Oh, the Republicans began by branding him a failure. The difference these days is that instead of calling him a failure because of what they think he will do (nationalize all private sector industries, convert America into a socialist nation) they focus on what he definitely hasn't done (keep unemployment down, introduce fiscal reform, make governmental operations more transparent).

Democrats find it hard to argue with this new flavor of criticism, because it's well-founded.

What Obama did do last year (the stimulus package, the Afghanistan surge, the healthcare push) might turn out to have been wise and helpful, but we don't yet know that.

The astonishing rise in the stock market since last March, however, is certainly encouraging to all Americans and bodes well for an economic recovery. For this reason, Republicans tend to ignore it completely, or if they admit it, suggest it is unrelated to the stimulus.