I just looked at the unemployment rates since the 1960's and the current unemployment rate is truly alarming. Given the major transfers of wealth that have occurred under the Obama administration from poor and middle class to rich, I do not see how Obama can be re-elected. His failure to ensure there are jobs is definitely likely to be his Waterloo. The only way the Republicans can fail to win the next election is if the GOP runs a nut like Sarah Palin. Any John McCain appears to be a shoo in.
I know Bill Clinton bounced back from low approval ratings as did Reagan but neither ran administrations that created the kind of unemployment rates we see today.
Taking a look at the second table in the following shows the kind of trouble Obama and the Democrats are facing. It is hard to believe that the economy would be worse under the Republicans.
Umployment Rates