"This is my last election. After my election I have more flexibility." -- Barack Obama
So far, the message of the Obama campaign essentially seems to be, "I'm unable to effectively govern because Republicans won't do everything I want. Re-elect me so I can deliver more of the same. Oh, also Paul Ryan wants to push old people off a cliff while Mitt Romney will give you cancer." That doesn't tell you much about what Obama would try to do in his second term, but given that he appears to be largely indifferent to the law and the wishes of the American people, there's no reason to be hopeful. Furthermore, given how deferential the Supreme Court has been to Obama and the fact that the GOP would undoubtedly be more willing to go along to get along if it’s defeated this year, the damage Obama could do in a second term would be incalculable.
1) America's credit rating slides further: Under Barack Obama's leadership, America lost its AAA credit rating for the first time since 1917. That means our country is now more of a gamble to loan money to than Microsoft. Given that Barack Obama has shown zero inclination to get spending under control or seriously tackle entitlement reform, our rating would be practically guaranteed to drop at least another notch. In other words, this country would soon have the same S&P rating as Qatar and the Czech Republic.
2) The middle class will see massive tax increases: Congress has been at an impasse because Republicans want to cut spending and Democrats want to raise taxes. Despite all the talk you hear about the "Buffet Rule," it would produce a comparatively small amount of actual revenue because the rich are close to tapped out. The real money is in the middle class. If we're not going to cut our escalating spending, then taxes on the middle class will have to soar like an eagle fired out of a cannon.
3) Gas and energy prices will be dramatically higher: Obama once said, "Under my plan of a cap and trade system, electricity rates would necessarily skyrocket." His Energy Secretary Steven Chu
4) Obamacare goes into effect: If the GOP controls the House, the Senate, and the White House, it should be able to gut Obamacare and keep it from ever going into effect. On the other hand if Obama is reelected, there's a better chance of the NAACP endorsing Mitt Romney than there is that health care reform will ever be repealed.
5) The Supreme Court moves to the left: Ruth Bader Ginsburg is 79, Antonin Scalia is 76, Anthony Kennedy is 75, and Stephen Breyer is 73. Replacing Ginsburg or Breyer with 50 year old liberals would be bad enough, but imagine Obama selecting a replacement for Scalia or Kennedy. If that happens, Obama would have five guaranteed votes on the Supreme Court for anything he wants to do. Once we get to that point, the Constitution might as well not even exist.
6) Get ready for open borders: Barack Obama has already bypassed Congress to implement the DREAM ACT by fiat, he's planning to break the law to hand out work permits to illegal aliens, he's openly proclaimed that ICE won't pick up many of the illegals detained by Arizona, and illegals are now being released by the border patrol sans proof if they claim they went to high school here. We're very close to having an open border policy right now for any illegal alien who hasn't committed a felony here and in an Obama second term, it's fair to assume that the primary qualification for citizenship would be the ability to sneak into the country.
7) Gun control will be a priority: Barack Obama filled out a "questionnaire in which he called for banning 'the manufacture, sale and possession of handguns'" and he let everyone know what he thought about gun owners even before he was elected with his notorious "bitter clingers" quip. His campaign website doesn't even have a section addressing 2nd Amendment issues, perhaps because Obama would have to admit that he's already calling for a reinstatement of the Assault Weapons Ban. Without an election to keep him in check, expect Barack Obama to "evolve" on gun control the same way he did on gay marriage.