As Katie notes below, President Obama's average approval has reached a new low. has But wait, liberals will inevitably counter, Obama's average approval rating is in the same ballpark as Ronald Reagan's at this juncture of his presidency. Let's take a look at Gallup's numbers (since Eisenhower):
Reagan's recession-battered numbers were limping along in 1983, but the seeds for a massive economic recovery -- both in terms of GDP and employment -- were about to sprout and florish. He coasted to re-election, winning 49 states. What policies did Reagan implement? Among other things, he cut marginal income tax rates and famously stood up to an agressive government sector union. Based on Obama's proposed and enacted policies, is anyone holding their breath for a dramatic turnaround in the next 13 months? The White House certainly isn't. Take a look at this graph from Heritage, which illustrates Obama's employment "recovery," compared to Reagan's:
Sixteen months after the Carter recession ended, the US employment rate had shed three full points. The Obama White House's own estimates project that the current unemployment will more-or-less flatline through all of next year. One other interesting note: George H. W. Bush's approval rating was sky high in 1991 because of the first Gulf War, yet he failed to secure re-election. Why? "It's the economy, stupid." Ahem.