Despite the severe 'shellacking' that even he concedes he suffered in the November, his prospects are now looking up.
With the American economy continuing to recover from recession and unemployment slowly reducing, Obama is rising in public opinion polls. In some respects, he's doing better than even some of his supporters say they'd expect.
"Right now, you have the president with 55 percent job approval at nine percent unemployment, which is quite frankly fairly remarkable," said Democratic pollster Cornell Belcher. "The policies are working and I think the Americans are feeling it."
Obama has started staffing his re-election headquarters in his hometown, Chicago, and has shuffled his White House staff as well.
His potential Republican opponents aren't moving quite as fast. Former vice-presidential candidate Sarah Palin continues to be the most prominent potential figure in the race, but she hasn't said publicly whether she'll run.
Recent public opinion polls put Obama ahead of her and every other potential candidate the Republicans are likely to put forward.