You can think that Obama made the economy worse, but that is an opinion. Under Carter, the economy got worse. Under Obama, the economy got better. That is a significant difference.
Actually, you're wrong... Under Carter the economy got better from what Ford left... and then had slow stagnation that ended in a recession...
Similarly under Obama, the economy got better from what Bush left... and now we've had a period of slow stagnation which is currently in decline (and even Clinton the other day said he felt it was the beginning of a recession)...
The OP is correct, this election is shaping up a lot like the one in 1980... things are cyclical like that... They tend to switch every 20-30 years along the generations... FDR--JFK--Clinton, Teddy--Coolidge/Hoover--Nixon/Ford--Reagan/Bush--Bush, Truman--Carter--Obama...
The 80 election swung on the economy being so stagnant... Obama's "recovery" from recession is identical with that of Carter and George HW Bush (both 1 term presidents ousted for stagnant economies)... There are so many people disillusioned by this economy, it just does not bode well... especially with the threat from Europe, and that his opponent is a fiscal genius with proven experience...
There's something else about the Reagan win... The Reagan Democrat... there's a lot of them that stayed Republican, like the Rick Santorums of the world... but in this election there's a lot of current traditional moderate Democratic voting blocks that are outraged at Obama on hot-button issues... that have already been luke warm about him on everything else, and they may jump ship, given that Romney appears moderate enough for their liking....
1) Traditional Marriage, traditional family values supporters -- absolutely outraged at Obama's decision to switch his position on gay marriage... and to top it off the issue of gay marriage (which has been proven time and time again to be against what the overwhelming majority of people feel is right) is on the ballot in a number of states... many of them of the swing variety...
2) Jewish voters. Many of them come from liberal areas, MA, CT, NY, NJ, and FL... and have seen how Obama is willing to leave Israel to have to fend for themselves... Romney, his opponent has come out strong in defense and support of Israel several times... and could pull a lot of that vote from Jewish Democrats
3) Budget-hawks: The budget hawks tend to mostly be conservatives. However, there are still a great deal of Democrats who grew up in the time of having to pay down the massive WWII debt, and were ecstatic when Clinton balanced the budget. Those Democratic budget-hawks must be furious with Obama, and will jump ship to Romney, who had proven budget experience.
4) Catholic voters. Catholics tend to be in the liberal states, largely the immigrants in urban areas on the coast... However, they've spread out across the country. Catholic voters have traditionally voted Democrat. Many Catholics have felt regularly under assault by this administration.
The other group which could cause this to go heavily in the Republicans favor is the undecided voters. In most the the current polls, the race is either tied, or within 4/5 pts either way... with a significant portion of undecideds... Undecideds have gone 80-20 against the incumbent in every election... Given the significant portion of undecideds that persists in the polls, if undecideds swing even only 60-40 to the Republicans, it will swing the results of those polls in most cases...
Even still, several months off of the election, the polls are tightening... What was once a huge lead for Obama is now either gone or remaining only a few pts. When you break down the state by state polls, its getting that much tighter as well... RCP moved MI from the solidly Democrat category to the toss-up category... which is huge, given that MI, where Detroit is, where GM is, where ground zero of Obama's auto-bailout which we are supposed to believe is a huge success... yet the people of MI are luke warm about Obama... with a native son now on the ballot against him, one with a love of cars, a famous auto-executive father who helped save the auto-industry without government money, and proven ability to turn around the economy... MI could realisticall go to the Republicans in this election, which would be a major coup...
So, I can see why one can see this swinging heavily in Romney's favor. It hasn't yet, it's a tight race, and could be tight down to the wire... but I could see it opening up in a big way in Romney favor on election day...