Great strategy requires a solid grip on the situation. Here are five situational facts Obama missed in today’s economic address at Knox College. Urgency is needed to prevent a second recession. China is slowing. Europe is imploding. Rising interest rates are slowing the housing recovery, with continued government cutbacks strengthening the headwinds against US private sector recovery. We risk a double dip recession like the US Great Depression or the triple dips being observed in Europe. Therefore infrastructure investments, retraining of workers, and revitalization of manufacturing and aging cities are a necessity, not an option. Overseas job creation is the new reality. With the middle class growing across the globe, US companies should be investing in jobs abroad.  Therefore our economic strategy should be to maintain US headquarters and create new companies – not prevent overseas job expansion. Corporate tax reform and incentives…