The covering of tracks has begun.

President Obama said Friday the world apparently has averted economic collapse but a "full recovery is still a ways off."

Obama, speaking at the end of the Group of Eight summit of major economic powers, said world leaders had taken significant measures to address economic, environmental and global security issues.

He cited a "widespread consensus we must continue our work to restore economic growth and restore our financial regulatory systems."

Obama noted, however, that the leaders failed to agree on all issues, including global warming. "We have not solved all our problems," he said.

With each passing day the president looks more hopeless as each of his plans to resurrect the economy appear to have made no difference or are in trouble legislatively. It looks like he is trying to lay the groundwork to convince people that the poor economy could last a long time and that only time, patience and (of course) government intervention are the only remedies. Look for more of this kind of talk in the months ahead as the president attempts to keep his poll numbers from tanking.

H/T: JWF