With 70% of the American people believing that the economy and country are headed in the wrong direction, and with 48% pessimistically fearing a double dip recession or depression (see), the very best and strongest case that the Left can make for Obama's reelection (citing GDP growth, employment stats, improved home sales, CBO reports, the stock market, etc.) is failing miserably to resonate with the public. The soaring, roaring, big bang recovery that Obama promised by 2012 hasn't materialized; and the public impatient for hope and change see Obama as helplessly paralyzed-with a second term bringing more of the same and endless blaming of Bush and GOP obstruction. Indeed, with the economy in the doldrums and his leadership in doubt the desperado-in-chief leaks security secrets to toughen his image while savaging his rival with smears and lies throwing bomb after dirty bomb hoping to slash and burn his way to victory. But this isn't working as taking the low road and trashing his rival isn't a sound economic plan for restoring prosperity, and covers him with mud.
As the day of reckoning draws near, and Obama fires his guns in vain and falls in the polls, his last best hope of political salvation is Hillary Clinton. Only with Hillary at his side (the most popular member of the administration) can Obama fool the public with the lie that his second term wouldn't be a continuation of his dismal first, but be Bill Clinton's prospering, wealth expanding, triangulating third. As Obama's desperation grows few rule out a pre-convention surprise with Obama replacing his gaffe-a-million clown VP with the more competent Hillary.
But Hillary would never consent to this pact unless Obama pledged to move his campaign and presidency to the center, reach out to Republicans by extending the Bush tax rates and govern like her husband in his second term. Unless Obama's second term is a success Hillary could not succeed him as president. But would this work? Could Hillary as veep carry Obama across the finish line in November stirring up his despirited base and winning back moderates and independents? Not if the economy goes south, or roughly stays the same, or if there's a foreign policy crisis for which Hillary incures the blame. And then there's Hillary's baggage surfacing again and distracting the campaign: White Water, the Cattle Futures, the White House Travel Agency, the looting of White House furniture, coming under fire in Bosnia, etc., it all becomes fair game and hurts Obama in the end.
Moreover, as Hillary would be running on her husband's record with him at her side Newt Gingrich as a key Romney surrogate would be out there reminding voters that it was he who moved Bill Clinton to the Right on welfare reform, tax cuts, and balancing the budget; and that Romney is ideologically center-right and would govern that way, whereas Obama not facing reelection would likely abandon his centrist facade and pivot to the left again betraying the Clintons, moderates and independents. I'll say it again: I'm not afraid of an Obama/Billary ticket, and neither should you if and when it comes.
If Hillary were to become Obama's running mate the Romney campaign would connect the dots for the voters between the Clinton/Fannie Mae affordable housing program for credit poor minorities and the housing/credit crash of 2008. Oh, the fun we'd have with that.