 Every election featuring an incumbent is a referendum on who the incumbent is. So, yes, it is a referendum on the last three and a half, the last four years by the time we get to Election Day. But the gentleman is right. In this particular case, it's not just about how Biden has performed in the past term, but how he would perform in the next. And this goes right to the crux of why the Democrat Party is in a free fall of panic.