33%

The results of this new poll are startling:

Democrats now outdistance Republicans on every single issue that could decide voters’ choices come Nov. 7. In addition to winning—for the first time in the NEWSWEEK poll—on the question of which party is more trusted to fight the war on terror (44 to 37 percent) and moral values (42 percent to 36 percent), the Democrats now inspire more trust than the GOP on handling Iraq (47 to 34); the economy (53 to 31); health care (57 to 24); federal spending and the deficit (53 to 29); gas and oil prices (56 to 23); and immigration (43 to 34).

The poll also shows Bush's approval rating at an all-time low of 33%. This is extraordinary. With the Dow trading at nominal (but, importantly, far from inflation-adjusted) all-time highs and gas prices plunging, the president's popularity hovers within puking distance of Nixon's just before the latter boarded Marine One for an extended rest in San Clemente.

Yes, Iraq explains some of this, as does the Foley scandal. But to the extent people vote their pocketbooks, this strengthens my belief that this is a phantom prosperity, characterized by an uneasy and pervasive feeling of being "left behind." The public is being peppered with happy talk on the economy, reading about corporate executives becoming wildly rich, and seeing "the market" (but not the stocks most people own) hit "new all-time highs." But it's not quite trickling down, is it?

The Bush administration's frustration at "not getting credit for the economy" is almost poignant. But when prosperity is narrow, it only angers those it excludes -- particularly if it's accompanied by a whiff of dishonesty or perception of piggishness. Right now, it seems the excluded far outnumber those invited to the party.