Here’s the latest national poll of adults suggesting that the “Bush bounce” was–how can this be put most delicately?–a wee bit over overblown. According to this just-released Newsweek poll, conducted October 23-24, Bush’s approval rating is now 51 percent–exactly what it was in their last poll on October 9-10.

The Newsweek poll does find a small increase in Bush’s job approval rating on Iraq–up 4 points to 48 percent–no doubt reflecting the administration’s “good news” offensive on Iraq. But that’s still 26 points down from what it was when troops entered Baghdad in mid-April.

Moreover, 58 percent now think too much money is being spent on the Iraq operation and 56 percent think troops should be reduced and some should come home, up 7 points since the end of September. The former figure points to a significant political liability: 48 percent now say the amount of money being spent to rebuild postwar Iraq would make them less likely to vote for him in ‘04, compared to 28 percent who say it would make them more likely.

The poll also shows the economy continuing to top the list of issues voters say will be very important to their vote in the next election. Voters’ views on the economy, of course, continue to be extraordinarily negative. And, critically, they are unconvinced progress is being made.

DR flagged the Pew Center result yesterday that showed less than one-fifth of the public believes Bush’s economic policies are making the economy better. And check out these figures from Gallup asking respondents to compare three years ago–the beginning of Bush’s administration–to today. Gallup also provides January, 1992 poll readings on the same questions for comparison purposes.

Are you better off than you were three years ago?: 50 percent say yes, 42 percent say no. In January, 1992, 50 percent said yes and 38 percent say no.

Is it easier to buy things than it was three years ago?: 41 percent say yes, 46 percent say no. In January, 1992, 36 percent said yes, 51 percent said no.

Finally, is there more unemployment than there was three years ago?: 77 percent say yes, 16 percent say no. In January, 1992, 84 percent said yes and 11 percent said no.

For the Bushies, that’s gotta be too close for comfort. And to make things even more anxiety-provoking, today 27 percent say the US is as respected in the world as three years ago, while 68 percent say we are not. But In January, 1992, things were markedly better: 40 percent said we were as respected as three years previously, compared to 50 percent who said we weren’t.

Well, as they say, history never repeats itself....except when it does.