I don’t think so. It works on Romney because (accurately or otherwise) he has a reputation for being uptight. I don’t think it would work nearly so well about Obama because (accurately or otherwise) there is too much of a perception that Michelle is rather hot for her man.
The balloon joke is totally generic though. You could tell it the other way around and it would work just as well (or just as badly, depending on your POV). It’s often told with other pairings, such as with the person on the ground being a lawyer and the person in the balloon being a typical client. Frankly it works better like that IMHO.
While suturing a cut on the hand of a 75 year old rancher, whose hand was caught in the squeeze gate while working cattle, the doctor struck up a conversation with the old man.
Eventually the topic got around to Obama and his role as our president.
The old rancher said, ‘Well, ya know, Obama is a ‘Post Turtle’’.
Not being familiar with the term, the doctor asked him, what a ‘post turtle’ was.
The old rancher said, 'When you’re driving down a country road and you come across a fence post with a turtle balanced on top, that’s a ‘post turtle’.
The old rancher saw the puzzled look on the doctor’s face so he continued to explain. “You know he didn’t get up there by himself, he doesn’t belong up there, he doesn’t know what to do while he’s up there, he’s elevated beyond his ability to function, and you just gotta wonder what kind of dumbass put him up there in the first place.”