By this time next week, there should be enough national and state-level polling data to present a pretty clear picture of where this election stands, post-Labor Day and after whatever bounces the candidates may have gotten from the conventions. But we have seen enough data in recent weeks to draw some preliminary conclusions about the contests for the White House, the Senate, and, to a lesser extent, the House.

The presidential race is still close and, in a tight election, either candidate can win. Any number of events, not the least of which are debates, campaign gaffes, and domestic or international developments, could put President Obama or Mitt Romney over the top. Although it is pretty clear that Obama has an edge over Romney in national and swing-state polling, the size of his advantage remains in doubt. Every event or development should be judged on whether it might change the path of this election.

My view is that if Obama is reelected, it will be despite the economy and because of his campaign; if Mitt Romney wins, it will be because of the economy and despite his campaign. This economy is an enormous millstone around Obama’s neck, yet he and his campaign have managed to secure the upper hand—albeit with a very tenuous grip. At the same time, despite an enormous advantage that the sluggish economy and the sentiment for change affords him, Romney and his campaign, to an astonishing degree, seem to have squandered too many opportunities and undermined his chances of winning.

It should be emphasized again and again that this campaign isn’t over and that the race is still awfully close. But without a change in the trajectory, it’s a good bet that Obama will come out on top. The questions are whether the opportunity will arise for that trajectory to change and whether the Romney campaign be able to effectively capitalize on it.