This is an Excellent question, because Mitt Romney was convinced he was going to win in a landslide. Several conservative pollsters said that as well, although it should be noted that objective polling firms did not share that view, predicting a very close election right up to the end. And to the surprise of many Republicans, President Obama was re-elected, and by a comfortable margin of victory. The reasons are complex, but here are some of them:
President Obama was very popular with his supporters, but not as popular with Independents as he was in 2008. One thing that helped him to attract Independents and moderates occurred in the last week of the campaign-- his proactive response to Hurricane Sandy; it also helped that Chris Christie, a Republican governor, and a Romney supporter, praised him for being so available.
Another factor that helped the president was that the American public never really warmed up to Mitt Romney. Although some Americans thought Mr. Romney would be a good person to improve the American economy because he was a well-known business executive and venture capitalist, he was perceived by a majority of Americans as someone whose policies would mainly help the rich.
There were also other factors that played a role. One was the Republican party's extreme turn to the right on social issues; this alienated many moderates and young women. Also, the Republican party was unable to move beyond its base supporters (white males, evangelical Christians, and older voters), while the Obama campaign was able to expand its electorate by gaining the support of Hispanic-Americans, Asian-Americans, and (again) young voters. The president's "ground game" of identifying likely voters and getting them to the polls worked far more effectively than Mr. Romney's did.
So, despite a sluggish economy, Mr. Obama was able to persuade a majority of Americans that he had made progress, and that he would continue to move the country in a positive direction. The 2012 election was much closer than 2008, but Mr. Obama won both the popular vote and the electoral college; as I said, it was a shock and a great disappointment to Mr. Romney and his team, because they fully expected they would win.
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