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All Fundamentals Point One Way
As we move ever so close to Election Day voters from all walks of life are speculating as to who will win the Presidency, and why. The plethora of professional polls, quoted daily by the news media, unanimously predict a Barack Obama victory this Tuesday, but are there better indicators? Possibly so. Many analysts believe that the political fundamentals point to an Obama win that is even larger than current ballot test numbers might suggest.
In looking at a presidential election, there are a number of activity categories that provide us critical outcome clues. Elements like electoral history, fundraising, ground organization, mood of the country, and confidence in one’s candidate can often better predict the final result than simply observing that a particular candidate consistently records higher scores in head-to-head polling.
Historically, one political party has a difficult time holding the Presidency for more than two consecutive four-year terms, so the fact that Republicans are concluding an eight year run plays to Obama’s advantage. Since Democratic Presidents Franklin D. Roosevelt and Harry S. Truman served a combined twenty consecutive years (1933-53) in office, there has been only one other time when a party has exceeded the two-term trend. This singular post-New Deal era dominance occurred during the 80s and early 90s, when Republicans Ronald Reagan and George H.W. Bush served continuously from 1981 to 1993.
Obama also enjoys substantial advantages in the areas of campaign organization, both financially and on the ground. The Illinois Democrat set a record for presidential fundraising in the 2008 election cycle, raking in over $521 million through the September 30th public disclosure deadline. Being the first candidate to eschew public financing for his general election campaign, a record-setting performance was expected. Every other candidate has raised private money only for the primaries but the Illinois Senator’s overall effort still must be rated as excellent, nonetheless. That being said, the Obama receipts are a whopping 42.3% above those of his 2004 Democratic predecessor, Sen. John Kerry. McCain, on the other hand, ticks above President Bush’s final number by an anemic 0.4%.
In terms of political ground forces, the McCain team did not adopt the Bush emphasis on voter registration, turnout, and volunteer politics. Obama did, and the results are now presenting themselves. In the key battleground state of Nevada, for example, Democratic registration is up over 124,000 people from the 2004 election, while Republicans picked up just 35,000. In Florida, Democratic registration has outpaced the GOP’s total 600,000 to 200,000. In New Hampshire, another small but important swing state, 35,000 new Democrats joined the registration roles versus just 1,000 Republicans, and in Pennsylvania the gap between Ds and Rs is now 4.5 million to 3.2 million.
The mood of the country also favors Obama and the Democrats, which could be the most telling factor of all. With all polls suggesting that the national “right direction/wrong track” sentiment is overwhelmingly negative (some polls show that less than 10% of Americans believe things are headed in the right direction), the candidate of the party perceived to be in charge has a major obstacle to overcome. Even though the Democrats control both houses of Congress, the public is clearly not attaching any of the downturn blame onto them, so Republicans are bearing the brunt of people’s disapproval. Another telling indicator of future electoral success is monitoring voters’ belief as to who will win the election regardless of their personal preference. By margins of 70% or greater, today’s respondents predict an Obama victory.
Still another fundamental test is measuring the penchant of voters from states that each side must organize into their winning national coalition. Here, John McCain has always had the easier road simply because claiming all 29 states that supported George W. Bush twice would award him the Presidency. Now in the final days of the election, McCain is in serious jeopardy of losing as many as eight of these twenty-nine domains. Even if he scores last minute wins in the critical states of Ohio and Florida, his deficit margins in Colorado and Virginia seem too large to overcome. He is also having trouble in North Carolina, North Dakota, Nevada, and Missouri. Unfortunately, from the McCain perspective, he must win all of the aforementioned states to secure victory since he is not in range to snatch any of the weaker Democratic states.
Added together, these fundamental measures suggest a win for Barack Obama that exceeds the pollsters projections. On Tuesday night, we will find out for sure.