The stock market continues its nosedive this week — falling close to 400 points on Thursday. Market analysts are saying the probability of recession is at its highest point in a long while.

What’s going on? After failed stimulus attempts on the part of this president, we are still wandering around in the economic wilderness.

If President Obama’s economic team lacks the know-how to fix this mess, then please, just own up to it now and let’s get a new set of advisers in the White House. If there’s a better idea out there, the president doesn’t seem to be listening.

Every time a Republican offers something, he immediately dismisses the notion, and then returns to the old playbooks of higher taxes and more spending.

Former Massachusetts Gov. Mitt Romney (R) has a 59-point plan for a U.S. economic recovery. C’mon, you mean to tell me there is not ONE item in that entire plan the president’s team doesn’t think is a good idea and worth adopting? If he does like one, he’s not saying so. To do that would mean he doesn’t have a good grip on how to address the crisis. He doesn’t, and that’s pretty pathetic.

Now there’s a Reuters analysis out this week that states the White House’s plan to tame the nation’s budget deficit “relies too much on ending wars and too little on tackling healthcare spending to impress Wall Street credit rating agencies.”

That’s a polite way of saying the president is playing fast and loose with the true details of his plan — adopting notions that record so-called savings only on paper. Projecting a war out 20 years and then miraculously “ending” it next year is a farce, and they know it.

If we want to adopt that sort of gimmickry, then let’s declare war on Pakistan and China inside the bowels of OMB, just so we can tally up trillions, only to make that obligation vanish … Please.

It’s becoming painfully obvious this administration isn’t serious about addressing the root causes of our teetering situation. Reuters points out that less than a tenth of the savings found in the president’s plan to trim deficits would come from health spending and other large drivers of deficits in the first place.

I realize this is the political silly season. And the White House already has its eye on the 2012 elections. But the best way to ensure this president is reelected is to bear down on the current job he holds and redouble his efforts to get serious with serious policies.

Before you think that’s just a lot of rhetoric, and the real challenges aren’t as evident, then here’s a substantive suggestion — start by looking at the merits of the policies offered, irrespective of party or ideology, and give them the consideration they’re due.