To Close the Gap Obama Must Close the Sale
Nothing has really happened in the last two weeks to alter the fundamental dynamic of the race between Barack Obama and John McCain. As a result, it is still, as of right now, Barack Obama’s race to lose. The underlying factors - right direction/wrong track, a faltering economy, dissatisfaction with President Bush and Republicans in general, the Democrats’ party identification advantage, etc. - all favor the Democrat.
That notwithstanding, there has been a slight tightening of the race. Our own average of the last few public and private polls shows a 3-point Obama advantage. This has come after several late June polls showed an Obama lead of between 8-12 points. While Obama probably never had a double-digit lead (it was probably closer to eight points), it’s clear that the post-Hilary exit bounce is all but gone.
As we have said in the past, there will be a lot of volatility during this period for myriad reasons, and we should not put much stock into any one poll. But the performance gap between Obama and the generic Democratic advantages (the Democrats’ 15-point generic congressional ballot lead and double-digit party ID lead) tells us that many swing voters are not yet sold on Obama.
David Axelrod and the Obama strategy team have to be worried about this. While it is somewhat understandable since Obama is new to the political scene - many people simply do not know enough about him to form an opinion yet - it does suggest that swing voters are being cautious with Obama and his candidacy. This is the fundamental issue that Obama faces: Can he reassure enough voters that he can be entrusted with the Presidency?
The more we think about this campaign, it is almost entirely about Obama’s acceptability. Yes, McCain needs to clearly define his rationale - and there will surely be tactical advances and blunders along the way - but the large thematic campaign question will hinge on how much swing voters feel “comfortable” with voting for Obama.
Of course the economy, Iraq, energy and terrorism will remain important issues over the next 100 days, but this election is largely about Obama’s character - about who he is as a person. This is why we see Obama on Access Hollywood with his children. This is why Obama is going to the Middle East and Iraq. This is why team Obama will look for a signature debate moment to cement his character and fortify the perception that he is someone you can trust. They want two or three watershed, defining moments to signal to voters that they can trust this guy with the keys to the nation’s car.
Alternatively, anything that Obama does to heighten the sense that he is out of his depth or cannot be trusted could be severely damaging to his candidacy. This is why the flip-flopping charges could turn into a serious vulnerability.
Election Environment
It is nearly impossible to overstate how negative the political environment is right now for Republicans in general and John McCain, specifically. Let’s start with perceptions of the direction of the country. A late June Pew survey showed that only 19% of the voting public thought that the country was going in the right direction, while 76% thought things were off on the wrong track. The LCG average of the last six national direction polls has the average “wrong track” number at 78%. Since we face a summer of higher gas prices and potential banking institution problems, it is conceivable that we may have a “right direction” number as low as 12-15% by Labor Day.
That could be catastrophic for Republicans in the fall. While voter perception of Congressional Democrats is poor, our sense is that since the public is in a change mood, the President and his party will be the lightning rod for voter anger in November.
Enough has been written about the President’s approval rating. Suffice it to say, at 28%, Bush’s approval rating is one of the lowest ever recorded. Astoundingly, the President’s approval rating has been below 50% for almost three years. This is a big problem for the President’s legacy…and a bigger problem for John McCain.
Even more problematic for McCain is that consumer confidence has plunged and is now at its lowest point since 1992.
The annual average is currently at -41. As the chart below shows, if confidence remains at its current level we will finish the year lower than any annual average - other than 1992 - since tracking began.
Consumer Confidence Trend Since 1986
In a nutshell, the race is close and it shouldn’t be. We have always said that McCain should not be counted out because the parameters for choosing the President are very different than Congressional voting criteria. Additionally, the dynamics of the “choice” between two Presidential candidates can sometimes trump broad national sentiment. In other words, McCain could beat Obama if he is viewed as a better choice, even if people want change and give Democrats another 20 seats in the House. While this may seem obvious, there are some pundits who suggest that the current environment presents an insurmountable barrier for McCain. That is simply not true.
Next week we are back with our updated Electoral Vote projection map and weekly assessment of the earned media battle.







