Why is This Man Smiling?

Because he doesn't have a clue?  From Karl Rove:

In what will rank as one of the all-time presidential PR disasters, we're now well over half way through what the White House called "the summer of recovery." And what a recovery it's been.
Earlier this month, first-time claims for unemployment hit a nine-month high. The unemployment rate remains at 9.5% and 18.4% of workers are out of a job, can only get part-time work, or have given up looking for a job altogether. Sales of existing homes dropped 27% from June to July, hitting the lowest point since data were first collected in 1999. The Conference Board's Consumer Confidence Index fell to 50.4 in July, continuing a slide that started in February. And the stock market is down 11% from its peak in April.