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“But it’s no stranger than family trusts, or companies or incorporated societies.” New Zealand MP Adrian Rurawhe doesn’t see the legislation as innovation as much as appropriate progression.

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And though this month’s State of the Union address may be able to present a rosier picture of the economy, it will be delivered to a nation in which one in 10 workers doesn’t have a job. “You campaign with poetry,” Clinton said, “but you govern with prose.” At the time, Clinton was trying to defend her own speaking style, her lack of rhetorical flourish.But it was also a clear indictment of Obama, the first time an opponent had pointed out that the man’s greatest asset—those words, that speechmaking—could also be a liability.He looks less like a guy who works in the White House basement than a cast member of.But a large part of the Favreau fervor is due to his central role in the Obama narrative.By the time the campaign was over, Obama had been lauded as the most powerful and effective political orator in a generation, and Favreau, the president’s chief ghostwriter, his “mind reader” (as Obama calls him), had become a Washington celebrity.

Now, a year after penning Barack Obama's inaugural address, this Boston-bred phenom is confronting a question: Where does the story go from here?

That sort of résumé makes Favreau’s job simultaneously “the worst and the best job in political speechwriting,” as one writer put it.

Less than a year in, it isn’t getting any easier: healthcare; Afghanistan; Wall Street; 120,000 troops still in Iraq. In early 2008, after Obama had pulled off the stunning victory in Iowa and the battle moved to New Hampshire, Clinton borrowed a phrase from former New York Governor Mario Cuomo.

“Some people stopped [at a refueling point] in Alaska, got out, hung out there,” he says.

“But we stayed on the plane and had a group editing session where people sat around a table, went through the speech line by line, and told us what they liked and what they didn’t. “The president edited it after that, had a few line notes, which I’m holding right here,” he continues, waving a clump of manuscript papers in front of the camera.