Obviously, the successful operation against Osama bin Laden is great news, and President Obama's speech announcing the historic accomplishment was excellent. But those who think that it's great political news should remember George H.W. Bush's approval ratings in 1991. If unemployment remains high and the recovery remains weak, Obama could absolutely lose in 2012. As Jon Chait correctly points out, terrorism was unlikely to be a significant issue in the 2012 elections in any case.
