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There have been plenty of presidential elections where the candidate wasn’t known until the nominating convention in August. This whole “12 month election cycle” bullshit is a pretty new phenomenon.
Anyway, the absolute media shitstorm that will ensue if Biden is dropped from the ticket will more than make up for the late start to a new candidate’s campaign — the new DNC nominee will dominate the news cycle for weeks without having to spend a dime.
Considering that Biden has done fuck-all to evangelize the good things his administration has done, anything a new candidate does to campaign in the next few months would be an improvement.