No one should underestimate the tough road ahead for Republicans who would like to recapture the White House in 2012. But as pundits start offering their projections and advice, Mark Halperin of TIME ? no Obama basher ? reminds us of some key facts:

Even with his surging poll numbers, powerful Tucson moment and chance at a $1 billion war chest, Obama is vulnerable. Focus on two numbers: eight and 105. Sharpies in both parties believe a jobless rate over 8% would be a barrier to the President?s re-election; 105 is the number of electoral votes Obama won in 2008 in Colorado, Florida, Indiana, North Carolina, Ohio, Virginia and Wisconsin ? all of which could shift to the GOP column unless he improves his standing with women and independents. Losing those states could leave him short of the 270 electoral votes he will need for four more years.