Only one in four Americans approves of how Obama is handling the economy while an overwhelming 71 percent disapprove. From Gallup:

Trend: President Barack Obama's Approval Ratings on the Economy, February 2009-August 2011

The graph really speaks for itself. This is very bad news for the Obama campaign. People’s increasingly negative perception about the economy have destroyed Obama’s economic job approval numbers, which has dragged down his overall job approval numbers. It is hard to imagine how any President can win re-election when the economy is ranked as the top issue by voters and 71 percent of Americans disapprove of the President’s handling of the economy.

The other interesting item from the poll is that despite Obama having spent months focused on the issue of long-term deficit reduction, his approval numbers on that issue are actually slightly worse than his numbers on the economy.

President Barack Obama's Approval Ratings on Issues, August 2011

It is as if the more time Obama spends talking about the deficit, raising the issue’s prominence, the worse those approval numbers get.