You might remember that his numbers during his first term ranged from 34% to 44%. Least variation of any president since they started polling.
He is right in the middle of that range, it is par for the course, and he can keep on sticking to the plan without really caring what his real approval ratings are. In fact, he's been pushing to do that ever since he took office for the first time.
47% of white Americans is still 32% of the population, which is easily enough to keep the oligarchy running. The fraction of Americans that are outright fascist is probably enough to do that.