Sure, the media and left will blame it on the right and the Republicans won't say boo.
you may be right, and the GOP has shown an inability to message well at all...but Presidential politics pretty much trends exactly with individuals feels about their current situation and their perceived situation for people around them.
The media goes a long way to influence election outcomes, but they do not have a monopoly. If people are working hard for less and see higher prices for everything, they aren’t likely to stick with the party in power. If you look over time, this is almost universally true. If things are crappy a year from now with high prices, high unemployment, lower wages, a decent GOP candidate will make mincemeat of Obama.