Throwing the laundry list at a foreclosure notice and a pink slip

This is one of those fork in the road moments for the Obama campaign. The campaign is facing the prospect of watching the president's economic approval numbers dip, dragging down his overall job approval and with it our electoral prospects.

There are several schools of thought circulating about what to do, assuming nothing is actually going to happen on the lawmaking side:

1. Run on his record. Accept the "referendum" argument.

This seems to be the choice of the president's most ardent supporters. Go out and throw the laundry list of bills at folks and convince them that things are getting better and we are on the right track (despite the glaringly lopsided right track/wrong track numbers). Seems to me Mitt Romney would love to just have the election be about the presidents record, especially on unemployment and housing.

This option basically assumes that most if not all of the folks who voted for Obama last time will show up and vote for him again. If only they are informed about just how much good he's done. This strategy assumes that the economy will continue to improve. Think Reagan '84.

2. The choice/vision debate.

This seems to be the choice of the president himself. Basically, the president wishes to have a public debate with Mitt Romney over policy. Mitt wants to do this, I want to do that. Basically running as if he were not the incumbent. Thus we get the "forward" slogan and a rehash of the "dont give them back the keys" message we heard from him in 2010.

This option basically assumes that the electorate will be the same size as it was last time, with swing voters being the key to a close victory. He wont get as many swing voters as last time, but they will show up. A key component of this involves running against "obstructionism" in Congress. Basically a rehash of the 2010 message writ large. Bill Clinton likes this strategy. This strategy assumes that the economy will continue to improve. It's a policy/wonky message. Think Clinton '96.

3. Demonize Romney.

This basically involves making Mitt Romney unacceptable for the oval office. It is a deeply negative message that seeks to gin up the base Democratic voters by making them afraid of Mitt Romney and scaring the bejesus out of swing voters. It also involves identifying the Republican Party as a crazy hate group. (This is the strategy I prefer, of course.)

This assumes that electorate is essentially turned off this year and will be smaller than the 2008 electorate. It assumes a much more traditional partisan election, won with heavy turnout of base voters and leaners over swing voters. This strategy basically assumes the economy will not improve, and may in fact decline. Think Bush '04.