Not surprisingly, 2/3 of Democrats approve of the way the president is handling the economy.

What planet they reside upon is not mentioned in the CNN poll, but Obama's troubles are not with the GOP or Democrats: it is with independents.

Seven out of ten indies disapprove of the way the president is handling the economy. But only 34 percent approve of how the president is handling economic issues, with 65 percent saying they disapprove of how he's handling the economy. Thirty-three percent give him a thumbs up on the budget deficit and 37 percent approving of how he's dealing with unemployment.

"Two-thirds of Democrats continue to approve of Obama's economic record, but seven out of ten independents disapprove. Not surprisingly, more than nine out of ten Republicans also disapprove of how Obama is handling the economy," adds Holland.

According to CNN poll numbers released last week, the president's overall approval rating stands at 45 percent.

Can Obama get re-elected with such paltry support from political independents? The short answer is almost certainly no, but there's always a chance that the economy can lurch forward just enough, at just the right time for the president to make a case that things are going to get better.

That's a long shot, at best. Other polls show Independents oppose Obama's reelection by nearly 2-1. If that doesn't change, it will be a slaughter in 2012 and Obama is likely to drag his entire party down with him.