Whay not both!?!!? :)
It is both. Some segments of the population don't give a demoRATS a** what his policies are as long as the economy is good. So if unemployment rates were falling they would be fine with whatever he does. Other people would be disillusioned by his big-spending ultra-lib ways regardless of what happened to their own pocketbook.
His rapid polling collapse is due to both kinds of people simultaneously being disappointed.
Every month that goes by an additional 5 to 8 percent of the population places blame for the economy on him rather than Bush. That line should cross within about 45 days by my reckoning. The july employment report comes out first week of august and nobody thinks it's going to be pretty.
Some of my dem friends say it sounds like I'm hoping for bad news (as they did under bush i quickly point out). But its not that. Obama's economic policies are a disaster. It would be like I saw 2 trains heading toward each other on the same track and somebody asked me what I thought was goint to happen. I'd tell them there would be a horrendous crash, but it would not be what I was hoping. It would simply be reality.
The stimulus was a load of crap, there were no "shovel ready" projects, only a few percent of it have been spent. Tax cuts would have been far more immediate and far more stimulative, but his ideology stopped him from making the right move, and that will again and again and again.