Mike Crowley counters the conventional wisdom:
The 1980 and 1992 elections suggest that beating an incumbent in times of economic distress might require campaign themes that go beyond the economy. Reagan pounded Carter over foreign policy and the size of government. Clinton was brimming with policy ideas, including a major health care plan. And, crucially, in both cases the challengers were more likeable–or at least seemed so on television. … It’s obviously ominous for Obama that both those incumbents lost. But it’s possible that that Romney is doing him a favor with his light touch on issues other than the economy.
The Dish 