole.

The clues are certainly out there. Consider: The country’s economic growth, as defined by Gross Domestic Product, in last year’s fourth quarter was recently revised downward to a paltry 2.2 percent. And that’s for the period before all the real cold weather kicked in (and before the strong dollar, which hurts exports, really took hold).

All told, the US economy under Obama has grown at an average seasonally adjusted annual rate of 1.9 percent — the lowest in nearly 70 years. And it could get worse: The Federal Reserve Bank of Atlanta has cut its projected growth rate for the economy to nearly zero for the first quarter of 2015.

That’s right, zero, which is better than negative — but not enough for Hillary Clinton to be picking new color patterns for the curtains in the Oval office.

Charles Gasparino is a Fox Business Network senior correspondent.