"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.