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In 2020, Mr. Biden won the national vote by 4.4 percentage points, but barely squeaked out wins by less than one percentage point in Georgia, Arizona and Wisconsin. To win, he needed one of the three.

In 2020, Mr. Biden won the national vote by 4.4 percentage points, but barely squeaked out wins by less than one percentage point in Georgia, Arizona and Wisconsin. To win, he needed one of the three. The final possibility is that the conditions may be in place for Mr. Biden’s ratings to rebound. It would not be the first time: Ronald Reagan, Bill Clinton, Barack Obama and even Mr. Trump (before coronavirus) saw their approval ratings increase from the low 40s in the two years before re-election. In this scenario, Mr. Biden’s ratings would increase as a crucial segment of voters judged him against the alternatives, rather than in isolation. His re-election campaign would offer a more forceful and energetic defense of his performance, perhaps against the backdrop of low unemployment and fading inflation. Historically, the third possibility seems more likely. Mr. Biden’s age shouldn’t be understated as a legitimate factor, but he won despite his age last time, and incumbent presidents us...