The U.S. economy is teetering on the brink of another recession. The bad news is that if it goes down again, there won't be much we can do to save ourselves. Like a weary heavyweight, if it hits the mat again, it's down for good.

The expansion has been terribly disappointing-growth is hardly 2 percent and jobs creation barely keeps unemployment steady at 8.2.

Manufacturing and exports powered the recovery but are now weakening. Consumer spending and existing home sales are flagging, because policymakers failed to aid underwater homeowners as generously as the banks.

President Obama is doubling down on slow growth policies-new restrictions on offshore oil and CO2 emissions, and pushing forward with financial regulations that haven't stopped Wall Street banks from trading recklessly and rigging markets as indicated by the Libor scandal.

Governor Romney has reverted to shop-worn Republican prescriptions-tax cuts, free trade and deregulation.