Given the hosannas heaped on the president’s speech from the likes of Charles Krauthammer, Rich Lowry, and Jonah Goldberg, there is every reason to think that it was a fine — and according to many, transcendent — moment for President Obama. But are we not right back where we started with this president? He has won some partisan legislative victories that his supporters celebrate — such as the passage of a health-care bill by an overwhelming Democratic Congress. But otherwise, his finest moments amount to spoken words, and little else.

That is not to suggest that the speech won’t have a positive political impact on the president. It probably will. But the proof of a “comeback” will come in deed, not speech, however finely honed.