There's a lot of 1980 in the 2012 presidential election, which doesn't mean it will end the same way, but still. The incumbent looks smaller than previous sitting presidents, as did Jimmy Carter. His efforts in the Oval Office have not been generally understood as successful. There's a broad sense it hasn't worked. And Democrats don't like him, as they didn't Jimmy Carter.

◼ Gingrich Is Making Romney Better - Peggy Noonan/Wall st. Journal

This continues as one of the most amazing and underappreciated facts of 2012—the sitting president's own party doesn't like him. The party's constituent pieces will stick with him, having no choice, but with a feeling of dissatisfaction. It is not only the Republicans who have been unhappy this year. All this will have some bearing on the coming year.