There has been plenty of attention recently on economic models that show President Donald Trump holding a huge advantage in the 2020 presidential contest. But it’s not that simple.

Like alchemists hunting for the secret recipe that transmutes lead into gold, media personalities, political junkies and veteran analysts seem bewitched by the idea that they can divine the political future. I’m always skeptical of such claims.

I still remember the silliness of an Indiana University sociologist, who knew nothing about politics, arguing in The Washington Post and on television that Twitter could predict elections.

The latest version of this search for prophesy is Steven Rattner’s May 27 New York Times column about “models” that give the president a “formidable 2020 tailwind.”

An earlier Politico piece by Ben White and Steve Shepard teased, “How Trump is on track for a 2020 landslide.”

No matter how many economists, political scientists or investment bankers are involved, predictive models based solely on economic data miss the point because they look at only one aspect of a presidency and only one facet of a presidential election. My column from Sept. 18 last year, “Why it’s NOT the Economy, Stupid,” sought to explain why the economy would not be decisive in the midterms and why it might well be less important than usual next year.

Models predicting a Trump wave strike me as more about clicks and being contrarian than about taking a dispassionate look at the 2020 election.

A second look

In my Jan. 3 column this year, I considered a number of factors — including the impact of the nominees, the economy, recent election results, issue salience, key voting groups and Trump’s performance in office — before calling the race a Toss-up that tilts toward the Democrats.

Now, I thought I’d take another look at where the 2020 race stands, acknowledging again that it’s still very early and the trajectory of the race is likely to change more than once before the Iowa caucuses, let alone Election Day.

In spite of all the Sturm und Drang about the Democratic contest and the media’s suffocating coverage of the 2020 race, not a lot has changed since the start of the year.

Democrats have a number of additions to their field, including the early front-runner, former Vice President Joe Biden, but the basic shape of their race is holding firm.

Biden, Sens. Bernie Sanders of Vermont, Elizabeth Warren of Massachusetts and Kamala Harris of California, and, surprisingly, South Bend, Indiana, Mayor Pete Buttigieg seem to constitute the top tier, with many others hoping to break out during the first debates at the end of this month.

Trump, of course, remains unchanged. He is the same person he has been, and there is no reason to believe that he will change.

Key groups

Party coalition groups (on both sides) are essentially holding, and the recent controversy over abortion, which is almost certain to remain a significant national issue from now to next November, makes it difficult for Trump to expand his support or win back college-educated white women, the election’s crucial swing group.

Not all women favor abortion rights, but the legislative actions taken to restrict abortion in Missouri and Alabama surely elevate the issue and create greater risk for Republican candidates in many suburban areas.

The movement to the GOP of white men without a college degree and the realignment of college-educated voters to the Democrats remain significant stories for the next presidential contest.

Trump’s tough talk on tariffs and immigration resonates well with many of his most loyal supporters, but it clearly has caused some heartburn in rural America, where trade is so important.

Whether tariffs and trade cost Trump a state or two in next year’s elections is now unclear, but the risk surely is greater for the GOP than for Democrats.

From time to time, Trump talks about unemployment in the minority community or the need to improve the nation’s infrastructure, but his overall nationalist, populist message — and decisions taken by various government officials — invariably make it easy for Democrats to paint the administration as insensitive to the less fortunate, beholden to conservative evangelicals, overly protective of the wealthy, and generally uninterested in diversity and tolerance.

Polls generally show Trump’s job approval between 40 percent and 46 percent. At best, that puts him about where he was in 2016, and at worst it shows him at least a few points weaker than he was.

Equally troubling for Republicans, national polls and key state surveys have initially shown Trump trailing Biden and Sanders.

Another four years?

Questions about the Democratic field — and particularly about the party’s eventual nominee — remain unanswered.

Biden’s positioning as a pragmatic liberal is ideal. But it isn’t clear whether he will be his party’s nominee or whether the party will select a more progressive (and riskier) standard-bearer next year.

A strong economy surely gives Trump good talking points and a rationale for re-election, but a clear plurality of Americans (maybe even a majority) now believe the country cannot take another four years of him, no matter how low the employment rate falls.

They are concerned about his character, judgment, intelligence, integrity, churlishness and lack of empathy, as well as the chaos and controversy that follow him.

Dozens of important questions remain unanswered, but the 2020 contest still looks to be more of a referendum on the president than anything else. And because of that, and the polarization evident in the nation, a close race is likely.

Given Trump’s inability to broaden his appeal and the likelihood that Democrats will be more united and energized than they were in 2016, the Democratic ticket deserves to be given a narrow but clear advantage.

“Tilting Democratic” still seems a reasonable rating to me at this early stage of the race.

Note: This column appeared initially in the June 11, 2019 issue of Roll Call.