But some in his Cabinet are starting to flounder - with the list of colleagues getting the wrong sort of headlines growing each week. Only the Chancellor has been sure-footed, winning a reputation as a man with a plan.
Meanwhile, Nick Clegg's credibility has drained since the AV vote and tuition fees debacles, and his ill-thought-out initiatives such as 'alarm clock Britain' and 'muscular liberalism' haven't helped.
Experience tells us that political luck never lasts forever.
While the PM basks in the glow of Obamamania, he should take time out to consider six key points to get the coalition back on track:
- Stay focused on the deficit. It's why you were elected and it's the only area in which the coalition displays a common purpose.
- Risk a reshuffle and give Nick Clegg a big spending department, perhaps health. He is adrift with the constitutional affairs brief. His political vulnerability is your political vulnerability.
- Don't bend at the first sign of trouble - the Government is getting a reputation for u-turns, from sentencing to coastguards to forestry.
- Prepare the ground for any difficult decisions - communicate a problem clearly and consistently and only then present the solution.
- Ditch the Big Society. It's well-intended but nebulous, and reminds people that beyond the deficit they don't really know what you stand for. Your Government needs a narrative.
- And finally, sort out Number 10. The balance between political and policy advisers seems to oscillate between the extremes.