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Photo: Alex Wong/Getty Images

There is a growing sense among top Republicans and Democrats that President Trump is stronger than ever and very hard to beat this fall, but several data points suggest otherwise.

Why it matters: Amid record-high stock markets and record-low joblessness, Trump trails almost every 2020 Democrat nationally, and is in a statistical tie in swing-state polls.

  • Yes, he has a big early edge in raising money and gaming Facebook to target voters. But Michael Bloomberg is willing to spend $2 billion (some say twice that) to easily level things — and will spend big even if he's not the nominee.

The data points:

  • Trump won in 2016 by 80,000 votes, thanks in part to low Democratic turnout. There is scant evidence he has broadened his base, even as he solidifies it.
  • Trump ties or trails every leading Democrat in virtually every national poll, including a Fox News poll out Jan. 26.
  • In most swing-state polls, Trump is within the margin of error — and often well below 50% — despite a booming economy.  In many cases, he trails most of the top-tier candidates. 
  • Bloomberg has more money than Trump ever did, and unlike the president, plans to spend it, either on himself or the party’s nominee. Republicans would have no answer financially if he dumps several billion into ads and manpower.
  • There's a significant gap between the optimism about the economy (60%+) and Trump himself, an unusual decoupling for an incumbent. This data point worries top Republicans a lot. 

Between the lines: Don’t forget 2018. Democrats enjoyed record turnout and won back the House.

  • After lackluster voter participation in Iowa, Democrats broke the New Hampshire turnout record set in 2008. (But it's worth noting that turnout was on par with recent cycles where only one party had a competitive primary, per the N.Y. Times.)

The bottom line: Trump is no doubt strong and getting stronger, despite impeachment. But Democrats are so traumatized by Trump’s 2016 win that they're overlooking real signs of his vulnerability. 

  • Even Bernie Sanders, whose socialism establishment Democrats fear could tank their chances, looks strong against Trump in relevant polls.

Axios' Rashaan Ayesh contributed reporting.

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Go deeper

6 mins ago - World

What Putin's Ukraine options look like

Putin confers with Defense Minister Sergei Shoigu. Photo: Mikhail Svetlov/Getty

The Biden administration is framing Russian escalation in Ukraine as almost a foregone conclusion, but the Russians are still at the table and Vladimir Putin may be seeking concessions from the West rather than a military confrontation with Kyiv.

Driving the news: Secretary of State Tony Blinken, who will meet his Russian counterpart Sergey Lavrov tomorrow in Geneva, contended in a speech Thursday from Berlin that Putin's intentions are clear: "He's laying the groundwork for an invasion because he doesn’t believe Ukraine is a sovereign nation."

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Updated 24 mins ago - Economy & Business

Peloton stock tanks on report of production halt

Illustration: Aïda Amer/Axios

Peloton stock fell by as much as 25% on Thursday, following a CNBC report that the connected fitness company will temporarily halt production on its bikes and treadmills.

Why it matters: Peloton is viewed by many as a proxy for consumer behavior in the pandemic era, as its popularity surged when gyms closed and people wanted to exercise at home.

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2 hours ago - Economy & Business

Peloton pumps its brakes

Data: FactSet; Chart: Axios Visuals

Peloton’s popularity is falling as swiftly as it shot up.

Why it matters: Not all pandemic habits stick around. Peloton's trajectory over the past two years exemplifies how challenging it's been for companies to gauge shifts in consumer demand — particularly in sectors heavily altered by the pandemic.