Do you realize that Obama's first term parallels Reagan's?
From Gallup Poll.com
For perspective, please note that Obama is in a similar position as Reagan was at the same time in his Presidency:
By the end of 1981, Reagan's job approval rating had drifted down to 49%.
Things got worse for Reagan in 1982. The public's view of the economy remained sour, and the president's ratings during 1982 stayed concomitantly low, in the 40% range, ending the year at 41%.
The 1982 midterm elections were not good ones for Reagan and for the GOP. The Republicans lost about 25 seats in the House.
A clear cause for all of this was the economy. Still, Gallup analysts at the time presciently noted that there was some cause for optimism for Reagan:
Throughout the year [1982] a solid majority of Gallup's respondents have taken the position that Reaganomics will worsen, rather than improve, their own financial situation. Yet, Gallup consistently has found somewhat more public faith that Reaganomics will help the nation as a whole and even more faith in the president's program when the question is posed with regard to the long run. Surveys also indicate that the public has more confidence in Reagan than approval ratings of his performance would suggest. While only one third approve of the way he is handling the economy, close to half express some degree of confidence that he will do the right thing with regard to the economy.
Indeed, although 1983 began for Reagan with a 35% job approval rating -- the worst of his administration -- things started to look better.
His ratings moved back above 50% by November 1983 -- not only because the economy was picking up, but also in part as a result of rally effects associated with the U.S. invasion of Grenada and the terrorist explosion that killed 241 American Marines in Beirut, Lebanon
Everett > At this point in his Presidency, Reagan's approval rating was 43% and the country was in a similar state.
http://www.gallup.com/poll/11887/Ronald-Reagan-From-Peoples-Perspective-Gallup-Poll-Review.aspx