A couple of weeks ago, we examined the potential upside case for Democrats in November’s midterms. If the party were able to limit their losses to about 20 House seats and 3-4 Senate seats, it might not have as deleterious an effect on their policy agenda as you might think.
But that is the upside case for Democrats. It is not the base case, and it is certainly not the worst case — both of which look as grim as ever. Although I think people may somewhat underestimate the probability of a shift in momentum back toward the Democrats, they may simultaneously be underestimating the magnitude of losses that might occur if momentum fails to change, or moves in the other direction.