An interesting situation

What is the situation going into the 2008 election campaign? The "fundamentals" or underlying factors that are describing the race or that at least describe most races are confusing and its difficult to tell what is ultimately going to happen in November.

President Bush approval rating (RCP Average): 33 approve, 63 disapprove
Right/Wrong direction: 19 right direction, 75 wrong direction (according to CBS)

These things would seem to indicate that the Democratic candidate would have a significant advantage. However, look at the congressional job approval ratings:

Congress approval rating: 24.7 approve, 66.7 disapprove

Congress is, it turns out, even more unpopular than the President is, so the future is decidedly cloudy this year, although my sense is that the Democratic nominee goes into this campaign with an advantage although it remains to be seen if its going to hold throughout the year.