That sinking feeling

JOHNMCCAIN spent the latter half of September sinking in the polls. Financial turmoil has added to the public's already strong desire for change in the White House. And a string of unimpressive media interviews has reduced the appeal of McCain's running mate, Alaska governor Sarah Palin.

All is not lost. The public still has respect for McCain, doubts about Obama, and an aversion to liberalism. But McCain will not win unless he persuades middle-income voters that he will advance their economic interests. He has not succeeded in doing that, largely because he has hardly tried. In his first debate with Obama, the economic topic he most emphasized was earmarks and overspending. But he never explained how ending earmarks or restraining spending would help voters.

Neither McCain nor Obama has been very specific about what he would do to end the financial panic. That symmetry works in Obama's favor, since economic distress is his party's meal ticket. McCain has a tougher task: He must demonstrate that he can lead us out of this crisis, and that he will make the economy work again for middle-class Americans. McCain can credibly run as the candidate who will not only cut the cost of government, but cut voters' costs too, by lowering their energy, health, and tax bills. But time is running short.