I wonder how efficacious it would be for Obama to copy FDR's re-election strategy in 1936. It was pretty much, "voting for Alf Landon will take us back to the policies of Hoover."
Now, Hoover's policies in 1930-32 weren't a whole lot different from FDR's later on, just a difference of degree. (It is absolutely untrue that Hoover did nothing, or that his polices were limited to having people sell apples on the streets, or whatever kids are taught today about Hoover. He orchestrated quite a bit of intervention in the affairs of businesses, set up the Reconstruction Finance Corp, initiated public works projects and so on.) But the public associated Hoover with the Depression starting and getting worse. So it worked.
We won't be completely out of the woods by November, but things won't be falling off a cliff like they were in the fall of 2008. Similar scenario to 1936 vs. 32 -- the bottom of the Depression is generally considered to be late-32 to mid-33.
Can Obama convey a message that "voting for Republican X will be voting for Bush 43" without a counterpoint that many of Bush's policies are in fact still in place? I mean, Fannie and Freddie are still around, both Bush and Obama oversaw massive bailouts and stimuli, the tax code and entitlement system hasn't been touched, et cetera. It think it might work to hold a lot of the swing states that haven't recovered strongly or have started to move to the left (OH, VA, CO) but not to pick up new states or hold on to states that are drifting right (FL).
And Jason, incumbents are 3-3 in the last six elections they have run. R's are 2-2, D's are 1-1. Nice manipulation of statistics. Unless you want to go back to 1936 too.