As Bubba used to say, “it’s the economy, stupid.”

(Fox News) — American voters are divided on Barack Obama’s overall performance as president, and by double-digit margins they not only think the economy is getting worse, but also that it’s the Obama administration’s fault.

Some 45 percent of voters approve of the job President Obama is doing, while 46 percent disapprove, making this his lowest approval for the year so far. Previously, the president’s job rating was split evenly 46-46 (June 26-28, 2011).

A year ago, 43 percent approved and 48 percent disapproved of the president’s performance (13-14 July 2010).

These are just some of the findings from a Fox News poll released Wednesday.

Voters are more than twice as likely to say the economy is getting worse than to say it is getting better. The new poll found 58 percent of voters think the economy is getting worse. That’s up from 52 percent who felt that way last year and 42 percent in 2009.

On the flip side, 26 percent think things are getting better economically — down from 35 percent who thought things were improving last summer, and 40 percent in 2009.

Likewise, by a 15 percentage-point margin, more voters say the Obama administration has made the economy worse (49 percent) rather than better (34 percent).

While over half of Democrats think the Obama administration is helping, about one in six says it is making things worse (17 percent). Independents are 20 points more likely to think the White House is doing damage to the economy.