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Other things aside, I think it's still too early to adequately grade Obama on the economy. The country is still in the middle of the worst economic contraction since the Depression, and much of the recovery depends on the global economy, which isn't so hot right now either.
When Obama took power, the economy was diving at a rate of over 6 percent per annum, but by the fourth quarter, the economy recorded a growth rate of over 4 percent.
There are other signs of recovery as well (while Obama has been in office, the Dow has recovered significantly), but it's easy to get hung up on unemployment numbers because they hit close to home, whereas the GDP and Dow numbers are abstract. Employment stats are a lagging indicator, which means they are behind indicators such as the GDP (coincident with economic activity) and the Dow (leading, ahead of economic activity). Although the recovery will likely be slow, it's showing signs that it is indeed happening.
And what's not to say that Obama's actions (namely, the stimulus plans) didn't prevent the unemployment rate from being far worse?
I say we need more time to know how things are going. We're still at the bottom here.
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Knowing that death is certain and that the time of death is uncertain, what's the most important thing?
—Bhikkhuni Pema Chödrön
Humankind cannot bear very much reality.
—From "Burnt Norton," Four Quartets (1936), T. S. Eliot
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