Is Obama Underperforming?

Nope:

Despite the fact that pundits have claimed that Obama is not performing as well as he should be given the economic and political conditions, the models used by political scientists to predict election outcomes--models based on these very conditions--tell a different story. Obama is currently out-pacing the predictions made by some models and lagging only a few percentage points behind others. But his support does not stray more than 4.2% away from any of these predictions. Thus, there isn't much support here for the notion that Obama is greatly underachieving in this election. At least not at this point in the race.

But, according to Lanny Davis, he's only doing well because of the overwhelming support of the Clintons. No, I'm not kidding.