Former faculty Robert Toplin in Time magazine
In a December, 2014 article in Time magazine and in the History News Network, former faculty member Robert Brent Toplin asks “Just How Much Does the Economy Affect the Outcome of Presidential Elections?”
“In a fascinating paper, Princeton economists Alan S. Blinder (formerly Vice Chairman of the Federal Reserve Board) and Mark W. Watson point to the significance of economic factors in presidential contests (see pages 14-16, especially). Their synopsis of elections since the end of the Second World War reveals that presidential candidates operated with distinct advantages or disadvantages, depending on whether their party or their opponent’s party recently governed in a period of prosperity or economic hardship. In many instances the state of the economy appeared to make as much or more of an impact on the presidential race than the candidates’ personal attributes, campaign strategies, or debating skills.
“It is intriguing to expand upon the insights of Blinder and Watson and consider the potential influence of economic conditions on the 2016 presidential race. The state of the economy could play a major role in the outcome. But long-term wage stagnation could make that factor less significant in 2016. The disruptive character of stagnant wages was evident in the 2014 congressional elections. Even though the U.S. economy had improved substantially in recent years, Democrats lost decidedly in many sections of the nation. Democrats’ failed to excite voter support, partly because average American workers had seen little or no personal economic improvement in the years of the Obama presidency and Democratic influence in Washington. If this situation does not change in the next few years, the condition of the overall economy in 2016 may not influence the voters’ decisions as much as it has in the past.
“Drawing upon insights presented by Blinder and Watson, it is evident that economic factors often affected voters’ judgments in presidential elections up until recent times.”