“...victory will translate into some down-ballot shockers...”
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Yes, that is precisely what “political coattails” means.
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No. There is a legitimate conversation regarding the strength of political coattails and even whether there will be any coattail effect at all. Some presidents have dragged along a lot of other candidates along and some, not so much.
It also means there could be more straight ticket voting if the top candidate is strong. In this case everybody with an “R” after their name benefits.