Well, I am eating crow today. I thought that 2012 was perhaps the last year that a dwindling electorate that believed in doing things for themselves could win the election. I was wrong. We have a man that put us $4 trillion deeper in debt, lessened our income, and increased our food/fuel inflation. 20 years ago this kind of mismanagement would have got him kicked out the door. But not in 2012, and I'll make the call now: not in 2016 or in any election thereafter. People have become quite accepting of failure.
What remains to be seen is what the breaking point of the electorate is. I certainly thought it would be $4 trillion more in debt with nothing to show for it. But when you look at Europe's debt problem, there seems to be an apathy among the voters until austerity comes into play, or perhaps taxes being raised in order to pay for all the goodies. People aren't paying for what their government is doing currently or has done in the past, so they have no incentive to care what government spends. This lack of concern is reflected in their voting patterns. No amount of dividing the electorate by race or sex, such as "Obama does well with Latinos" can correct this lack of concern, or fix the fiscal issue. This is the main problem facing the nation, and the EU.
This "fiscal cliff" early next year contains nothing more than tiny token cuts and tiny token tax raises, which will do nothing to prevent our eventual collapse. Just look at the narrative. Never mind the debt at all - supposedly "draconian" reductions are being talked about to be applied over a long period of time just to slowly get the yearly deficit under control. And are those reductions merely decreases in the increases? Pathetic.
In short, we simply can not pay for government. Our elected leaders know this, and it's all about shielding that fact from the voter, mostly by borrowing. The EU plays the same game, and it's starting to lose.
Austerity doesn't have to exist. Just charge the taxpayer for services rendered, as long as you're not interested in getting re-elected.
The fiscal situation isn't an Obama issue. It's a voter problem - by voting out those that raise your taxes or reduce your benefits, you've assured an ever-borrowing government that exists not to govern, but to appease.