It's extremely difficult to debate a liar who debates in bad faith. Refuting a lie is a more involved process than telling the lie. Also, Joe Biden has a life-long stutter that makes it difficult for him to get his words out. I think these factors made him appear less capable than he is, but the damage is done, and in any case he is noticeably diminished from his better days. He has lost a lot of confidence that he remains capable of acting as president, and his re-election, always a risky proposition, is in much greater doubt. He should not seek re-election. However, if he remains in office to finish out his term, the risk to our democracy is far from eliminated and not obviously diminished. It is better for our country if he resigns as soon as reasonably possible.
It is notable that former presidents Johnson and Truman left the presidency voluntarily after their first terms, only to see the office fall to the opposition party. Given the current political circumstances, that seems very likely to happen again.
An incumbent has many advantages when seeking a second term, that would be foregone if he serves out his term without resigning. Also, there is no obvious heir apparent. If the normal selection process is played out in abbreviated form, many people will be unhappy with the result. Even had he announced a decision to not seek reelection a year ago, the chosen candidate will not have the benefits of incumbency. If he declines to continue to run, the most reasonable path forward is for Vice President Kamala Harris to be the candidate.
I believe that Kamala Harris can be an excellent president. However, it is not sufficient to simply roll the dice with a good candidate whose capabilities are not well appreciated. Yes, there will be a campaign, but until a president is in office, it always seems something of a gamble. So why not make Kamala president now, so voters can have a better basis for evaluation, and the democratic party can reap the benefits of her resulting incumbency?
There is a vast difference between resigning in disgrace, like Nixon, and resigning for the greater good of our nation. Joe Biden of all people can appreciate this. He is a compassionate man who understands how many brave people have sacrificed their often young lives for our democracy. He can make this small sacrifice, and we should give him great acclaim for making a necessary sacrifice, as well as for his many accomplishments. His presidency can always be regarded as one of the best, and more so on account of his sacrifice. Also, Kamala Harris must be able to see it through to the finish, if she is truly fit to be president, as I believe she is.