In 2016, Donald Trump overwhelmed 16 qualified Republican primary rivals and became the first major-party presidential nominee with no prior political or military experience. Against even greater odds, Trump defeated in the general election a far better-funded and more politically connected Hillary Clinton.
What are his chances of repeating that surprising victory in 2020?
In 2016, Trump had no record to run on. That blank slate fueled claims that such a political novice could not possibly succeed. It also added an element of mystery and excitement, with the possibility that an outsider could come into town to clean up the mess.
Trump now has a record, not just promises. Of course, his base supporters and furious opponents have widely different views of the Trump economy and foreign policy.
Yet many independents will see successes since 2017, even if some are turned off by Trump’s tweets. Still, if things at home and abroad stay about the same or improve, without a war or recession, Trump will likely win enough swing states to repeat his 2016 Electoral College victory. National Security Adviser Says U.S. Might Give Venezuela More Sanctions
If, however, unemployment spikes, inflation returns or we get into a war, he may not.
At about the same time in their respective presidencies, Bill Clinton and Barack Obama had approval ratings similar to Trump’s. In Clinton’s first midterms, Democrats lost 14 more House seats than Republicans lost last November. Democrats under Obama lost 23 more seats in his first midterms than Republicans lost under Trump. Democrats lost eight Senate seats in 1994 during Clinton’s first term. They lost six Senate seats in 2010 during Obama’s first term. Republicans actually picked up two Senate seats last fall.
Yet Clinton and Obama handily won re-election over, respectively, Bob Dole and Mitt Romney. In other words, the 2020 election is likely Trump’s to win or lose.
It’s also worth remembering that Trump does not exist in a vacuum. In 2016, many voters preferred Trump because he was not the unpopular Hillary Clinton. In 2020, there will be an even starker choice. Trump, now an incumbent, will likely run on the premise that he is the only thing standing between voters and socialism.
The power of that warning will depend on whether the Democrats continue their present hard-left trajectory or the eventual Democratic nominee manages to avoid getting tagged with what are as of now extreme progressive talking points.
The Green New Deal, a wealth tax, a top marginal income-tax rate of 70 percent, the abolition of ICE, the abolition of the Electoral College, reparations, legal infanticide as abortion, the cancellation of student debt, free college tuition, Medicare for All, and the banning of private insurance plans are not winning, 51-percent issues.
If the Democratic nominee embraces most of these fringe advocacies — or is forced by the hard left to run on some of them — he or she will lose. If the Democrats nominate Senator Kamala Harris, Senator Elizabeth Warren, Senator Bernie Sanders, or Senator Cory Booker, Trump will seem moderate by comparison and have more relative experience at both presidential campaigning and governance.
Also, with a few notable exceptions such as John F. Kennedy and Barack Obama, senators do not have a good record of winning the presidency. If the Democrats nominate a veteran politician such as former vice president Joe Biden, then the two rivals will be more equally matched in appealing to the middle classes.
Another thing to consider: What will the Mueller investigation and a flurry of House investigations of Trump look like by November 2020?
As special counsel Robert Mueller concludes that there was no collusion between the Trump campaign and Russia, the Trump’s charges of a “witch hunt” will more than likely stick. At some point, all the progressive obsessions to abort the Trump administration — the efforts to warp the voting of the Electoral College electors, to invoke the 25th Amendment, the Logan Act, and the emoluments clause, and to thwart Trump from the inside, as former FBI deputy director Andrew McCabe and the anonymous New York Times editorialist have detailed — have to show results.
If they do not by 2020, then these attempts will be seen more as bitter-end vendettas. And they may work in Trump’s favor, making him appear a victim of an unprecedented and extra constitutional assault. Then, in Nietzschean terms, anything that did not end Trump will only have made him stronger.
Finally, Trump himself is not static. For a while, relative calm has returned to the White House. Secretary of State Mike Pompeo, national security adviser John Bolton, and Attorney General William Barr are more in sync with Trump’s style and message than the previous holders of those positions. Trump himself often displays more self-deprecation. Like other incumbents, Trump may be becoming savvier about the complexities of the job.
Democrats think 2020 will be an easy win over a controversial and often wounded president. Republicans thought the same thing in 2012.
Economic models point to a Trump blowout in 2020. But a faltering economy or giant scandal could change everything. President Donald Trump has a low approval rating. He’s engaged in bitter Twitter wars and facing metastasizing investigations.
But if the election were held today, he’d likely ride to a second term in a huge landslide, according to multiple economic models with strong track records of picking presidential winners and losses.
Credit a strong U.S. economy featuring low unemployment, rising wages and low gas prices — along with the historic advantage held by incumbent presidents. While Trump appears to be in a much stronger position than his approval rating and conventional Beltway wisdom might suggest, he also could wind up in trouble if the economy slows markedly between now and next fall, as many analysts predict it will.
And other legal bombshells could explode the current scenario. Trump’s party managed to lose the House in 2018 despite a strong economy. So the models could wind up wrong this time around..
Despite all these caveats, Trump looks surprisingly good if the old James Carville maxim coined in 1992 — “the economy, stupid” — holds true in 2020. “The economy is just so damn strong right now and by all historic precedent the incumbent should run away with it,” said Donald Luskin, chief investment officer of TrendMacrolytics, a research firm whose model correctly predicted Trump’s 2016 win when most opinion polls did not. “I just don’t see how the blue wall could resist all that.”
Models maintained by economists and market strategists like Luskin tend to ignore election polls and personal characteristics of candidates. Instead, they begin with historical trends and then build in key economic data including growth rates, wages, unemployment, inflation and gas prices to predict voting behavior and election outcomes.
Yale economist Ray Fair, who pioneered this kind of modeling, also shows Trump winning by a fair margin in 2020 based on the economy and the advantage of incumbency.
“Even if you have a mediocre but not great economy — and that’s more or less consensus for between now and the election — that has a Trump victory and by a not-trivial margin,” winning 54 percent of the popular vote to 46 for the Democrat, he said. Fair’s model also predicted a Trump win in 2016 though it missed on Trump’s share of the popular vote.
Still, Luskin, Fair and other analysts who use economic data and voting history to make predictions also note that a sharp decline in growth and an increase in the unemployment rate by next fall could alter Trump’s fortunes.
“It would have to slow a lot to still be not pretty good,” Luskin said, adding that what really matters is the pace of change. Even if overall numbers remain fairly strong, a sharp move in the wrong direction could alter voting behavior.
Luskin’s current model — which looks at GDP growth, gas prices, inflation, disposable income, tax burden and payrolls — has Trump winning by a blowout margin of 294 electoral votes.
The White House remains confident that the GOP tax cut will support growth of 3 percent both this year and next, keeping job and wage gains strong. That’s much higher than consensus forecasts from the Federal Reserve and major banks that generally see a global slowdown led by Europe and China, coupled with the fading impact of U.S. tax cuts pushing U.S. growth closer to 2 percent this year with job gains slowing.
But Trump may have one major ally in his quest to make sure the numbers don’t go much lower than this: the Fed, which recently stopped its campaign of interest rate hikes. And on Wednesday the central bank said it foresees no more rate hikes this year.
The moves followed months of Trump bashing the Fed for raising rates too much and stomping on his economy, though Chairman Jerome Powell has said repeatedly that politics plays no role in the bank’s decision.
Whatever the case, a much more gentle Fed could slide a floor beneath any decline in Trump’s economy and boost his reelection chances significantly.
Mark Zandi, chief economist at Moody’s Analytics and a regular Trump critic, has been road-testing a dozen different economic models for the 2020 race. At this point, Trump wins in all 12 — and quite comfortably in most of them. The Moody’s models look at economic trends at the state level.
“If the election were held today, Trump would win according to the models and pretty handily,” Zandi said. “In three or four of them it would be pretty close. He’s got low gas prices, low unemployment and a lot of other political variables at his back. The only exception is his popularity, which matters a lot. If that falls off a cliff it would make a big difference.” The Moody’s models look at economic trends at the state level and incorporate some political variables including a president’s approval rating.
The Moody’s approach performed well in recent presidential elections, but missed the 2016 result in part because it did not account for a potential drop in Democratic turnout in key swing states. Zandi is trying to correct for that now before rolling out a new model sometime this summer.
Trump has already upended many of the rules of presidential politics. His party suffered a drubbing in last year’s midterm elections despite the strong economy, and the yawning gap between how voters view the president and the nation’s economic standing is growing even larger: Presidents typically just aren’t this unpopular when the economic engine is humming along.
Trump this week seized on a new CNN poll that showed more than seven in 10 Americans, or 71 percent, view the U.S. economy as “very good” or “somewhat good.” That was higher than CNN has measured at any point since a CNN/USA Today/Gallup poll in Feb. 2001 found 80 percent thought the economy was that robust.
Yet Trump’s approval rating in the poll — which is usually tied closely to the economy — is just 42 percent. And unlike during the late ’90s, when President Bill Clinton’s approval ratings surged ahead of his personal favorability amid major scandal, Trump’s favorable ratings (41 percent in the CNN poll) track closely with his job-approval rating.
Those low scores also apply to many attributes typically seen as desirable in presidents. Just 40 percent say Trump cares about people like them; 34 percent say he is honest and trustworthy; 41 percent say he can manage the government effectively; and 32 percent say he will unite the country, not divide it.
Moreover, even how Americans view the state of the country has become divorced from the economy. In the latest POLITICO/Morning Consult poll, only 36 percent of voters said the U.S. was headed in the right direction, compared with nearly two-thirds, 64 percent, who said it was off on the wrong track.
For the economic models to be correct, voters would have to shrug off much of what they dislike about Trump and decide the strength of the economy makes a change unwise.
Prominent Democrats know that while Trump might seem like a loose cannon faced with the threat of a devastating report from special counsel Robert Mueller, he will likely be a formidable opponent in 2020, especially if the economy remains close to where it is today.
Economic models point to a Trump blowout in 2020. But a faltering economy or giant scandal could change everything. President Donald Trump has a low approval rating. He’s engaged in bitter Twitter wars and facing metastasizing investigations.
But if the election were held today, he’d likely ride to a second term in a huge landslide, according to multiple economic models with strong track records of picking presidential winners and losses.
Credit a strong U.S. economy featuring low unemployment, rising wages and low gas prices — along with the historic advantage held by incumbent presidents. While Trump appears to be in a much stronger position than his approval rating and conventional Beltway wisdom might suggest, he also could wind up in trouble if the economy slows markedly between now and next fall, as many analysts predict it will.
And other legal bombshells could explode the current scenario. Trump’s party managed to lose the House in 2018 despite a strong economy. So the models could wind up wrong this time around..
Despite all these caveats, Trump looks surprisingly good if the old James Carville maxim coined in 1992 — “the economy, stupid” — holds true in 2020. “The economy is just so damn strong right now and by all historic precedent the incumbent should run away with it,” said Donald Luskin, chief investment officer of TrendMacrolytics, a research firm whose model correctly predicted Trump’s 2016 win when most opinion polls did not. “I just don’t see how the blue wall could resist all that.”
Models maintained by economists and market strategists like Luskin tend to ignore election polls and personal characteristics of candidates. Instead, they begin with historical trends and then build in key economic data including growth rates, wages, unemployment, inflation and gas prices to predict voting behavior and election outcomes.
Yale economist Ray Fair, who pioneered this kind of modeling, also shows Trump winning by a fair margin in 2020 based on the economy and the advantage of incumbency.
“Even if you have a mediocre but not great economy — and that’s more or less consensus for between now and the election — that has a Trump victory and by a not-trivial margin,” winning 54 percent of the popular vote to 46 for the Democrat, he said. Fair’s model also predicted a Trump win in 2016 though it missed on Trump’s share of the popular vote.
Still, Luskin, Fair and other analysts who use economic data and voting history to make predictions also note that a sharp decline in growth and an increase in the unemployment rate by next fall could alter Trump’s fortunes.
“It would have to slow a lot to still be not pretty good,” Luskin said, adding that what really matters is the pace of change. Even if overall numbers remain fairly strong, a sharp move in the wrong direction could alter voting behavior.
Luskin’s current model — which looks at GDP growth, gas prices, inflation, disposable income, tax burden and payrolls — has Trump winning by a blowout margin of 294 electoral votes.
The White House remains confident that the GOP tax cut will support growth of 3 percent both this year and next, keeping job and wage gains strong. That’s much higher than consensus forecasts from the Federal Reserve and major banks that generally see a global slowdown led by Europe and China, coupled with the fading impact of U.S. tax cuts pushing U.S. growth closer to 2 percent this year with job gains slowing.
But Trump may have one major ally in his quest to make sure the numbers don’t go much lower than this: the Fed, which recently stopped its campaign of interest rate hikes. And on Wednesday the central bank said it foresees no more rate hikes this year.
The moves followed months of Trump bashing the Fed for raising rates too much and stomping on his economy, though Chairman Jerome Powell has said repeatedly that politics plays no role in the bank’s decision.
Whatever the case, a much more gentle Fed could slide a floor beneath any decline in Trump’s economy and boost his reelection chances significantly.
Mark Zandi, chief economist at Moody’s Analytics and a regular Trump critic, has been road-testing a dozen different economic models for the 2020 race. At this point, Trump wins in all 12 — and quite comfortably in most of them. The Moody’s models look at economic trends at the state level.
“If the election were held today, Trump would win according to the models and pretty handily,” Zandi said. “In three or four of them it would be pretty close. He’s got low gas prices, low unemployment and a lot of other political variables at his back. The only exception is his popularity, which matters a lot. If that falls off a cliff it would make a big difference.” The Moody’s models look at economic trends at the state level and incorporate some political variables including a president’s approval rating.
The Moody’s approach performed well in recent presidential elections, but missed the 2016 result in part because it did not account for a potential drop in Democratic turnout in key swing states. Zandi is trying to correct for that now before rolling out a new model sometime this summer.
Trump has already upended many of the rules of presidential politics. His party suffered a drubbing in last year’s midterm elections despite the strong economy, and the yawning gap between how voters view the president and the nation’s economic standing is growing even larger: Presidents typically just aren’t this unpopular when the economic engine is humming along.
Trump this week seized on a new CNN poll that showed more than seven in 10 Americans, or 71 percent, view the U.S. economy as “very good” or “somewhat good.” That was higher than CNN has measured at any point since a CNN/USA Today/Gallup poll in Feb. 2001 found 80 percent thought the economy was that robust.
Yet Trump’s approval rating in the poll — which is usually tied closely to the economy — is just 42 percent. And unlike during the late ’90s, when President Bill Clinton’s approval ratings surged ahead of his personal favorability amid major scandal, Trump’s favorable ratings (41 percent in the CNN poll) track closely with his job-approval rating.
Those low scores also apply to many attributes typically seen as desirable in presidents. Just 40 percent say Trump cares about people like them; 34 percent say he is honest and trustworthy; 41 percent say he can manage the government effectively; and 32 percent say he will unite the country, not divide it.
Moreover, even how Americans view the state of the country has become divorced from the economy. In the latest POLITICO/Morning Consult poll, only 36 percent of voters said the U.S. was headed in the right direction, compared with nearly two-thirds, 64 percent, who said it was off on the wrong track.
For the economic models to be correct, voters would have to shrug off much of what they dislike about Trump and decide the strength of the economy makes a change unwise.
Prominent Democrats know that while Trump might seem like a loose cannon faced with the threat of a devastating report from special counsel Robert Mueller, he will likely be a formidable opponent in 2020, especially if the economy remains close to where it is today.