If we’ve learned — or relearned — anything this year it is that public opinion is not a fixed and immovable phenomenon. Gallup reports that Obama’s approval rating has reached an all-time low of 47 percent and his disapproval an all-time high of 46 percent. To put it in perspective, his polling is virtually identical to Sarah Palin’s. Some politicians wear well over time; others, not so much. Some presidents pursue a controversial agenda that offends old allies but makes new friends. So far, Obama has mostly been shedding supporters.

But just as Obama’s standing with the public has changed radically over the course of a year, it can shift again. If the economy recovers and if the president addresses nagging concerns about spending and debt and embraces his role as commander in chief, he may recover lost ground. On the other hand, if that sounds not all that likely, his numbers may get worse. The Obami may at some point look back fondly at 47 percent.