When President Obama took office amid an economic crisis in 2009, the prevailing assumption was that the economy would be recovering by the time he ran for reelection, and that he’d therefore be a strong candidate to win a second term. For the last year or so, though, the economy has stubbornly failed to cooperate, and pundits began to acclimate themselves to the assumption that he’d be highly vulnerable, if not a dead man walking.
Source: http://www.realclearpolitics.com/2012/01/07/economy_might_save_obama_after_all_270712.html
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