Until just over a week ago, President Obama’s campaign was on the cusp of doing something unprecedented in modern presidential politics: turning the election into a referendum on the challenger, Mitt Romney. Why is that so special? Because every prior example of an incumbent running for reelection in recent times has wound up being a referendum on the guy in the White House.

Those who run the re-election campaigns for sitting presidents are usually loath to admit this, especially when the preceding four years have not been a runaway success. Obama’s campaign is no different. “Elections are not referendums, elections are choices,” said David Axelrod, his chief strategist, over the summer.

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