In fact, she envisions an Obama loss in 2012.
Here's an excerpt from her column in the Wall Street Journal:
In this week's polls: An Ipsos survey says 69% of Americans believe the country is on the wrong track, up five points since March. Zogby has only 38% of national respondents saying Mr. Obama deserves re-election, with 55% wanting someone new. Mr. Obama carried Pennsylvania in 2008 by double digits; a poll there this week shows only 42% approving of his leadership, with 52% disapproving. Gallup had the president's support slipping among blacks and Hispanics, with the latter's numbers dramatic: 73% supported him when he was inaugurated, 54% do now. Support among whites on Inauguration Day was 60%. Now it is 39%.Click here to read the entire column.
We're all so used to reporting the general trend of these polls that we fail to see their significance: The more that people experience his leadership, the less they like his leadership. There's no real reason to think upticks in this direction or that will seriously change this. Another way to say it is that there have been upticks that might have benefited the president, and so far they haven't.