The stench of failure is overpowering.

(CNN) — President Barack Obama’s job approval rating is holding steady, but a record high six out of ten Americans think his policies will fail, according to a new national survey.

A CNN/ORC International Poll released Monday indicates that 46% of the public approves of the job the president is doing in the White House, basically unchanged from September, with 50% saying they disapprove of how he is handling his duties.

According to the survey, 36% say they think the president’s policies will succeed, with 59% saying Obama’s policies will fail, up 12 points from last year and nearly double the 32% who said in 2009 that the president’s policies will fail. Most Democrats and independent voters say they hope Obama’s policies will succeed. But a majority of Republicans say they hope Obama’s policies will fail.

“A record high level of pessimism that may not be surprising when six in ten predict the economy will be bad shape a year from now,” says CNN Polling Director Keating Holland. “Only 13% say the economy is in good shape now; only 39% believe it will be in good shape next October.”