Tough times: Obama is now at sub-majority approval.

There will be much talk in the coming weeks about whether Axelrod and Rahm and Orszag and Obama himself have been managing things wisely, but the truth is you don't inherit a near-Depression and come through it unscathed.

And if joblessness is really nearing a turnaround then things will have bottomed out with ample time for a recovery by the 2010 midterms.  

Update: CNN has him at 56 percent, though that's still down 7 points over 100 days. 

--Michael Crowley