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Obama faces long odds for re-election.

The latest CBS poll finds that while President Obama still rates high in popularity and personal appeal, 7 of 10 Americans now give him poor marks in his progress of fixing the economy. Yes, he inherited a financial mess from Bush, and the downward trend clearly began with the Bush bank bailout, but Obama is left holding the ball, and Americans are more and more of the opinion that he has fumbled and dropped it.

While most in the poll clearly think Mr. Obama didn’t cause the economic woe, a growing number are less willing to give him the benefit of doubt, and few cling to any real hope for change.

Obama’s approval rating stands at 44%. It has not approached even 50% since April, 2010. This is not good news for the White House.  Talk of facing a primary challenge from within his own party has not helped matters. The disappointment with Obama’s performance is barely hidden below the surface now within the Democratic Party establishment. Should Republicans find a candidate that can draw support from traditional as well as conservative elements, Mr. Obama might well re-enact the Jimmy Carter scenario.

There may come a day when the economic picture improves with or without Presidential hands-on, but it seems clear now that a general upswing cannot be anticipated prior the 2012 election season. And it could well be that the problem is quite beyond any president or any cabinet to affect, which would unfortunately mark Mr. Obama as doomed to circumstances beyond his control. Obama may be remembered as a nice man who fate decreed should assume leadership at the wrong place and at the wrong time.

Republicans will have to come up with someone with the sort of credibility and big draw we are not seeing among the current crop of candidates, but it’s really their race to lose now. And if it’s not Chris Christie, then we are left to wonder who?

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