It seems that the drive-by media is perpetuating a belief that Mitt Romney has the momentum in this campaign, which is a myth that is being eaten up by those on the right and even some on the left. The truth is that Romney HAD big momentum following the first debate, but that died at about the time of the VP debate and the momentum has, if anything, shifted back to President Obama. Here's what I think is going on:
* Obama had a structural lead of a couple points going into the conventions;
* The Democratic convention was more successful than the Republican convention, which resulted in a bump for Obama;
* As the convention bump was approaching its expiration date, Romney's infamous 47% video was leaked. The video release drove Romney even further in the hole;
* The effect of the conventions and video were subsiding as the first presidential debate approached;
* Romney killed the first presidential debate which essentially wiped out all of Obama's gains since the conventions;
* Biden won his debate and Obama won the second and third presidential debates, albeit not as convincingly as Romney won the first one;
* In consequence, the Romney's momentum was stopped in its tracks (it was already fading) and the polls have subsequently drifted ever so slightly towards Obama.
That brings us to the present day. Taking into consideration state and national polls, it appears that Obama has roughly a 1.5% national lead, and more importantly, he is slightly better than a 2:1 favorite to win the Electoral College. There are less than two weeks to go to election day, early voting is already under way, and there are no more debates to influence the election. The polls are either flat or moving slightly towards Obama, and he is likely to see a modest bump in the coming days as a result of the third debate.
It would not be shocking if Romney wins, but it's looking pretty good for a second Obama term.
Oct. 24: In Polls, Romney's Momentum Seems to Have Stopped - NYTimes.com