Recent words from Frank Newport, editor-in-chief of The Gallup poll:
Based on historical patterns, Bush's job approval rating is thus underperforming the pattern of presidents who have won re-election. In the broadest sense, Bush's job approval rating has generally been remarkably stable this year, averaging about 50% (which is a symbolic dividing line for an incumbent seeking re-election) since mid-January. The current downtick in his ratings puts him below the pattern of successful presidents. Having a rating below 50% (as is the case with his last four ratings) is not a good sign for an incumbent. If Bush wins this November, he would be the first president since Harry Truman to come from a below 50% rating to win re-election.
The fact that Bush has been behind the likely Democratic nominee, Massachusetts Sen. John Kerry, in several Gallup Poll re-election trial heat ballots this year, means that Bush's re-election probabilities are lower than those of his successful predecessors. None of the five presidents who won re-election were behind their eventual opponent in any trial heats after January in the year prior to their election. If Bush wins this year, he will become the first president to come from behind in election year spring polls to win.
Great news! However, Tradesports.com still has Bush's chances of reelection at 58%. Although this figure has been steadily declining, it's still high in my mind. I have great respect for such market-driven projections.
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