GOP Obituary?

I have seen many news reports and talking heads pronounce the GOP essentially dead and furthermore claim that the party must reformulate itself more toward the center. That formulation has never ever worked for the GOP, and a prime example of that is McCain.
However, looking at the latest Rasmussen poll, the obituary appears to be premature.
The Dems have been is power for only 5 months and already the public perception is swinging strongly in the GOP's favor.

The economy question is most striking. With the Dems printing and spending money like, well, errr, Democrats, the cumulative point swing is 12. The release of the torture documents produced a swing of 10 points on National Security. The threat of higher taxes produced a swing of 11 points. With a year and half to go to midterm elections, the Dems would be wise to reconsider some of their policies.