The worst part is, he's ineffective because everyone hates him, but he's still going to get a second term because all of the Republican candidates suck except for Huntsman.
This is actually intentional.
See, the Republicans KNOW the Economy isn't going to turn around in the next 4 years. So if a republican wins the White House and the economy still sucks after 4 years, they have to put their foot in their mouth and risk losing the white house and congress.
When times are tough, people hate the guys in charge. It doesn't matter whose fault it is.
So, if the Republicans pretend to try to get elected (and fail) then they can blame the next 4 years on Obama and his evil policies so that in 10 years when the economy bounces back, they will have the white house and senate and say "Look at what we did! We saved you all!".
They aren't stupid. They know how shit goes down.