@Amadeus and
@History Learner
Yes, the 1996 economy is very very good, but we've also seen 16 years of Republican rule in the White House
and there's a strong possibility that the GOP will make Senate gains in 1994 and take the house in 1994 due to retirements. Republicans will have an exhaustion problem.
As for Perot 1996 doing more poorly than Perot 1992, I think that had to do with the President being Bill Clinton. Democrats were just more divided in 1992 than in 1996 I think. Perot in a field with no incumbent could compound his 1992 numbers I think, or perhaps do even better depending on how well he does in 1992 TTL.
If Republicans run the Gaffe-prone Quayle and Democrats continue to be divided, I think there'd be room for Perot. Especially if Perot has a real running mate (ergo, not Pat Choate).