The GOP snatched defeat from the jaws of victory this year
With Obama's lousy record, almost any other Republican could have defeated him this year. But just like the Tea Party in Nevada in 2010 selected about the only person who couldn't unseat Harry Reid, the GOP did the same this year with Romney.
In order to have a realistic chance of winning the White House, Republicans needed to carry either Michigan and Ohio but in Romney and his opposition to an auto industry bailout, they had the one man who just wasn't going to win in states where the auto industruy was so important. The GOP also needed someone who could attack Obama on his weakest and most controversial point - ObamaCare. But Romney was the one who set the template for ObamaCare and so he could not be an effective opponent on that score.
Finally, in a punk economy, voters want a man tjhey can relate to - not a former hedge fund person born with a silver spoon in his mouth and having massive wealth.
The GOP simply lost their way this year. The powers that be thought that Obama's record alone was enough to prevent reelection and that they could field virtually anyone and they would naturally win. How wrong they were. They fielded the one man that even Obama could beat just like the Nevada Tea Party in 2010 somehow found about the only pplitician in the state who could lose to Reid.
It is a choice of "4 more years" or "2 more wars". I'll go with Obama. Don't rule out a Romney victory. As H.L. Mencken said, "nobody ever went broke underestimating the intelligence of the American people".