The only thing keeping Obama from dropping into the mid-30s is his support among liberal and black voters, once his base starts to crack he will be in George W. Bush territory.
Via Ed Morrissey:
Gallup delivers two blasts at the Obama administration today for its handling of the economy. The first comes in its daily tracking poll, which reacted rather badly to Barack Obama’s speech from the White House yesterday. His approval rating dropped three points to its previous low of 40% after only one cycle of polling. Disapproval rose back to 50%, up two points from the day before. That sharp drop could amplify over the next couple of days, especially considering the beating Obama is taking across the political spectrum for his ill-considered rehash of an address. It’s possible that we will see Obama drop below 40% for the first time ever as Saturday and Sunday responses roll out of the survey data.