A few things:
1) The advantage of incumbency: since WWII, four out of the six incumbents running for re-election, and two out of the three unelected incumbents running for election, have gotten themselves re/elected President. (The losers were G.H.W. Bush 1992, Carter 1980, Ford 1976. The economy didn’t do any of them any favors, FWIW.)
If I were to take Bricker’s bet, I’d want odds, since the White House occupants seem to have a 2-1 advantage over their challengers over that period.
2) McCain: if he runs for the GOP nomination, he loses, unless Bush’s approval ratings have absolutely tanked by the end of 2003. (And even then, maybe.) The GOP likes to nominate an anointed candidate, and Bush is it.
And despite the fact that it’s looking like an increasingly good fit (see the May 2002 Washington Monthly, which is unfortunately no longer online), I don’t think McCain will switch parties. Too bad - if he did, he’d be my first pick. And that of a lot of other Democrats, I’d bet.
3) 1988: what were we smoking? I’ll forgive you, BKB, because you were young then. But Gary Hart was the man to beat two years ahead of time, and he had a little Monkey Business problem. (One italicizes names of boats.) Gore and Gephardt were a bit too new then, and neither ran well. Jesse Jackson ran well, but not that well. Mondale, the 1984 candidate, had been exiled for losing, despite having lost respectably to a popular incumbent. I can’t remember who else was in the field, but Dukakis ran strongly in the primaries, and looked like a winner - not a captive to liberal ‘special interests’, more of a technocrat than an ideologue, enough years and success as a governor to strike people as competent. Really, he was our best choice. And how were we to know what a lousy campaign he’d run in the fall, how Willie Horton, Boston Harbor, and his ACLU membership would become albatrosses around his neck?
The ACLU thing is instructive, though: the nominee has to know what he’s for, what he’s against, and why, deep down - so when his opponent brings up something like that to make him look bad, he can remind the nation of why it’s good.
OK, on to 2004:
I think the Dems could win, but I don’t think it’s the way to bet. I’m hoping we nominate someone who’s been on the national stage already; since Carter, I’ve got an aversion to inexperienced unknowns.
My real hope is that Gore really does catch fire, take strong stands on the issues, and that sort of good stuff. He would make an excellent president if he can get there, he’s the most competent and experienced politician in the field, and he’s about as representative of the party on the issues as anyone you could dig up. All that’s missing is being able to run a good campaign, one that excites committed Democrats and appeals to swing voters. I guess we’ll find out if there’s a piss-and-vinegar Al Gore, or whether robo-Gore is all there is. If he can come alive, then I’ll be ready to order “Re-Elect Gore in 2004” bumper stickers.
But at this point in the game, with the course of the next two years unknown, I’d want to be given odds before I plank down a bet. A race between an incumbent and a challenger is generally assumed to be the incumbent’s race to lose. The 2-1 odds suggested by (1) above seem right to me.