As strange as it may seem, an economy works or doesn't work in large part because of confidence.
When people lose confidence, the velocity of money slows. People spend less because they are worried about the future and they want to retain the potential for later. When spending slows, production slows. When production slows, people get laid off. Now they don't have the kinetic value of money because they aren't getting paid. The businesses try to conserve their money, i.e. their potential, for fear they'll need it in the future, but won't have money coming in. So you get a vicious, downward spiral.
Bottom line ....there's no confidence in Obama. The sad part is....In 2008, Obama won an overwhelming mandate (at least in the sense he had all the power) with a Democrat President, Democrat majority Senate and Democrat majority House and he ****ed it ALL up