The latest polls indicate that George W. Bush’s approval rating are at an all-time low. Just 36 percent of the public approves of Bush’s job performance, his lowest-ever rating in AP-Ipsos polling. These numbers stand in stark contrast to the 47 percent that he had just before the 2004 election and the 64 percent that he had in October 2002.

To put the numbers in perspective, Bill Clinton and Ronald Reagan had ratings in the high 60s at this time in their presidencies. Only Nixon, who was implicated in the Watergate scandal, had a lower rating (28%). The numbers were equally grim for the Republican-led Congress, whose approval rating is 30%.

Despite these numbers and the optimism quickly developing among Democrats that they’ll regain control of Congress, I’m reluctant to count the Republicans out. Why?

Think back to the 2004 election, when the economy was in the toilet, schools were in continued crisis, the country was involved in an absurdly unjust war, and Bush was exposed to most of the country as a liar. In spite of these political advantages, the Democratic party, and John Kerry more specifically, lost the election due to the lack of a clear, coherent, and self-defined agenda.

That said, despite the Republican party’s gross mismanagement of the country, don’t be surprised if things don’t change any time soon.