(updated below)
The greatest and most enduring significance of Tuesday night's election results will likely not be the re-election of Barack Obama, but rather what the outcome reflects about the American electorate. It was not merely Democrats, but liberalism, which was triumphant.
To begin with, it is hard to overstate just how crippled America's right-wing is. Although it was masked by their aberrational win in 2010, the GOP has now been not merely defeated, but crushed, in three out of the last four elections: in 2006 (when they lost control of the House and Senate), 2008 (when Obama won easily and Democrats expanded their margins of control), and now 2012. The horrendous political legacy of George Bush and Dick Cheney continues to sink the GOP, and demographic realities -- how toxic the American Right is to the very groups that are now becoming America's majority -- makes it difficult to envision how this will change any time soon.
Meanwhile, new laws to legalize both same-sex marriage and marijuana use were enacted in multiple states with little controversy, an unthinkable result even a few years ago, while Obama's late-term embrace of same-sex marriage seems to have resulted only in political benefit with no political harm. Democrats were sent to the Senate by deeply red states such as Indiana, Missouri and North Dakota, along with genuinely progressive candidates on domestic issues, including Elizabeth Warren in Massachusetts and Tammy Baldwin in Wisconsin, who became the first openly gay person elected to the Senate. As a cherry on the liberal cake, two of the most loathed right-wing House members -- Rep Joe Walsh of Illinois and Allen West of Florida -- were removed from office.