I don't think this election is over by a long shot, regardless of what the Beltway pundits say. I do give credit to the Obama campaign for making someone as accomplished as Romney seem not as qualified as someone with a resume as thin as our current President. They sure do know how to smear. For example, if you were working HR and you had to choose between Barack Obama's and Mitt Romney's resume for an executive position, it wouldn't even be close.
As for what will happen in a second Obama term, it will be paralysis as long as the GOP holds on to the House. Math will take hold and the fantasy world in which we can spend money like we have the past three years will meet reality. We can wish and hope and pray all we want, but we're broke. Eventually, we're going to have to cut back, and that will make the recession of the past four years seem like the tech boom of the 90s. Look at what's happening in Greece and Spain and that's our future. There is only one ticket that is acknowledging that reality.
President Obama has many faults, and perhaps his biggest where the American people are concerned is his intellectual laziness. He doesn't bother to understand the other side's position, which manifests itself in not being able to make a deal. He simply doesn't think those with opposing views are legitimate. It will lead to stalemate, deadlock and eventually government will shut down in a budget standoff.
Like it or not, but Mitt Romney worked with a heavily Democratic legislature in Massachusetts. He got things done with a side further to the Left in his Commonwealth than the House is to the right. If you want things done, there's really only one choice.