I don’t know if I agree with this assessment from Henry Blodget, but it certainly has the potential to be true, and could turn into conventional wisdom in the not-too-distant future: “Above all else on the economy, Obama had to under-promise and over-deliver. By promising a relatively swift recovery, he has set himself up for failure. If the economy does recover, he’ll be fine, but if it doesn’t (which seems more likely), he will increasingly be blamed for failing to fix it. And given the singular importance of this issue to most Americans right now, it is hard to see how his presidency will survive that.”

And for those who insist Obama has been saying “we didn’t gotten into this mess overnight, and we won’t get out of it overnight either,” note that the Obama administration’s chart on projected unemployment indicates that unemployment will not return to the 2007 level until 2013. In other words, it may be several years until the economy feels like it’s booming again. Obama hasn’t said anything resembling, “Look, unemployment won’t come down to what we consider ‘normal’ until the first year of the second term.”