The financial mismanagement and private sector (banking, mortgage, investment) abuses during the 8 Bush years weren't something that could have just be flipped in a year or two.
Jobs were being lost in extreme numbers a year even before Pres. Obama took office. It took roughly two years to get a handle on the situation.
But as of April 2010 there has been positive job growth, albeit not as robust as hoped for. But positive none the less.
Obama has had his finger in the financial dyke with various investments (i.e. auto industry and extending the unemployment benefits for millions) thus keeping the economy from bursting all together. He did this long enough to allow for the economy to begin to fix itself.
Remember, a President doesn't control economic situations, he simply makes for a better (or worse as demonstrated by Bush 2) economic climate with policies and working with Congress.
Allowing the deficit to increase was critical to keep America from crashing into an economic iceberg. But like any businessman knows, 'It takes money to make money'. The deficit money was primarily used for extending unemployment benefits, maintaining health programs and shoring up many of the institutions critical to this country's survival and prosperity.
We Democrats see the deficit money used as a "loan" to keep the country afloat while it heals itself. Much like life sustaining blood transfusions in triage at the scene of an accident. There is a deficit of blood and it needs to be replenished even if a good portion of it is lost in the process. It sustains life until the patient is stabilized and eventually recovers.
We Democrats see it as a glass half filled. That as the economy rebounds and America again prospers the "loan" will be repaid and the deficit will be brought down again with the resulting taxes and repayments.
GOPers/TeaBaggers see the deficit as charity, an abuse and waste. A glass half empty. They're pessimists willing to slash and burn the economy regardless of whom it hurts, which is the middle class and the poor. Their idea is to circle the wagons and hunker down to wait for the cavalry to rescue them.
But Obama's efforts have resulted in documented, consistent, positive job growth since May 2010.
It's simple numbers. The facts.
(Note the job growth graph at the bottom) -> http://www.whitehouse.gov/blog/2011/12/02/employment-situation-november
This administration has managed to steer away from the iceberg. It's heading back in the right direction. There are obstacles yet to avoid (Europe's economy, China's economic slowdown and it's aggression into the South China Sea) but at least the worst seems to be behind us.
So really, this is no time to jump ship as the TeaBaggers/GOPers would have us do. Obama has proven himself up to the task regardless of what the pessimists like to falsely rant about.
Their candidate (romney) is not be even a slightly effective captain of the Ship of State. His policies, like those of the previous GOP administration that got us into this mess, will simply turn us back into the path of that iceberg. Business as usual. Profits now regardless of long term consequences.
He'd do with the next 4 years what Bush 2 did with the economy after Clinton. But, so long as romney and his rich supporters are the first into lifeboats then he'll do what benefits those top 1%.
He's not worth the risk.