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The old conventional wisdom on Hillary: Been around forever, out of step with the Democratic Party, inevitable but hardly inspiring.

The new conventional wisdom on Hillary: The Democrats should thank their lucky stars because shes all that stands between them and political oblivion.

What a difference a midterm debacle makes.

If you think about the Democrats outlook without Hillary Clinton, its rather sobering. The New Yorker just chatted up three other presidential aspirants: Martin OMalley, Bernie Sanders and Jim Webb. Ahem. Case closed.

Well come back to the also-rans, but there is a danger for the Dems here that extends beyond 2016. To put it bluntly: this team has a very thin bench.

The party has simply atrophied under Barack Obama.

In the speculation sweepstakes, each party usually has up-and-coming governors and senators who could ripen into presidential prospects. But after 2010 and 2014, many of the Democrats who might fall into that category have lost their jobs, or never gotten into office at all.

Statehouses are particularly important because thats where candidates get executive experience, and four of the five presidents before Obama had been governors. But the GOP just won gubernatorial elections in such blue states as Massachusetts, Maryland and Illinois, along with Florida and Wisconsin.

Andrew Cuomo won reelection in a landslide, but he seems more respected than loved, and has made few moves toward raising his national profile. Jerry Brown also won reelection, but he was the hot young presidential contender back in1976.

So Hillarys shadow looms large over the entire party.

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Hanging it all on Hillary: Why the Democrats have no bench