Today President Obama’s reelection campaign launched a new ad campaign attempting to deal with Obama’s failed economic policies.

As the headline for an article by Yahoo News White House correspondent Olivier Knox, put it:

“New Obama ad strikes ‘don’t blame me’ tone on economy.”

The new ad plays right into the hands of the Republican National Committee’s effort to re-brand the 2008 Obama campaign “hope and change” theme with “hype and blame.” Worse, after attempting to avert blame by once again talking about the “inherited” recession, and another reminder about getting bin Laden, the ad ends with this admission:

“Instead of losing jobs, we’re creating them. Over 4.2 million so far. We’re not there yet. It’s still too hard for too many. But we’re coming back.”

This is a huge mistake for Obama. Having said that if he doesn’t have this “done in three years, then there’s going to be a one-term proposition,” admitting that after three years “we are not there yet,” is the same as admitting that he is going to be a one term president. Perhaps Obama was paying attention when Romney said, the presidential campaign is “still about the economy…and we’re not stupid.”

The new Obama ad is also notable for the fact that it fails to mention Obama’s signature still unpopular ObamaCare, Dodd-Frank financial reform, and $831 billion-dollar so-called stimulus package.

The new ad will air in the battleground states of Virginia, Pennsylvania, Ohio, Nevada, New Hampshire, Iowa, North Carolina, Florida and Colorado. You can watch Obama’s “Go” ad here.