Matthew Continetti has a great piece on the weaknesses in the Obama 2012 campaign.
Moreover, what, exactly, is the president’s message? Obama ran on hope and change and an end to the war in Iraq in 2008. He pledged to reform health care and Wall Street and change the tone in Washington. But the geniuses in Chicago have yet to come up with a 2012 slogan that is anywhere near as intoxicating. “Obama 2012: It Could Be Worse” just won’t cut it.
If Obama's fundraising pales in comparison to 2008, so will enthusiasm for voting for him.