Tying our economic position to social issues is a weak, weak hand.
It's too esoteric to get any traction in an election. The message needs to be simple. Good luck trying to convince Americans that returning to Victorian Era morality will put us back in the black.
As for Perry, I don't fault him for being religious. I fault him for using his religion as a campaign issue.
I would invite you to spend five minutes on a place like TownHall.Com. There's a sizeable portion of the country that thinks that is EXACTLY the problem.
Personally, I think they are interrelated both ways. It's easy to live a moral life when you are economically comfortable.
In this fight, Obama is really at a disadvantage, because his economy sucks, and he actually has to pretend he agrees on moral values.