It's been widely noted that Barack Obama is on the offense again, for the first time since the Republican convention. And early indications are that it's helping return the race to where it's been most of the year: Obama in the upper 40, McCain is the lower 40s.

But less noted is how Obama is on the offense.

It's not just that the shaky economy is back on the front page and giving Obama a fresh opening.

It's that Obama is making a fundamental philosophical argument about the need for smart government regulation to maintain rules of the road, enforce responsible corporate behavior, and have markets function effectively.

And he's daring to talk in paragraphs, not always sound bites, to fully make his case.

By attacking McCain as a "deregulator," and claiming the mantle of "real regulation," Obama is not simply on the offense.

He's playing for a mandate that will allow an Obama administration to rapidly move forward with ideas which involve active government.

Less broadly, but still notable, is that Obama released his first ad attacking McCain for supporting Social Security privatization.

I've been waiting for this attack line to surface.

The only age group McCain is winning with is seniors. This is atypical for a Republican, as seniors usually vote Democratic because of Social Security and Medicare issues.

With such a stark generational gap, and with racial sensibilities clearly changing with subsequent generations, it's hard to believe that race isn't the primary factor. (What issue could possibly explain such a generation gap?)

But I also suspect that many seniors do not know that McCain supports Social Security privatization -- in part because media outlets let McCain get away with fuzzing up his position. But we have the videotape.

I do not know if that issue is enough to overcome racial bias. But it's the best shot to take.