He still has a long way to fall.
He hitched his wagon to this whole recovery thing to get elected. Despite the fact that government has little to do with economic cycles. I guess when you lie to people and you make promises that is the chance you take.
The economy isn't going to change significantly from now until the end of the year. During that time his public support is going to continue to erode. In 2010 you will start to see some Democrats trying to distance themselves to get ready for the elections that are coming up.