Today is the fifth anniversary of the signing of the Bipartisan Campaign Reform Act.

Five years ago, surveys found that 79 percent of the public approved of the job being done by the man who signed McCain-Feingold, George W. Bush. Now 34 percent approve of his work. Until recently, the major sponsor of the law, Sen. John McCain, seemed the most likely candidate to win the Republican presidential nomination for 2008. Now McCain persistently trails Rudolph Guiliani in the polls, and his presidential campaign seems to be in trouble.

If September 11^th explained President Bush’s high rating five years ago, the war in Iraq has caused his free fall. Signing McCain-Feingold did show a certain lack of concern about political principles in the current president, but it probably cost him no more than a point or two in his approval ratings. (In fact, his approval rating fell on average 3 points during the two months after he signed McCain-Feingold).

The case of McCain seems different. GOP primary voters saw and continue to see his campaign finance “reform” jihad as an attack on conservatism, the Republican party, and the U.S. Constitution. He is not liked. That didn’t matter much to McCain, because he believed Republican voters would prefer him, warts and all, to Hillary Clinton.

But that is not the choice Republicans have right now, and the choice they do have in surveys suggests Sen. McCain may not make it to the “me or Hillary” stage of his plan to become president. Perhaps principles do matter after all.