Obama at 42% Job Approval Rating in Latest Gallup Poll … 50% Disappove

President Barack Obama has sunk to a 5 month low in the latest Gallup Poll, down, down, down …

According to the most recent Gallup poll, Barack Obama has dipped to a 5 month low of 42% job approval, while 50% disapprove. With Obama’s recent displays of a lack of leadership in the budget debate or the Libyan war, one has to wonder how “The One” has not dipped into the 30′s.

The White House and Obama can dismiss the polling data all they want; however, for an incumbent President who just announced his reelection bid for 2012, this cannot be a good sign. Barack Obama will suffer horrendous polling numbers if the gas prices continue to climb, which they are doing, and the economy continuesto falter, which it is. That does not even take into account having to defend Obamacare and the flip-flops of his 2008 campaign promises.  Today’s initial unemployment claims are hardly a good sign for a President who will be held accountable in 2012 for the economy and the lack of jobs created during his first term.

The White House routinely dismisses polling data. But it’s a troublesome footnote as the president kicks off his re-election effort Thursday.

Obama’s low approval rating is not the result of the major speech he delivered on Wednesday. Some of the polling took place before he delivered the speech. Rather, a Gallup official believes the results reflect broad public dissatisfaction with the economy.

“You can never discount the economy as a reason,” said Frank Newport, editor-in-chief of the Gallup Poll. “It’s important to remember that Americans are down on the economy right now. We saw some glimmers of uptick, but that’s faded. And there’s no way that can’t help but rub off” on the president.

Obama’s continued lack of leadership and refusal to take on difficult issues like the budget will only further cause his polling numbers to crater. The United States has a budget crisis and all Obama did in his partisan speech is kick the can down the road. It is becoming obvious to many, including those who voted for him, that Barack Obama just is not ready for prime time and is over his head in the job.