That's just the name recognition power of incumbency. This time in 1980 when the economy was also in the tank and we had a bunch of hostages in Iran, and an impotent farce for president, said president was a good 8 to 10 points ahead of Reagan and looked like he was cruising to re-election.
Obama is the one who should be disturbed, because he is so well known, that everyone who is going to vote for him has already made up their minds. It will be very hard for him to crack 50% as election day draws nearer.