I think in general the approval rating for government is pretty low. Not sure if it's at it's all time low, we've had some pretty rough times, but it's not in great shape.
And even the degree of his credibility has become totally irrelevant.
It's the political _system_ that needs some very serious overhaul. Now, if this is possible without _major_ pain for the People, I'm not so sure anymore...
The majority of the public support the programs and his approval rating has dropped but not significantly:
http://www.rasmussenreports.com/public_content/politics/obam...