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President Bush is having a press conference on the economy this morning. For the life of me, I can't imagine why. No one is exactly waiting with bated breath for his crack assessment of the nation's economic problems--this is not what we pay the president for. And he's not going to do anything about them, because he's already a lame duck. Nonetheless, I, like all the other reporters, will dutifully discuss this press conference as if it mattered.

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Megan McArdle is a columnist at Bloomberg View and a former senior editor at The Atlantic. Her new book is The Up Side of Down.

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