The office watercooler

My desktop wallpaper at work is a picture of Bush sinking in a little cartoon boat with Cheney waving his arms from the cartoon water. It's from this article.

Today my scarily right-wing co-worker got a look at it, asked what it was, giggled when she figured it out and then suddenly realized that she was LAUGHING AT THE PRESIDENT, caught herself and quickly walked away.

Does this mean Bush's popularity really is tanking?