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Originally Posted by WeST
3 years is an eternity in politics. The political landscape will be very different by then. I don't worry about the Republicans, they will regroup and put up an effective challenger.
Although, regardless of what the Republicans do, they aren't the biggest threat to Obama. He has to worry about two things: the economy and the Middle East. If the economy is tanking or still sluggish in three years the Republicans could nominate Attila the Hun and still win. I for one am no fan of Obama, but can't wait to see the economy turn around. My guess is Utah and the Intermountain West will rebound a year before large parts of the country. Then we will have more interesting things to discuss here. 
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I think the economy is already turning around. Of course, I can only go by what the economists are saying, but we'll see.
You're right, though, if the economy doesn't turn around, Obama will have a difficult time winning reelection. Of course, Bush won reelection with approval ratings in the 40s, so it's doable.
I don't see the Republican Party rebounding in time to win back the presidency in 2012. I think they're already set on moving further to the right and as the Democrats learned in the 1980s, that doesn't help you much nationally.
With that said, I wouldn't be surprised to see Huntsman run in 2016, specifically if Obama is successful, as being a member of his administration would be an asset rather than a liability, while offering a fresher look after eight years of one-party control.
We'll see, though.