The key is his post-boomer leadership style. Critics are always saying that Obama is too cool and detached, arrogant and aloof. But the secret to his popularity through hard times is that he is not melodramatic, sensitive, vulnerable and changeable. Instead, he is self-disciplined, traditional and a bit formal. He is willing, with drones and other mechanisms, to use lethal force.

Normally, presidents look weak in these circumstances, overwhelmed by events. But Obama has displayed a kind of ESPN masculinity — postfeminist in his values, but also thoroughly old-fashioned in style — hypercompetitive, restrained, not given to self-doubt, rarely self-indulgent. Administrations are undone by scandal and moments when they look pathetic, but this administration, guarded in all things, has rarely had those moments.

In 2008, Obama had that transcendent, messianic tone. This year, he has adopted a Clinton 1996 type of campaign — strong partisan attacks combined with an emphasis on small and medium-sized policies — like the Buffett Rule and student loans — intended to display his common man values. As a result, Obama has come off aggressive, but also, (unlike Romney) classless and in touch with middle-income groups.