By all accounts, the Obama economic team which includes the Federal Reserve Chairman Bernacke has done the proper things to avert a Great Depression type economic collapse.
I've not heard any elected official from the far left to the far right assert that there wasn't a crisis. Today, I haven't heard any mainstream economist argue that the current situation is not far better than in January 2009. Some may dispute where the credit lies though.
The point is making things better than they would be, even though the economy today is not that good doesn't sell politically. "It would be far worse" isn't a winning slogan.
Yet, take a look at Hurricane Katrina. President Bush got blamed for making a natural disaster even worse. According to all histories, government at all levels failed. He was blamed mightily and his party punished. As was the Democratic governor of Lousiana.
There is a bias in politics as in life towards the negative.
Sometimes the truth isn't good enough.
The first President Bush was a victim of that, and President Clinton was the beneficiary.
What the President needs to do is to outline the list of positive things he's done, and explain the narrative of his vision for the next few years and convince enough voters to trust and be patient.