Given the woeful state of the economy, an incomprehensively huge public debt, and ObamaCare, among other factors, how is it that Barack Obama pulled a rabbit out of his hat and won re-election, albeit narrowly (in the popular vote)?  

Daniel Mandel, a fellow in history at Melbourne University and an author, gives a first-rate summation of the president's re-election in his article, "Obama's Brilliant Victory," currently running at The American Spectator. 

The article's subtitle says it all about Mr. Obama: "Whatever else he may be, he does play to win."

Mr. Obama and his team ran one highly focused and disciplined campaign to re-elect a president who was vulnerable on critical issues and seemed ripe for the picking.  In the final analysis, Mr. Obama wasn't seeking puffed up vote totals; he was playing to survive, even if that meant turning off millions of voters through incessant negative campaigning.  The president ran a campaign of distraction and misdirection worthy of an accomplished magician.

As important, Mr. Obama appreciated that he had to keep his core constituencies largely on board.  As Mandel explains:

Obama also calculated extremely well how to leverage the American demographic shift of recent years. He was able to keep the constituencies he attracted in 2008 with promises and hand-outs. Offensive utterances on rape by Republicans Senate candidates Richard Mourdock and Todd Akin eroded the female vote for Romney. And, perhaps most importantly, Romney faltered not only tactically but strategically when it came to the fast growing Latino vote.

Bluntly put, Mitt Romney was a step slower than the other guy.  Sometimes good isn't good enough.