Economies naturally fluctuate and, barring too much meddling, this economy will, in coming months, recover. When that happens it will be interesting to see how much Obama's approval recovers.
Rasmussen's numbers above are based on 15,000 interviews each month of likely voters.
ADDENDUM: There is also a Republican collapse, as Rasmussen reports:
Seventy-four percent (74%) of Republican voters say their party’s representatives in Congress have lost touch with GOP voters nationwide over the past several years. The latest Rasmussen Reports national telephone survey finds that just 18% of GOP voters believe their elected officials have done a good job representing the base.This is not democracy's finest hour.