If Obama Wins, You Can Thank the Economy, Not Blame It

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Election guru Charlie Cook says that if President Obama wins in November, “it will be despite the economy.” That’s the conventional wisdom, all right, but the conventional wisdom is wrong. Ezra Klein explains:

Some months ago, I worked with political scientists Seth Hill, John Sides and Lynn Vavreck to build a model that used data from every presidential election since 1948 to forecast the outcome of this presidential election. But when the model was done, I thought it was broken: It was forecasting an Obama win even under scenarios of very weak economic growth.

….After a lot of frantic e-mails, my political scientist friends finally convinced me that that’s the point of a model: It forces you to check your expectations at the door. And my expectation that incumbents lose when the economy is weak was not backed up by the data, which suggest that incumbents win unless major economic indicators are headed in the wrong direction.

Matt Yglesias picks up the baton with a series of charts showing that, in fact, the economy isn’t in especially dire shape. I’ve compressed this all into one chart, and as Matt says, the difference is like night and day. In the year before the 2008 election, employment was dropping like a stone. Sure enough, the incumbent party lost. In the year before the 2010 election, employment was at rock bottom and going nowhere. Sure enough, the incumbent party lost. But in the year before the 2012 election, employment numbers have been on a steady upward trajectory. That suggests a modest win for the incumbent party.

Obviously, Obama’s chances are hurt by the fact that unemployment remains high, wages are stagnant, and we still haven’t made up all the job losses from the recession. But politically speaking, the economy isn’t in terrible shape. It’s in OK-but-not-great shape. And that means the incumbent probably has a small advantage. If Obama wins by a couple of percentage points in November, he will have performed almost exactly as well as you’d expect given the state of the economy.

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

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