Unfortunately the money bullying worked. The bullying will next turn against Vice President Harris.
Past 100 years:
presidents who won reelection (71%)
Democrats: 88% (7/8 elections) | Republicans: 56% (5/9 elections)
presidents who won open presidency (incumbent stepped aside for nomination or incumbent term limited)
Republicans 75% (6/8 elections) | Democrats 25% (2/8 elections)
presidents who declined reelection chance and were 'replaced' as nominees with someone else and that someone else won (33%)
Republicans 100% (1/1 election) | Democrats 0% (0/2 elections)
The election gets harder historically from here.
As somebody who graduated at the top of their class with a history degree from a national university (I have the gold medal to prove it) and has actually published papers,
History and the conclusions to be drawn from it are not about blind statistics. Real historical analysis and thought is about analysing the forces at play. To paraphrase Lord Toranaga from Shogun, it is about "studying the wind".
Biden is a decade older than the previous oldest President, Reagan, when he sought re-election, a President we all now know was suffering from Alzheimer's in office. The extremeness of Biden's age already makes him a statistical outlier. The most important trend to look at with presidents making re-election bids is the economy and how people feel about it. Presidents who are overseeing an economic downturn or recession at the time of seeking re-election tend to lose their re-election bids and those who are overseeing growth/boom ride that wave to re-election. Despite the pains of inflation, which are finally cooling, the US economy remains strong. Despite that, Biden has been lagging behind Trump in the polls for weeks. Which means there is something abnormal at play here.
If we want to look at the forces at play here, the closest analogue is 2016. People are de-sensitized to Trump's craziness. The Democrats have proven they cannot just beat him by pointing to themselves as not being Trump. In 2016, Clinton lost because she was a very flawed candidate that a lot of people disliked. Even though Trump's misconduct was the leading story of that election, her emails kept rearing their head. Biden this year is similarly a very flawed candidate. He can barely speak and string a sentence together. He sounds very weak. For any non-elderly voters, he clearly presents the all too familiar image of a parent or grandparent who is on the decline and suffering from cognitive issues. That may not be the actual case, but that is how it looks.
We also know from the Kennedy-Nixon debate that appearances are more important than competence when the general public evaluates presidential candidates. Although almost as old and prone to gaffs and rambling, Trump still projects an image of strength and energy.
Running Biden against Trump is most similar to 2016 where Hillary's decades of baggage turned off many independents and other swing voters. Biden is in the same situation and it was right thing for him to withdraw provided that the Party quickly coalesces around Harris.