The Obama campaign is trying to spook Republicans about the 2012 election, swiping at GOP frontrunner Mitt Romney with a nasty new campaign memo and touting the combined $70 million raised by the President and the Democratic National Committee in July, August and September.

But the $70 million (it amazes Power Play to say) isn’t so much. If you take Texas Gov. Rick Perry’s $17 million, the presumably more than $10 million Romney raised, the millions more raised by the rest of the GOP field and the more than $23 million raised by the Republican National Committee, things don’t look so lopsided – maybe a 20 percent advantage for the incumbent president last quarter.