Yes, he should. Since his inauguration, Obama has lost 10 percentage points in his job approval rating. That's one of the largest and fastest declines for any new president in the past half century. And for better or worse, there is a correlation between a president's popularity and his ability to get things done. When LBJ was moving his Great Society programs in 1965, his popularity was in the 60-70% range. When Bill Clinton was stymied on health care, I believe that his approval rating was straddling 50%. It's already clear that Obama is not going to enjoy the long-term stratospheric-like ratings that Ike or JFK did. But he cannot fall much further in his job approval rating and expect to successfully pursue his ambitious agenda.
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