The facts
Approximately 1/3 of people approve of the job that Bush is doing.
Only 1/5 of people think approve of the job that Congress is doing.
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Question:
Why has McCain become competitive (or arguable gained a lead) in the presidential race ?
Hypothesis:
Bush’s 33% approval rating is usually mocked as overwhelming evidence of his failure as President
Adopting a “glass 1/3 full” perspective, these folks agree with Bush’s policies but may have considered McCain to be off-the -reservation. Adding Palin to the ticket recast McCain as back on-the-reservation to this 1/3 voting block. In other words, McCain recaptured the base.
But, McCain distances himself from Bush, claiming that he’ll maintain the “good” from Bush (e.g. low taxes, security) and fix the “bad” (e.g. spending like a drunken sailor, cronyism, secrecy). That appeals to folks who disapprove of Bush but don’t want to throw out the baby with the bath water.
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Approximately 1/3 of people approve of the job that Bush is doing.
http://www.realclearpolitics.com/epolls/other/president_bush_job_approval-904.html#polls
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Only 1/5 of people think approve of the job that Congress is doing.

The last time the yearly average for approval of Congress approached this low a level was in 2006, when the Republicans lost majority control of Congress.
The previous occasion was in 1994, when the Republicans wrested control from the Democrats.
In both of these midterm election years, the average congressional approval score was 25%.
However, with an 18% approval rating for Congress in 1992, the Democrats succeeded in holding their majority in Congress. That was a presidential year in which the Democratic candidate, Bill Clinton, won.
Gallup: “Battle for Congress Suddenly Looks Competitive”, September 12, 2008
http://www.gallup.com/poll/110263/Battle-Congress-Suddenly-Looks-Competitive.aspx
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