Washington, Oct 4 : US President Barack Obama has admitted that he is an "underdog," and that the faltering economy, which has been dragging on, could affect his chances of winning back his post in the 2012 polls.

On being asked if the issue of economic crisis would affect him during the 2012 presidential elections, Obama said "absolutely," adding: "I''m used to being the underdog. But at the end of the day people are going to ask -- who''s got a vision?" ABC News reports.

He insisted that the American people are "not better off" than they were four years ago.

"The unemployment rate is way too high," he said of the nine percent jobless rate, the highest in over half a century.

Obama said his proposed American Jobs Act will put construction workers, teachers and veterans to work and give "more consumers more confidence."

The latest unemployment figures for the month of September will be released Friday, but the jobless rate is not expected to significantly improve. And next year, leading up to the fall elections, the unemployment rate is expected to climb to its highest level since 1940.

Obama''s job approval rate is hovering at around 40 percent. (ANI)