Rabbi Pruzansky has written a spot-on, and slightly depressing, take on this election. It's well worth reading the whole piece, excerpted below.
The simplest reason why Romney lost was because it is impossible to compete against free stuff. Every businessman knows this; that is why the “loss leader” or the giveaway is such a powerful marketing tool. Obama’s America is one in which free stuff is given away: the adults among the 47,000,000 on food stamps clearly recognized for whom they should vote, and so they did, by the tens of millions; those who – courtesy of Obama – receive two full years of unemployment benefits (which, of course, both disincentivizes looking for work and also motivates people to work off the books while collecting their windfall) surely know for whom to vote; so too those who anticipate “free” health care, who expect the government to pay their mortgages, who look for the government to give them jobs. The lure of free stuff is irresistible.
Imagine two restaurants side by side. One sells its customers fine cuisine at a reasonable price, and the other offers a free buffet, all-you-can-eat as long as supplies last. Few – including me – could resist the attraction of the free food. Now imagine that the second restaurant stays in business because the first restaurant is forced to provide it with the food for the free buffet, and we have the current economy, until, at least, the first restaurant decides to go out of business. (Then, the government takes over the provision of free food to its patrons.)