So let's say the unthinkable happens and Obama wins re-election (G-d forbid). He is sworn in in January 2013 (Heaven forbid) and serves another 4 years (L-rd save us). Now what?
The Congress will go over to the GOP, having the lowest ratings in years. What will Obama do for 4 years? He is the most compromised president in history. He doesn't have a shred of credibility with the GOP, having demonized them for over 4 years. He has proven he cannot work with them. He has proven he ignores all advice contrary to his own ideas (see, Simpson-Bowles). He is unable to get a single piece of legislation through Congress. And his regulatory moves are blocked by Congressional action.
Is that really the formula for success? Gridlock?
No, Obama is unable to govern. The Dems need to choose someone else as a sacrificial lamb.
Well, I suspect in a second term, he'd be completely ineffective.
No POTUS has really ever had a good second term. Bush had Katrina, lost Congress and the war went south. Clinton had impeachment, Reagan had Iran Contra, Nixon had Watergate. There are enough things bubbling under the surface- Solyndra, Fast and Furious, Rezko waiting for his pardon- to make Obama's life in a second term miserable.
Obama has shown an inability to bend. When Clinton and Bush lost Congress, they still found ways to get things done. Obama likes to pretend that 2010 didn't happen and acts petulant when Congress wants a say. (Although, to be fair, he acted petulant when his own party controlled congress.)
That said, the GOP would deserve to lose if it goes on it's present course. It seems determined to snub or insult the very continencies that have carried it this far- social conservatives and the TEA Party.