Yes, I believe Obama's plan will work for his second term in office. He is reaching across party lines to get things done and has a strong team behind him in order to get the country back on track. He will need the help of Congress to do this, however. I believe Obama has the capacity to make his plan work for his second term. He just needs bipartisan support.
His plan will work because he has no real plan to solve anything. He simply plans to give some flowery speeches, provide some token executive measures, and blame the GOP for everything bad. How could he possibly go wrong? This method of governing lets him take credit for anything good, and his opponents get the blame for anything bad.
Obama's plan is supposedly to create "so many more jobs", but it, ultimately, outsources currently held positions, leaving more Americans unemployed. There is absolutely no reason we still buy our oil from countries like Saudi Arabia and Kuwait. We have, if not the largest, one of the largest reserves in the world in Alaska, yet we continue to import from oil. Drilling and refining oil in Alaska would not only create some jobs, but also lower the price of gasoline for our citizens. Less money spent on gasoline means more money "in our pockets", which will allow us to buy other goods and services and further stimulate the economy.
As long as the house is republican controlled the house, he is going to have a hard time passing anything that he wants to work on. The issue here is we have played partisan politics for a long time and no one wants to be the one to blink, so what ends up happening is we have a lot of nothing.