Americans don't have a lot of confidence in the administration's policies:

The poll found 73 percent of Americans believe the United States is "off on the wrong track," and just one in five, 21 percent, think the country is headed in the right direction.

The level of discontent is the highest since Reuters/Ipsos began polling American public opinion in February 2009.

One has to wonder what the hell is wrong with that 21 percent group.

You might think that the wrong track survey would also be reflected in President Obama's approval rating, but you'd be wrong.

President Obama's weekly job approval rating for July 25-31 is 42%, by one percentage point a new weekly low for his administration. Though his approval rating is down among all ideological groups in recent weeks, the broad pattern of the president's approval ratings across these groups remains similar to what it has been, with low support among conservatives, somewhat higher support among moderates, and high approval from liberals.

Liberals give Obama a whopping 83% approval rating, which is reflected in the massive public relations effort the administration has made within the Progressive community. This group is primed to accept excuses and blame directed at, well anybody except Obama. They correctly assess the crisis to be a direct assault on their ideology as well as the President, and with both linked, they must defend the President at all costs, or see both hanged.

On the other hand, the Rasmussen daily tracking poll presents a more accurate and detailed picture of the President's real support.

The Rasmussen Reports daily Presidential Tracking Poll for Wednesday shows that 21% of the nation's voters Strongly Approve of the way that Barack Obama is performing his role as president. Forty-two percent (42%) Strongly Disapprove, giving Obama a Presidential Approval Index rating of -21.

Minus 21 is the lowest approval index Obama has ever received since taking office and the trend is unmistakeable. Down, down, down. The 'strongly approve number has ranged from a high of 29 near the beginning of his term, to a low of 21 most recently--surprising stability from the Progressive wing of the Democrat party, but a notable erosion just the same.

Even more stable than the President's support, is his opposition, which has fluctuated consistently between 39-42%. What is moving in all of this are moderates, who have swung from approval to disapproval an amazing 26 points.

For Obama, these numbers represent both hope and anxiety:

1. Hope: Obama's campaign team only needs to convert about a third of the moderately disappointed folks back to supporters, and he can do that by making the Republican alternative so unpalatable as to make himself seem like the only reasonable choice.

2. Change: These numbers are likely to worsen over the coming year as it has become clear that Obama has no policy moves that can reverse the decline.

3. Hope: Republicans could nominate a social conservative who alienates the independents.

4. Change: There are definite signs that the mainstream media, hitherto wildly supportive of the President, are changing their tone, if for no other reason but to salvage their professional credibility before it's too late. Jay Leno's current comfort with ridiculing the President and his policies is an ominous sign after so much kid-glove treatment over the past few years.

5. Change: While there is no short of apologetic coming from the administration and it's media supporters as to why things are bad, it's impossible to spin Obama's impotence. A Republican candidate with both credibility and a plan to succeed will be at a significant advantage, even if, as expected, the Obama campaign tries to frighten Americans with tales of evil outcomes.

At the moment, the situation may look salvageable for reelection, but the rocks are already rolling downhill. His numbers could be dismal in a matter of weeks.