It won't surprise most of you to read that President Obama will almost certainly not achieve any major policy victories over the next year. After all, with the House in Republican hands, and with the election season upon us, one should expect only routine business to get done.
It may surprise you, though, to read that President Obama has less than a 50/50 shot to win reelection...much less, if you ask me.
Put those two facts together, and I think you can call the Obama presidency essentially over (in domestic policy terms, anyway).
Trying to call the election this far in advance is obviously very risky; a lot of things could happen. They would, however, have to be pretty extraordinary things--a foreign policy crisis that benefits the president, some exogenous shock that jump starts the economy, a John Edwards-style implosion by the Republican nominee, etc. Thought about differently, if events play out more or less typically, there will be ups and downs, ebbs and flows, times of hope and times of despair (for Obama supporters), but ultimately, the president will probably lose.
Why do I say this? HOW can I say this, especially when we don't even know who the Republican nominee will be, when there's a whole campaign to be run, when there are debates to be held, when there are hundreds of millions of dollars to be spent on targeted campaign ads, etc.?
The answer is that political scientists believe, and can demonstrate empirically, that presidential election outcomes are highly predictable based on the state of the economy, the strength of the two parties in the electorate, voter turnout, and so on. That is, election outcomes are predictable based on things that have nothing to do with the day-to-day ups and downs of the campaign, candidate personality and message, debate performances, etc.
So, let's think about the major factors that will determine the outcome of this election. Between now and next year, the economy is not projected to get much better--and some are even predicting a return to recession. You'd have to go back to the days of Franklin Roosevelt to find a president who was reelected with unemployment numbers as bad as they are likely to be next year. On top of that--and partly because of that--party affiliation trends should favor Republicans, as should election turnout (Dems will be dispirited; Republicans will be eager to bounce Obama, and will see a real chance to win back the Senate, too).
Against headwinds like that, it seems unlikely to me that President Obama can win a second term.
Footnote: If you read the forecasts that are available today (here, for example), you'll see that the president is predicted to win the popular vote by the slimmest of majories--an outcome that could still result in his defeat. (Just ask Al Gore.) What I'm proposing is that the forecasts that political scientists will make next summer--when they'll finalize their election predictions--will show an Obama defeat.
Anklenote: Some of you might wonder why the nitty gritty campaign stuff doesn't matter more. There are two big reasons for that. First, the vast majority of people in the electorate already know how they're going to vote next year, well before the campaign has even begun--conservatives and Republicans will vote Republican, liberals and Democrats will vote Democrat. The relatively small group of voters in the middle that are neither Democrat nor Republican, neither liberal nor conservative--the voters that the campaigns will be fighting over--don't pay a lot of attention to debates, political conventions, speeches, issue positions, and so on. They're much more influenced by macro factors--chiefly, the state of the economy, and their perceptions of how the country is doing--than they are by small-bore campaign stuff. Second, it's very easy to run a seemingly brilliant campaign when the economy is robust and there's peace abroad. It's exceptionally hard to run a good campaign when the economy is lousy and people are dissatisfied with your leadership. It's the difference between, "It's morning again in America," and, "Hey, we inherited this mess." Which one do YOU find more inspiring?