Is Obama’s “apology” enough to save his troubled presidency?

On Thursday, November 14, President Barack Obama offered the beleaguered American public something of a mea culpa when he admitted before the press that the rollout of his "landmark" health care reform bill was far from perfect – to put it kindly. His statements provided further proof that the entire Obamacare debacle may only just be getting started as he was forced to not only admit to the blunders of the program's introduction, but make further concessions to the innocent Americans who would otherwise be losing their coverage as Obamacare continues to roll out.

While the president announced that the government would allow insurers to renew health plans for those who would face cancelations as part of the program, this likely isn't enough to earn back the respect of those constituents he has wronged with the flawed introduction. Despite taking full responsibility for the fumbled rollout and pledging to earn back the credibility of his administration, the president's approval ratings have continued to sink ever lower.

An NBC/Wall Street Journal survey released two weeks before this most recent press conference had the president at a 42 percent approval rating for the period. A week later, Pew Research had the president at 41 percent, while a poll the day before Obama spoke saw his approval sink to as low as 39 percent.

"For the first time it appears that 40 percent floor is cracking," Tim Malloy, assistant director of the Quinnipiac University Polling Institute, told political blog The Raw Story.

What makes this especially troubling for Obama is the fact that a second-term president is rarely able to turn the tide once his approval begins to plummet. And while Obama doesn't have a third term election to worry about, he still needs support from members of Congress to push forward key bills and prevent him from becoming a lame duck leader. Among these bills is the president's immigration reform act, which has been on life support for some time.

It seems as though the president's clout is definitely slipping. For instance, 39 Democratic representatives dissented with the party to pressure the president to allow insurance policies for individuals who don't want Obamacare.

Worst yet for the Democrats is the fact that aligning themselves with an unpopular president could threaten their chances of being reelected, and many are openly shunning the troubled POTUS. For instance, Senator Mary Landrieu, a vulnerable democrat from Louisiana, is shopping her own bill to help clean up the Obamacare mess that openly slams many of the existing policies and calls out the president on lies he has been accused of making to the public.

The Quinnipiac poll that was taken before the president's latest press conference found that there was a 52-44 percent split among the U.S. public between voters who believe Obama had lied about the bill, including the fact that if they liked their current healthcare plan, they could keep it.

Citizens can't afford to overlook asset preservation during such a tumultuous political climate – especially individuals who are worried about what future legislation will mean for their retirements.