6) Romney’s spending is just starting. This is something that everyone mentions, but then seems to forget: Romney and his allies will probably outspend the president heavily in the next two months.
I don’t think that matters in and of itself. After all, both candidates will have plenty of cash to make their cases, well past the point of diminishing returns.
What does matter, however, is how this disparity was attained. The Obama campaign spent heavily over the summer trying to soften up Romney. It’s unclear how well this worked — the polls were pretty steady and Romney’s favorables actually improved a bit — but a large portion of the basic case against Romney has been made.
In the meantime, the Romney campaign had been very constrained in how it could spend its money; it was limited to primary funds until recently. That means the campaign has largely been outsourced to 527s and campaign committees.
This explains a lot of the Romney campaign to date. During the convention, a parade of people telling tear-jerking stories about how the nominee had helped them out made their way across the stage at the RNC. Stu Rothenberg wondered on Twitter why they hadn’t appeared in ads.
I suspect now that Romney can spend freely, they will appear.