No, actually there's more to it then that.
Consider for a moment: politics has very little meaning to the average person's life. Much as we scream pure bloody blue murder over RFID passports, how many people actually use their passports, even HAVE passports? A minority.
The point here is that there is no real reason for people to get out and vote. They have no desire and no need. Whether the next president is a Democrat, a Republican, or from the Communist Party of America has no real bearing on their lives. They have no personal stake in things. All the damage one can do in eight years isn't much, and if you pursue too liberal or conservative agenda then your successor will almost certainly be from the other party and undo everything you did, then get blamed for not doing enough positive things for their party and it starts over.
As much as I hate to say it, voter turnout died with the abolition of machine politics. People voted then because they had a stake in things, because they felt they owed the party support: it had supported them. Not anymore. We have regressed to the day of post-Civil War politics, where nothing really mattered. All the people of intelligence, of stature, involved in public service today are in the courts. That's where the ability to make a lasting mark lies. Politicians are regarded as do-nothings and of little account. And in the end, they are for the most part.
And perhaps it's better this way. If nothing else it is indicative of there being no truly severe, far-reaching problems within the country. (Please note the within.) Otherwise people would care.