If that happens, the Republicans are likely to keep their grip on the presidency for some time to come.
Job creation has become at least as important as GDP growth as a measure of economic health and that is likely to do tremendously well over the next decade. Why? Two simple reasons: we're coming off of a terrible decade for job creation, meaning that there is a serious backlog of (by now) affordable employees ready for most any kind of job and baby boomers are going to start retiring.
Baby boomers have been changing demographics since they were born; their retirement will mean sweeping changes for the job market. Most notably, they'll be leaving in such numbers that merely replacing them will mean substantial job creation.
If you want a great photo-op, it helps to be standing on the good side of history. Whoever is president over the next four years will look great by the measure of job creation. And whichever party holds the president is likely to extend that image into a long, extended grip on the presidency.
The Democrats have to take consolation from the fact that Obama's low approval ratings still translates - for now - into a narrow win in November. Quite the time for the Republicans to decide that they'd rather have Alan Keyes than Eisenhower as their role model.