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Megiddo said:

If there is one thing I learned about the 2004 election, it's that the incumbent president has a huuuuuuge advantage.

Bush still only barely defeated one of the weakest Democratic candidates in living memory. In retrospect he was kinda lucky that the Iraq backlash hadn't quite yet reached the levels necessary to cancel out his insanely high 2001-2003 approval ratings.

Trump doesn't have anything close to the approval ratings that Bush had for most of his first term, but then he also hasn't done anything quite as stupid as Iraq, so... still everything to play for by both sides.