You need to read his column, although you won't enjoy it. This is his major point:
Americans are generally eager to send Mr. Obama packing. All they need is to be reasonably sure that the alternative won't be another fiasco. But they can't be reasonably sure, so it's going to be four more years of the disappointment you already know.
Stephens also blames what he calls the Republican A-Team for not running, people like Daniels, Christie, Barbour, and Ryan. Let me share with you his conclusion:
The U.S. will surely survive four more years. Who knows? By then maybe Republicans will have figured out that if they don't want to lose, they shouldn't run with losers.