Obama's tipping point

I think we have seen the tipping point at which Obama's reelection prospects begin what could be a relentless decline. His policies were arguably the main reason the economy has done so poorly in recent years, and now we begin to see that the real problem is his total lack of understanding about how economies and markets work, compounded by an amazingly inept campaign. Romney should have no trouble convincing a majority of voters that he will be a better steward of the economy. Jennifer Rubin, an outstanding political observer writing for the Washington Post, makes this chilling point in her blog post today:

I confess that not in my wildest dreams did I imagine President Obama’s campaign would be so awful. Oh sure, I knew it would be “awful” in the sense of going negative, being disingenuous and blaming everyone for his failings. But I was taken by surprise by how “awful,” in the sense of incompetent and ham-handed, it has been. 

Virtually every gambit and issue (“war on women,” gay marriage, and now Bain) has gone haywire, arguably inflicting more damage to Obama than to Mitt Romney. 

Either Obama is preying on the public’s ignorance in a transparent effort to distract them from his rotten record, or he’s economically illiterate, soaked in the rhetoric of the left with no real feel for the American economy. (These are not mutually-exclusive explanations.)

Obama is at best an empty suit and ignoramus when it comes to our economy.

This chart of Obama's chances of winning reelection needs no further explanation:

UPDATE: As of June 4th, this prediction seems to be on track: