John Podhoretz on Fox and Friends this morning noted that the Obama campaign has spent $120 million since June trying to tear down Mitt Romney. But in June, the Real Clear Politics average of polls had Obama ahead by two points and this morning he is ahead by less than 1 percent, not much of a return on his investment.

One reason for his failure to demonize Romney and pull away from him in the polls might be found here (h/t Instapundit). Since the so-called recovery began in June 2009, the median household income has fallen by 4.8 percent. That’s more than it fell during the recession (2.6 percent).

Real median annual household income fell to $53,508 from $54,916 during the 18-month recession from December 2007 to June 2009, according to the firm’s study of income data for the 36-month period ended in June 2012. Incomes kept falling during the 36-month period since then, dropping to $50,964 in June 2012.

As Gordon Green of Sentier Research, who did the number crunching based on U.S. Census data, put it: “Almost every group is worse off than it was three years ago, and some groups had very large declines in income. We’re in an unprecedented period of economic stagnation.”

It’s tough to get people to vote for a president whose economic policies have produced only “an unprecedented period of economic stagnation.”