Europe is in the midst of recession, the EU might be in the process of disintegration, and the euro is under stress as Greece and Spain see runs against the banks; China real estate is cratering if not crashing and other parts of the Chinese economy are showing distinct symptoms of weakness; now we see the incipient indications of accelerating weakness in America following on bad reports revising downward GDP and weak employment numbers.
None of this will help Obama.
The question is really whether the piper who must be paid will get his tribute before or after the election. If the reckoning can be postponed past November, Obama has a chance. If it comes after Romney's election, will he get the blame, Pro hoc Proctor Hoc?
All three great props to the world economy are in trouble. In 2008-2009 China stimulated its domestic infrastructure economy and helped the world economy along. Now that bubble seems to be breaking and with it will go the economies and currencies of all the extraction countries and industries. That means the BRICS will suffer greatly.
Japan is in very grave trouble and that will compound if it sees reduction to its large market, China.
In short, there is no single place on the world horizon which offers much hope for turning economies around.
God help us if Obama is reelected.
The question is really whether the piper who must be paid will get his tribute before or after the election. If the reckoning can be postponed past November, Obama has a chance. If it comes after Romney's election, will he get the blame, Pro hoc Proctor Hoc? I don't know what constitutes your definition of reckoning, but if things continue as is, Obama won't be reelected. And the trend line is that they will get progressively worse. You are spot on about the global economy. China will not be able to bail out the global economy like it did in 2008. And Japan, the EU, and the US have stalled economies with Japan and the EU heading into a double dip recession.