Well, yes. My mother, aka The Swing Voter, is absolutely livid that the Obama team thought it was okay to move forward with nominating known tax offenders. But whatever the specific problems, this was going to happen. Everyone is more likeable when they're promising you stuff, especially when they tell you that the stuff they're promising has few costs. Then they start actually trying to dispense the stuff, and it's, y'know, complicated, and it turns out that you're not in magical fairy ponyland where beautiful gifts fall out of the sky--you're in the grim wasteland of real bills that the CBO will tell people are more expensive than you've been claiming, and involve actual real live people giving something up. Jimmy Carter started his term with approval ratings in the 70s. He finished tied for second-to-last place with George W. Bush.
That doesn't mean that Obama won't be a popular president who will get a lot of things done. But he was never going to keep a 65% approval rating. Governing is hard.