That will be among the main points made by the eventual Republican nominee to unseat Obama in 2012, and that clip will almost certainly make its way into an attack ad.
"Calling himself an "underdog," President Obama today said the faltering economy is a drag on his presidency and seriously impairing his chances of winning again in 2012.
"Absolutely," he said in response to a question from ABC News' George Stephanopoulos about whether the odds were against him come November 2012, given the economy. "I'm used to being the underdog. But at the end of the day people are going to ask -- who's got a vision?"
The American people, he conceded, are "not better off" than they were four years ago.
"The unemployment rate is way too high," he said of the 9 percent jobless rate, the highest in more than half a century."