A Credibility Problem
by Paul Krugman

Will tonight's State of the Union address restore George W. Bush's political fortunes?

Only a few weeks ago, that would have seemed an extremely unlikely question. Fresh off the Republican victory in the midterm elections, President Bush seemed invincible — and it's amazing how many stories you still read about his immense, unshakeable popularity.

But anyone who takes the trouble to look at the numbers knows that the thrill is gone. Mr. Bush's approval ratings have plunged over the last two months. A year ago he was, indeed, immensely popular; right now he's not significantly more popular than he was before Sept. 11.
[more]