while it's certainly true that people are a lot less enthusiastic about obama this year than they were in 2008, i don't think that this comparison of donor rates makes much sense. first, it seems to be comparing the amount donated as of right now (early june, still five months from election day) with the donorship rates throughout the 2008 election season. and second, that methodology is particularly problematic when you consider that in 2008 obama faced a competitive primary and he is not facing one in 2012. in 2008, obama had to raise funds for two races. this year, he needs to raise funds for just one. i personally didn't donate to the campaign in 2008 until after the primary was over, because i didn't care as much about who won the first race as i did the second.
this year, it feels like the president's reelection campaign has just begun, at least for people like me on the democratic side. by june 2008, i was already feeling like that campaign had been going on forever.