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I've written that I think Obama will win the Millennial generation easily (see Generation Y and the 2012 Election), yet one blogger argues the other way. The writer calls attention to a recent Gallup poll where Obama's support among those under 30 has decreased below 50%.
One argument the blogger makes is an excellent point: Obama had excellent timing on his side, and an advantage he may lack in 2012. Echo Boomers hated the wars of Bush and tend to favor isolationist policies, and Obama campaigned on this promise to bring the troops home (one that hasn't worked like the Millennial generation expected). Yet, many Americans were fed up with Republicans, so many Democrats could have pulled off a win over McCain.
Regardless, I fail to see a Republican candidate who will earn Millennial votes. Although there's a lot of talk about a Republican victory, none of the Republicans have excited Echo Boomers in the manner that Obama did in 2008. If Echo Boomers don't support Obama, that doesn't automatically mean they'll support the Republican candidate. They may just avoid voting in 2012.