Well, you're quite right, and I think he is in trouble -- with the 53% or whatever it is who haven't been bought yet. (And I don't know if the "bought" voters will stay bought: some 60's history from Louisiana elections suggest maybe they won't, if the social issues are on the GOP's side.)
But there is a residual benefit from nonstop, organized, edited-and-concordance-tested Big Lying, and that is that, the voter may decide that it's all lies, but still be demoralized by the thought that masses of other people believe it. Now there is your propagandist's true art, methinks, and the true inducement for JournoList-type lying.
“the voter may decide that it’s all lies, but still be demoralized by the thought that masses of other people believe it.”
An electorate that was desperate enough to elect Obama will be desperate enough to get rid of him; any Repub challenger should trounce him, nad he seems to know it (so they threw out the red herring of Repubs opposing contraception on principle, etc.). He has governed for 3 years with contempt for the average Joe, and now he thinks he’ll play catch-up - but he has a LONG way to go.