I wish I were as confident about the November election as Daniel Drezner. Most of the time, I am, but the 2016 hangover is real. When you’re lying in bed and your head is pounding, that’s not a sign that you’re delusional, but that something really bad happened the night before. It’s a lesson that if you drink that much again, you’re going to pay a heavy price. So, do we dare get drunk on optimism in 2020?

As an analyst, I try to give you things straight, regardless of what I might hope will happen. I did this in my coverage of the Democratic primary, where it was not my preference that the finals come down to a choice between Joe Biden and Bernie Sanders. I told you that would happen because that is what I believed. Part of me is happy to be correct, although another part would have been happier to be wrong.

The truth is, Trump has no business even coming close to getting reelected. Drezner is right about that. But he also has no business leading in the polls in a couple of dozen states. He’s maintained a level of support in the low-forties that seems impervious to any event or any calamity. The Covid-19 outbreak will put that basement floor to the test, but the fact remains that he hasn’t cratered so far in any kind of proportional way to his performance in office.

Still, despite being the incumbent and armed with a huge money advantage and organizing head start, he’s not currently the favorite. It’s just that he still has a puncher’s chance, and he shouldn’t.