At this point, the polls are decidely anti-Republican, and, the way the party behaved since 2000, with Congressional excess and Bush's missteps (had he governed as a conservative, instead of as a country club Republican, he might have been able to check Congress and wouldn't have felt compelled to foist liberal policies on the country), it is clear the GOP deserves a decent flogging - and the flogging that began in 2006 is not yet over.
However, the country as a whole does not deserve the consequences.
Obama is going to govern as a committed leftist (see the Levin column I reference below). If anyone believes the Bush tax cuts will survive in any meaningful form once Obama, Pelosi, Frank, and Reid have at them, you are fooling yourself. That 95% of Americans for whom he is promising to cut taxes will soon evaporate and it'll become the 40% of Americans who pay no income taxes, who will benefit from a redistribution scheme targeted at the top 50% of tax payers. Want to be reminded what you paid under Clinton, check out this Tax Foundation chart.
The single most important thing we can do to get this economy moving is to reduce the capital gains tax (as McCain promises). Instead, Obama has promised variously to raise it, lower it, and only raise it on some. Which Obama do you believe? He's a committed leftist, folks. Does this question really require an answer???
Abortion will not become more rare. In fact, Obama will do the opposite, making abortion more legal and thwarting attempts everywhere to impose reasonable restrictions on abortions. He will reverse all previous precedent and use your tax dollars to federally fund abortions. The black pianist, Huntley Brown, sums it up (in a rare, true, internet email,), "There's a reason Planned Parenthood gives him a 100% rating." Obama will appoint judges to solidify this view for generations.
Property rights will continue their march towards obsolescence. Those same judges who disdain the right of the unborn to life are also much more likely to ignore the Constitution's clear protections on property rights. A government that sees itself the way Obamacons see it is much more likely to use whatever means to confiscate private property for whatever "public" use they can conjure.
Illegal immigration will not be stopped. In fact, it will increase and likely border security will be ignored in an Obama administration. Unless the economy completely tanks (possible under Obama's philosophies), with the offering of free/reduced health care, college benefits, and all the other enticements of the Obama welfare state, we are only going to become more appealing to immigrants from South of the Border. Of course, if freedom is important to them, maybe they'll wise up and stay away from this place under Obama.
Anyway, if I point a scary picture, good. You should be scared. If you live in a state where there's a competitive Senate race, go out, hold your nose, and vote for your GOP senatorial candidate. They might be the only thing that can hold the line until the GOP gets it act together, and Democrats over reach (which they will) and the ship can be righted.
But, we need to make sure we don't get so far aground we can't get off the rocks without abandoning the ship.