If you listen to the pundits on cable news — and Fox News especially — then President Barack Obama is reaching theoretically impossible levels of unpopularity, due to his overhaul of health care, the sputtering economy and his bailouts of banks and auto makers.
In point of fact, Americans actually like the health care bill, when told what it actually does. And the bailouts of Detroit and Wall Street have had remarkable results. So the issue isn't really about either one. It's the economy, stupid.
Almost all modern presidents have seen their approval ratings sag tremendously in their first two years of office. Bouncebacks—when they come, as with Presidents Reagan, Clinton, Carter, and even Nixon—tend to happen 2-3 years after the election.