Over at Commentary Contentions, Jonathon Tobin sums up the status of the Obama presidency thusly:
Obama came into office thinking all of the country’s problems, both domestic and foreign, were the fault of his predecessor, a myth he still clings to. Having been handed the reins of power along with comfortable Democratic majorities in both houses of Congress, he had two years to do as he pleased. That’s exactly what he did as he rammed through a trillion dollar stimulus and a health care bill that vastly expanded federal entitlement spending. These measures were unpopular and cost him his majority in the House of Representatives. But worse than that, they were a failure, and burdened by his ideology-based inability to embrace policies that will promote growth, he has led the country to ruin.
If Obama appears clueless today it is because he has already played every card in his hand during the first half of his one term. All that is left to him now is the last resort of every political failure: to blackguard his opponents and hope that demonizing them, as he hopes to do with the populist Tea Party movement, or to incite prejudice against them, as he plans to do with Mitt Romney should he be the GOP nominee, will ensure his re-election. The trouble with this strategy is it is an attempt to divert the public’s attention from the one thing they can never be distracted from: an economic collapse he has helped bring about.
Emphasis added. America hates a loser, and it hates a whiner. Obama is increasingly perceived on all fronts as both. As Glenn Reynolds often says, at this point, Carter part II is looking like a best case scenario.