Obama's drop in approval rating is two-sided. On the left, you have those of us that are displeased that he is bending too far to the right. On the right, you have a corporate funded political machine buying principles with campaign contributions. Too many armchair citizens lap up heavily biased propaganda masquerading as news. Swaying public opinion is an industry and, unfortunately for "we the people", the republican party and conservative groups are better at it than the dems.
I watch all of the popular pundits and mainstream news but spend about twice as much time reading actual policy and reflecting on the far-reaching effects on our economy, reputation abroad, civil rights, and environment. I would respect more conservatives if they didn't regurgitate talking points conjured up by a corporately funded think tank and actually supported their views with a valid argument.
Most of the drop in Obama's approval rating can be attributed to the effectiveness of conservative corporate propaganda against the dem's policies. To pass, healthcare reform had to be watered down to please hungry pockets more than the people.