THE GOOBER STANDARD:

Is Obama Toast? Handicapping the 2012 Election (NATE SILVER, 11/06/11, NY Times Magazine)

Then came the debt-ceiling debates of July and August, which seemed to crystallize Obama's vulnerabilities in a way that even the Democrats' midterm disaster of 2010 did not. It's probably because he handled the situation so poorly, simultaneously managing to annoy his base, frustrate swing voters, concede a major policy victory to Republicans and -- through the fear imported into the market by the brinksmanship in Congress and the credit-rating downgrade that followed -- further imperil the economic recovery. On Aug. 12, a week and a half after the debate ended in Congress, Obama's stock on Intrade, a popular political betting market, dipped below 50 percent for the first time. It has hovered just below the 50 percent threshold, usually at about 48 percent, ever since.

Obama has gone from a modest favorite to win re-election to, probably, a slight underdog. Let's not oversell this. A couple of months of solid jobs reports, or the selection of a poor Republican opponent, would suffice to make him the favorite again.

Nevertheless, this is an unusual circumstance. Roosevelt, Eisenhower, Nixon, Reagan, Clinton and both Bushes all looked like the favorite to win a year in advance of their re-election battles, either having strong approval ratings or good-enough ones accompanied by robust economic numbers. When we look at the last eight elected presidents, only Carter faced a situation worse than Obama's: approval ratings in the low 30s rather than low 40s, the likelihood rather than the mere possibility of a recession, a primary challenge rather than a clear path to renomination and a crisis in Iran rather than a string of foreign-policy victories.

The other seven had stronger fundamentals heading into the election year.

Posted by oj at November 5, 2011 9:30 AM
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