Obama will be credited for the temporary and unstable recovery, the Obama media will trumpet it, the majority of people will believe it, Obama will gain more political capital to impose more socialism that will further destroy the economy.
However, with most of the public aware that he tried to steal a huge chunk of the economy and move it to DC I don't think it's going to be that hard to convince them that we are recovering BECAUSE he didn't succeed.
Especially since his movie-star appeal is fast eroding...they are going to be ditching him and looking for a new star.