It's probably a little bit of both.
However the President is little more than a figure head with an agenda. Nothing happens unless congress passes a bill.
Naturally the president tends to get more blame because he is "the face" of the nation. We as a nation also tend to have short term memories. It's not as if 2007 and 2008 were the best years for the nation's economy. There is enough blame to spread around from greedy big business, power hungry politicians, to ignorant citizens.
We tend not to acknowlege a problem until it lands at our front door.
It doesn't matter who is in office our nation thrives on "gridlock". (The job of any opposition party is to oppose the party thats in power). Just as George W. took his hits so must Obama. It's always been a case of "party loyalty over what's good for the country as a whole."
I wrote a hub about this a few months ago.
Both parties are going to spend your money!
It's either going to be on social programs or war.
Congress is a social club for multi-millionaire elitist politicians on a power trip. How else can you explain someone spending $150 million dollars (of their own money) for a job that pays less than $500k! I think it's naive to believe it's an "altruistic move" on their part.
As the kids say, "Don't hate the player, hate the game!"
In fact the only real game is "Looking out for #1" no matter who is in office. No one can look out for your interest better than you!