Saturday, May 06, 2006

Bush Approval Rating: How Low Will It Go

Regular reader Campbell emailed an interesting link.

Bush on track to have lowest mid-term rating ever.

Each week seems to bring a new low number. I believe that, as others have commented, for the numbers to be this low Bush is actually starting to lose his base. He is starting to suffer from an economic perfect storm. Most political analyst will tell you that the electorate votes with its pocketbook. Although the economy in general is doing well, the rising gas prices are having a sticker shock effect on the psyche of consumers. Combine this with the relentless attacks of the fiscal conservatives on Bush's spending policies and I have the feeling that the Oval is suddenly a cold, lonely place.

Is there anything that can pull Bush out of the tail spin?

I honestly can't think of anything.

Can it get worse?

Based on an observation I made in Florida last week, I believe it can. The gas shock is rippling into other areas of the economy.

As I drove around one of the fastest growing counties in the country, I saw something new. New lots with no construction. A friend in real estate told me that new home sales were off by 40%. In an area where they used to build houses so close that neighbors never had to leave their kitchens to borrow a cup of sugar, dirt now lays fallow.

If the real estate bubble bursts, Bush might be captaining a ship headed for the heart of the beast.

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