I just had to see how our last democratically-elected President fared in the opinion polls at a parallel time in his term. January of 1997, roughly the equivalent to the recent poll just taken showing bush at 48%, Clinton was riding a respectable wave of approval of 62%.
http://images.cnn.com/ALLPOLITICS/1997/01/16/poll.clinton/Clinton Approval Rating
Approve 62%
Disapprove 31%
Clinton Approval Rating
1993 49%
1994 46%
1995 47%
1996 56%
Now 62%
(Yearly averages)
"How does Clinton's approval rating compare to previous presidents as they prepared to start a new term? Clinton's 62 percent is identical to the figure Ronald Reagan posted in mid-January 1985, and puts him in a statistical tie with Franklin Roosevelt as FDR began his third term in 1941. Clinton's approval is somewhat lower than Harry Truman's in 1949 and Dwight Eisenhower's in 1957, but is far higher than the 51 percent figure Richard Nixon posted at the start of his second term in 1973." Historical Approval Ratings
Clinton, 1997 62%
Reagan, 1985 62%
Nixon, 1973 51%
Eisenhower, 1957 73%
Truman, 1949 69%
Roosevelt, 1941 64%
Hey, get a load of that, the Almighty Reagan's approval rating before his second term was the same as Clinton's.
Don't look back, bush, something's gaining.