It's not just a "left wing media meme".
The exact same media said the democrats were dead after the 04 election. And in 4 years they took back the presidency. The Republican party isn't dead. It just hasn't been forward thinking enough in my opinion. Still pushing the agendas of abortion, drug war, and failing to be the party of small government.
In 4 years the pendulum could very well swing back if the R's can find a candidate to appeal to a wide spectrum. And even if the pendulum doesn't swing back, the system is set up for two parties. They aren't going to just give up that power.