Here’s Time Magazine’s March 1980 assessment of the political landscape:
“National opinion polls continue to show Carter leading Reagan by an apparently comfortable margin of about 25%. They also show that more moderate Republicans like Ford would run better against the President. This suggests that Reagan is not the strongest G.O.P. choice for the November election and that he clearly faces an uphill battle. . .Carter, for all his problems, has the power of incumbency. As President, he can react to challenges by changing the direction of the whole Government, which he has done recently by attempting to balance the budget in the coming fiscal year, a course urged by all Republican candidates. Carter is an undeniably deft—and extremely lucky—politician. He also is a relatively known quantity in the White House, whereas the inexperienced Reagan would require a definite leap of faith by voters supporting him. Says Northwestern University Political Scientist Louis Masotti: “There’s a variation on the old cliché: you don’t change horses’ asses in midstream. You’ve got one, and at least you know its contours.””
For the record, moderate Republican John Anderson was considered to be more electable and largely because Reagan was viewed as an extremist. While the punditocracy keeps bloviating about electability and immoderacy, history oftens tells a different tale.