I noted with great interest today that Obama’s approval rating has fallen to 37% in the latest public opinion poll, well below the political tripwire line of 40%. At the time of his reelection last year it was hovering around 50%, which is to say if the election were held again this year President Romney would win in a landslide.

The reason for his sinking numbers are that he has finally lost credibility with average non-partisan Americans. Now even the Moody’s credit rating agency is effectively calling him and other scare-mongers liars.

Despite all of his gaffes, ineffectiveness, and poor leadership in both economic matters and world affairs, personality issues have long propped up Obama’s approval rating. The American people have found him likeable and trustworthy. He may not know what he is doing, they believe, but at least he tells the truth and is trying to succeed. No more. Obama’s free-fall in public opinion polls is directly related to a recent loss of credibility.

Before the government shutdown, Obama warned of dire consequences that would cause irreparable damage on the economy. His comments were widely carried on network news programs as part of their lead stories each day.

“I want to be very clear on what will change,” said the President as late as September 30th just one day before the shutdown, “vital services that seniors and veterans, women and children, businesses and our economy depend on will be hamstrung. Business owners will see delays in raising capital, seeking infrastructure permits, or rebuilding after Hurricane Sandy. Veterans who sacrificed for their country will find their support centers un-staffed. Past shutdowns have disrupted the economy significantly. This one would too. It would throw a wrench into the gears of our economy at a time when those gears have gained traction. The idea of putting American people’s hard earned progress at risk is the height of irresponsibility.”

But to real people, the dire macroeconomic warnings seems to have happened, at least not yet. Most of the American people yawn about the shutdown today because they just don’t see it affecting themselves or their neighbors the way Obama said it would.

Which brings us to Moody’s credit rating agency. The powerful and widely respected service just circulated a memo on Capitol Hill stating that the debt ceiling limit is much less important than Obama and other politicians are pretending. The memo says there is little chance that the U.S. government would actually default if the debt ceiling is not raised, and that the situation today is far less problematic than the last time the President took us to the brink in 2011. You can read a recap here.

So it is no wonder that while the President tries to scare everyone about the debt ceiling, the American people have suddenly stopped listening to him. His negatives are increasing, his trustworthiness if falling, and the political fallout is that his overall job approval numbers are rapidly approaching Richard Nixon territory.