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Race to be the Democratic 2020 Presidential Candidate: August 27th, 2019

27/8/2019

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I had intended to write this in the immediate aftermath of the second round of the Democratic Debates, hosted by CNN, which took place on July 30th and 31st. However, I got a little distracted by summer and other events which means the last update is now almost two months old.

There was serious movement in that update where the field went from having two main frontrunners in Joe Biden and Bernie Sanders to flattening out to five serious candidates, with Warren, Harris and Buttigieg joining. That first set of debates were very damaging for Biden who looked his age and was hammered by Kamala Harris (in what was almost certainly a pre-meditated attack) on his actions on race in the past.

What started then and has continued now is the rise and rise of Elizabeth Warren in the betting markets and polls. In this collection of blogs, I have always ranked by the implied odds from the betting markets which has been at considerable variance with the raw data from the polls. Warren has risen in both and is now basically joint second in the polls with Bernie Sanders (though individual polls very greatly) while she is now the bookies’ favourite after two very strong debate performances.

The next set of debates are set for September 11th and 12th and I will be closely following these as, so far, only ten candidates have qualified so there should be more speaking time and some serious rises and falls, based on performance.
 
Cory Booker (Implied Probability: 2% / NEW (Polling 1% - 4%):
Cory Booker has down well in the debates without yet getting the rewards in the polls. I still believe he can have his “time” with the media, and I can easily see him move into the low double digits with a break performance and become a serious contender.

It hasn’t happened for him yet but as the race moves forward and candidates drop out, it’s much better to get the momentum later on. He may also be deemed as an attractive unity candidate by the Democratic Party.
I think he offers a lot more value than Harris, who I would place him in the same grouping as, and I think his rise may come at her expense later on.
 
Andrew Yang (Implied Probability: 3.7% / -0.1% (Polling 1% - 3%):
Andrew Yang baffles me every time I write about him. He is incredibly stable and consistent with hardly any change in his polling or odds. He didn’t have a particularly good second debate and while he may not drop out of the top seven after the third round, I really can’t see him break the top five.

Pete Buttigieg (Implied Probability: 5.6% / -6.3% (Polling 3% - 8%):
He’s dropped a place; his polling is lower, and his odds are longer but none of this is fatal to Buttigieg’s chances. He’s definitely in a bit of a lull and there are criticisms that he is more style than substance but, on the other hand, I do think he can benefit from staying in the race, building his policy platform and communicating that to the Democratic electorate as the field narrows and each candidate gets more screen and debate time.

Kamala Harris (Implied Probability: 11.4% / -11.3%) (Polling 5% - 8%):
Harris had a fantastic first debate which propelled her to the top of the pile but then fell flat in the second debate which has seen her fall back. I think she is a little flat and doesn’t deliver consistently when the cameras are on her.

Harris can win the candidature and I expect her to last quite far into the process but must find that spark needed to really connect with a large part of the Democratic electorate as she is still not breaking 10% in any of the recent polls.

Bernie Sanders (Implied Probability: 13.2% / +2.6%) (Polling 10% - 20%):
Sanders is holding steady in second with Elizabeth Warren in joint second but, since late April at least, he has been on the wane while her star has risen.

Their combined vote is enough to overtake Biden but it remains to be seen if they will continue to gradually expand the Left proportion or eventually turn on each other.

Joe Biden (Implied Probability: 24.4% / +4.0%) (Polling 19% - 33%):
Biden recovered well in the second debate and despite being attacked from everywhere, he was able to parry off most the attacks.

He remains well ahead in the polling, though his lead is no longer insurmountable. It would be foolish to discount him and if the field below him continue to be divided quite evenly then he could easily do well in the early states and look like a presidential candidate in waiting.

Equally, he could continue to drop further gaffes and slowly fade away…

Elizabeth Warren (Implied Probability: 31.7% / +15.6%) (Polling 14% - 20%):
Warren is riding on the coattails of two great debate performances and is probably now just slightly ahead of Sanders and there is a good chance she consolidates the Left vote and then looks to eclipse Biden in the polls.
Even though she eventually endorsed Clinton in 2016, she is probably too far to the Left for many mainstream Democrats who may be happy to have her in the race now to split the vote between her and Sanders but who may then work against the eventual champion of that side of the party.

Having said that, if she performs well in the third debate, now that she has a much higher profile and may be the target of more attacks from across the field, then I believe she can eclipse both Sanders and Biden and become the frontrunner.

*Polling date taken from here
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