The 5 things most likely to affect 2024 presidential election

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Almost every week, some headline development occurs that seems as if it could dramatically impact the 2024 presidential race, such as Donald Trump's virtual invitation for Vladimir Putin to attack some NATO members.

Often, the impact of such events is overstated, either because they only reinforce prior perceptions or because so much else will happen between now and Nov. 5.

But five broad factors — listed here alphabetically -- will almost certainly affect the outcome, depending on their prominence in the weeks before the election. All made news last week.

Biden's health. For months, polls have indicated that a major barrier to President Joe Biden's re-election is the widespread belief that, at 81, he is too old. Polls show the mercurial Trump is seen as more competent.

The president exacerbated those concerns with his angry news conference denouncing special counsel Robert Hur's assertions about his memory. But last Friday, Biden seemed more assertive and in command when he blamed Putin for the death of dissident Alexander Navalny.

That event showed Biden's capacity to rise to occasions. His next opportunity will be his March 7 State of the Union speech, likely the most watched presidential performance until the conventions and the campaign.

In the end, judgments on Biden's capacities will be greatly affected by how he performs on such instances, notably his convention acceptance speech next August and any general election debates — and on whether he avoids illness and any politically dangerous campaign incidents, like platform stumbles.

Economy. Most elections are about the economy, and Democratic strategists believe its continued strength will yet be a Biden asset, despite polls still showing most voters disapprove of his handling of it.

The latest inflation report showed a continuing decline in the annual inflation rate — offset somewhat by a slight month-to-month increase not forecast by analysts.

As a result, the stock market temporarily dropped back from its recent record highs because of fears that this would slow the Federal Reserve from lowering interest rates.

While some polls show increasing public confidence about the economy's future, others show lingering concerns over the fact that prices, while no longer rising, are not dropping — especially rent and grocery prices.

Immigration. Republican efforts to benefit politically from the continuing flow of illegal immigrants on the southern border — and their influx into northern states and cities — suffered a setback in a New York special congressional election.

Democratic victor Tom Suozzi successfully fought back by noting that the Republicans — and Trump — prevented Senate action on a compromise immigration bill imposing stricter procedures on the Biden administration.

That was at least a short-term sign that Trump and the GOP may have helped Biden and the Democrats find a way of defending their record by showing they want a political issue more than a solution.

But a lot will depend on how the issue plays out during the year, especially the level of illegal immigration next October and whether the Biden administration is seen as getting a better handle on it.

Third parties. Polls show a multi-candidate race could help Trump, as it did in 2016, because his base is firmer than Biden's. But Biden may have gotten a boost last week when two prominent prospects for the centrist "No Labels" ticket bowed out.

Retiring West Virginia Sen. Joe Manchin, a Democrat, said he would not run for president. Former Maryland Gov. Larry Hogan, a Republican, said he would run for the Senate.

"No Labels" still hopes to field a ticket. But polls show the independent with the most current support is Robert Kennedy Jr., a conservative Democrat with views 180 degrees different from his famous family's.

Kennedy may seek the nomination of the Libertarian party, which is already on most state ballots, saving him the need to mount state-by-state efforts.

Trump's trials. This week provided new reminders of the degree to which the threat of criminal conviction hangs over the former president's prospects.

One New York court set March 25 for his trial on charges of paying "hush money" to a former porn star. Another found him guilty of illegal business practices, fining him nearly $355 million and challenging his already questionable reputation for business probity.

In a third case, Trump may benefit from the ethical controversy surrounding Atlanta District Attorney Fani Willis if it impacts her ability to pursue charges he illegally sought to overturn Georgia's 2020 election result.

And in a fourth, Trump may also benefit if U.S. District Judge Aileen Cannon, whom he nominated for the bench, slow walks the case charging Trump with taking and refusing to return classified documents.

But the most important pending case is special counsel Jack Smith's four-count Washington indictment for Trump's role in the Jan. 6, 2021, insurrection that sought to keep Congress from certifying Biden's election.

That case is on hold, pending the Supreme Court's decision on his appeal of the U.S. Court of Appeals ruling rejecting his claim to absolute immunity from criminal prosecution. A ruling against him, depending on when it comes, could lead to an early trial in the case where a recent poll showed a conviction posed the gravest political threat to Trump.

Other factors, of course, could impact the election. One would certainly be the Middle East, especially if Israel's war against Hamas is continuing next October.

For the most part, however, these five factors are most likely to determine next November's victor.

Carl P. Leubsdorf
The Dallas Morning News (TNS)

Carl P. Leubsdorf is the former Washington bureau chief of the Dallas Morning News.

Previously:
• 01/02/24 The 5 things most likely to affect 2024 presidential election
• 12/07/23 Israel's security failures before Oct. 7 echo US failures before Sept. 11
• 12/07/23 Why Haley is in a strong position heading into Iowa caucuses
• 11/23/23 Congress avoided shutdown, but didn't solve big issues
• 11/23/23 60 years ago, in Dallas
• 11/13/23 A good night for Dems, but ...
• 08/31/23 Amid Kamala's rehabilitation
• 08/17/23 Why Georgia indictment may blow up in prosecutors' faces
• 08/10/23 WARNING: Next up?
• 07/19/23 3 possible threats to Biden campaign
• 05/11/23 Presidential debates in jeopardy
• 05/04/23 The curious case of Ron DeSantis
• 04/25/23 History offers Biden sobering lessons as he launches his bid for a second term
• 03/30/23 Biden's moves to the center
• 03/16/23 Biden's moves to the center
• 03/09/23 Pence looks for an opening in the anti-Trump lane
• 02/28/23 Why Biden is unlikely to replace Harris
• 02/16/23 A year after invasion, what's next for Ukraine?
• 02/16/23 A year after invasion, what's next for Ukraine?
• 02/02/23 2024 might not be your granddad's presidential race
• 12/22/22 New Hampshire unlikely to go quietly
• 12/08/22 A study in contrasts of where the 2 parties are going
• 09/25/22 Will Biden run again? Should he?
• 09/25/22 Kev McCarthy, invested bipartisan backer, will suddenly be flying solo
• 09/22/22 2024 election could be shaped by these races
• 08/26/22 Moderates' success continues in Dem races
• 05/29/22 Is this the end of Bush family dynasty?
• 04/27/22 Reality catches up with Biden
• 03/03/22 Kamala missed her chance
• 03/03/22 Did Biden really make his case?
• 02/25/22 A very different Europe faces this Russian aggression
• 02/10/22 Western 'support' also makes Ukraine nervous
• 12/09/21 Dole had respect for his rivals
• 08/18/21 Afghanistan's rapid fall casts cloud over Biden's entire administration
• 07/06/20 Things get complicated quickly for Biden
• 06/17/20: Government gridlock also on the ballot in 2020
• 04/24/20: Congress unprepared if disaster hits it
• 11/18/19: Buttigieg gains steam in Iowa. Why he's still a bad bet
• 03/01/18: How one keystone state congressional race could topple Nancy Pelosi
• 08/31/15: Ineffective Jeb Bush now faces NH challenge from Kasich
• 03/24/14: 7 obstacles Ted Cruz must overcome
• 12/15/14: Hillary sizes up her challenge in 2016