I don't think people think party ID is going to be that big of an issue. That essentially a lot of people in 2008 that didn't identify as Republican were actually Republican and voted that way. Changes in voter registration are just swing backs from embarrassed independents in 2008 that weren't really voting for Obama any way. Then in some states, you see the other factor where people have claimed to leave the GOP for the tea party. In the end, people don't really switch parties that much. It is easy to get lost in the numbers.
Turn out is always important in elections. But I don't think that the GOP is really going to get great turn out either. People talk about how people will show up to vote against Obama. History shows that really doesn't happen that much.
**EDIT**
The thing people forget when just looking at pure polling data with respect to who are you going to vote for (i.e. who are you going to vote for?) is Romney's negatives. It is VERY hard to win an election when people say they dislike you as much as they do him.
You almost have to imagine a scenario where people are saying they dislike him, but they don't.



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A tie maybe

