I'm not sure. I think Bush or Dole could've beaten Carter then too. What was his approval rating around election night? Wasn't it around 29%? Either way, Newt does have what it takes as we saw in the 90's and he's better than Bob Dole was after the 1994 victory.
29% approval and he got 41% of the vote.
Carter was leading in some polls in just a couple of weeks prior to the election. It didn't break for Reagan until late, mainly because of his rock solid campaign. I'm not saying Bush or Dole couldn't have done it, but neither was as a good of a candidate as Reagan nor were they as bold in their proposals of change.
Newt's Contract with America was a great campaign, but what does that really mean? Hillary Clinton didn't benefit from the 90s. Plus, Newt's tenure as speaker was mediocre and that might be more memorable than CwA's campaign prowness. And even if you make the argument that campaigning skill is more important than the result, can Contract with America really have a
major advantage over Hope and Change?
If the climate is anti-Obama, Newt could win. But the GOP still could and should do a lot better than Newt--or Palin.