It turns out Obama has no idea what to do to improve the economic situation. He demonstrated this back during his campaign when he suggested "spreading wealth around" was good economics. If the money earners are not allowed to keep their treasure, they stop earning money.
America's tough straights will be over as soon as we get rid of the politics which say we can take from those who earn and give to those we think have need.
As soon as Obama is gone, we will see improvement.
That said, I don't know if we can wait for the next election cycle before we remove Obama. The framers built into the Constitution means of removal.
The impeachment process can properly be used for this. Impeachment is about the qualification to operate the office of president, not about criminal behavior. The words "impeach" and "convict" have criminal connotation. But in constitutional context, they simply mean the president is unable to do the job.
"Judgment in cases of impeachment shall not extend further than to removal from office, and disqualification to hold and enjoy any office of honor, trust or profit under the United States: but the party convicted shall nevertheless be liable and subject to indictment, trial, judgment and punishment, according to law." [US Constitution, Article 1, Section 3]. Clearly, removal by impeachment is not a criminal action.
In that vein, impeach Obama now. Convict and remove him soon.
That's not to say there aren't reasons to toss Obama in jail.