"I mean, one of the most interesting numbers in this poll… was that nearly 7 out of 10 people have some concern about losing their jobs," said Schieffer. "Now, when you have that kind of a number there where that many people are uncertain about whether they're going to lose their job, there's no way the president's approval rating is going to stay very high."
Schieffer pointed out that even though Mr. Obama passed the stimulus package in addition to other programs aimed at improving the economy, the American people have yet to see any progress or a direct impact on their lives.
Schieffer also agreed with Vice President Joe Biden's earlier statement on the economy being worse off then the Obama administration first thought.
"Maybe they didn't want to say how bad that it really was…but when you come down to it, the economy is in terrible shape," Schieffer explained.
Quickly touching upon the approval rating's impact on Mr. Obama's plans to overhaul the health care system, Schieffer stated, "it's pretty well a consensus around Washington now, he's not going to get this done by the August recess, which was sort of the deadline they set. I think health care is in big trouble right now."
But because over 50 percent of the nation still holds a favorable view of Mr. Obama, Schieffer says that the president is "a long way from being unpopular."
You can check out the full interview with Bob Schieffer above.