Today President Barack Obama nixed his administration's plan to implement an environmental regulation that could have cost as much as $90 billion. Just days ago Speaker of the House John Boehner (R-Ohio) sent a letter to the White House asking that the administration calculate and release the economic impact of all 219 of its planned new regulations. Coincidence or proof that after two and a half years, the president's unaffordable, unsustainable and ridiculously naive plans for government are going up in smoke and the grown-ups are calling the shots?

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The Associated Press called Mr. Obama's decision to abandon the proposed regulation "bowing to the demands of congressional Republicans" and this isn't the first time. During the recent debt ceiling debate the president gave in on getting a clean raise in borrowing authority and then gave in on getting new tax increases as part of the deal. He also capitulated on such major issues as extending the Bush tax cuts, closing the prison at Guantanamo Bay and military tribunals for alleged terrorists. He even surrendered on such minor issues as the date of his next big speech.

Some say this is all because Mr. Obama is a poor negotiator. Others say he's really, really, really good at compromising. But in fact, he has been so spectacularly wrong on so many issues that he has lost all credibility. This is the man who promised that over $800 billion in government spending would keep unemployment below 8%. This is the man who promised if you like your current medical plan, you'll be able to keep it. This is the man who promised the summer of 2010 would be Recovery Summer. As the bad economic news keeps coming and the country's standing in the world keeps dropping, is it any wonder that he folds his hand each time he's asked to defend his next big idea?

It would be wonderful if President Obama came up with some solid new solutions to our nation's problems that we could afford and that he could effectively defend. Theoretically he could do that in his highly touted speech next week, but his track record indicates otherwise.

Unfortunately with just one half of one branch of government under Republican control, Speaker Boehner does not have the power to pass the kind of legislation that would foster economic growth and job creation (or repeal legislation that hinders those things). But he does seem to be keeping the de facto seat of power warm until November 2012.