They can try that, much like Carter did in 1980, but Obama will be the incumbent who is presiding over gasoline at $4-5/gallon and unemployment in excess of 8% with real unemployment in the double digits. Like Carter in 1980 and Bush in 1992, the last two incumbents to lose re-election, Obama is presiding over days of malaise. "ROMNEY RICH = ROMNEY BAD" is not enough in this environment with Romney NOT being the incumbent.
I hate to say it, but if I were in charge of Obama's team I would believe that my only chance of victory starts with bombing Iran, and causing a successful military engagement there. I do not see how Obama can win unless something dramatic happens in the foreign policy realm that Obama can use to his advantage.