From Nile Gardiner at The Telegraph (h/t reader John):

Instead of hope and change, the Obama presidency has delivered decline and despair on a scale not seen in America since the dying days of the Carter administration. Both at home and abroad, the United States is perceived to be a sinking power, and with good reason.

What I find most dispiriting is not the decline, which as Gardiner notes is not yet irreversible, but that over 40% of the population still approves of the job Obama is doing:

When you consider that some of the people who do not approve of Obama’s performance want him to be more liberal, we’re approaching half the country.

That’s the depressing part, that almost half the country still buys what Obama is selling, or wants more.