My 30,000-foot view is that between the pressures of the jobs situation and the health care debate, the Democrats are in fairly bad shape. But, there’s a long way to go before next year, and their situation does not seem to be quite as bad as it was in August.

Certainly, if I were the Democrats, I’d be adopting a fairly defensive posture, putting money into defending seats — especially those held by non-Blue Dog incumbents — rather than getting cute and trying to pick off more than a handful of potentially vulnerable Republican seats. I’d also be thinking about policies — like a jobs package and financial regulation — that tap a little bit into the populist spirit and might result in somewhat awkward Republican positioning.

So, should the Democrats be panicking? Yeah, maybe a little.