The Republican Party may have problems with blacks and Hispanics, but their biggest problem is probably with the young. During the Bush era, the combination of the Iraq War and the resurgence of the Christian right turned off younger voters in increasing numbers, and these young voters began voting in increasing numbers for Democrats.
In fact, things are probably even worse than this. The Pew study reminds me of a great chart that the New York Times produced back in 2006 showing the effect that presidents have on brand loyalty to their party. Basically, a popular president gains the votes of 20-year-olds, and those voters retain much of their loyalty to the president's party for the rest of their lives. The opposite happens with an unpopular president. So Democrats spent eight years with a president that 20-somethings liked (Clinton), then Republicans suffered through eight years with a president they hated (Bush), and now Democrats have eight years of a president that 20-somethings like again (Obama). That's 24 years worth of 20-year-olds who are likely to retain a fairly strong loyalty to the Democratic Party.
Whenever I think of our future, I get the BIGGEST grin on my face.
If this is the generation that we have raised then I guess we Baby Boomers didn't do such a bad job after all.
(H/T to Andrew Sullivan.)