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I'm erring on the side of caution.
AGAINST INCUMBENT SUCCESS
Key 1. Party Mandate: We lost the House.
Key 5. Short term economy: Officially, the recession ended in mid 2009, but with unemployment still very high, there is a possibility of a double-dip occurring before the election. Even if we don't have an "official" recession, the current, general, short-term economic situation in the US plays against Obama.
UNCLEAR
Key 4. Third party: The Tea Party may not be a real third party, but they play one on TV. As far as the MSM is concerned, the Tea Party is reported on as if they were a third party, and they seem to be having a similar impact on US Politics as a legitimate, separate, movement.
Key 8. Social unrest: This is a tricky one. We have LOTS of social unrest in America. See Wisconsin, soon to be Michigan, and Florida. Recall movements sweep many states. The reason that this goes into the UNCLEAR column is that, by the standards set in the rules, social unrest should HURT the incumbent. IMO, this social unrest will get Democratic voters to the polls in droves, and help Obama. It's a weird twist, and therefore UNCLEAR. The parenthetical "(Tea Party???)" was a format mistakeke, copied from Key 4. Sorry...
Key 12. Incumbent charisma: While Obama may regain his charisma, lets be honest...a good percentage of the country is racist, and another percentage is virulently prejudice against Dems, regardless of race. Finally, Obama has lost some of his glow to Independent voters. I think Key 12 is a wash - neither hurting nor helping Obama.
So Obama has 8 Keys (maybe 10, but definitely 8). I agree that as it stands, he'll win, and if the economy recovers and unemployment dips beneath 7% nationwide, he'll win big.
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