The Dreyfuss Report asks:

The Bush administration told us that Iraq was a major threat to the United States, and they got it wrong: no weapons of mass destruction, no ties to Al Qaeda. Maybe they were just wrong, maybe they lied—but no threat. Could they be wrong about terrorism too? Could they be exaggerating the threat to the United States from terrorism? Is it possible that the Bush administration wants to scare American voters into staying with President Bush in 2004 by hyping the threat of terrorism?

Here's a snippet of the answer:

The reality is that since 9/11, there has been no terrorism in the United States at all. None. Not a single American has even been punched in the face by an angry Islamic militant, as far as I know, since then. If there is this global enemy with vast powers out to get us, where is it? Why hasn’t it attacked us? It’s certainly not because our highly competent Department of Homeland Security is doing its job so efficiently.