It's always the economy, stupid
My Sunday column will be familiar to readers of the blog: When it comes to elections, the economy -- particularly real disposable income -- matters a lot more than, well, anything else. That goes for candidates, ads, gaffes, weather and, yes, even deficits. The graph below (and thanks to the Monkey Cage's John Sides, and the Washington Post's Pamela Tobey and Dylan Matthews, for making it) tells the story: Track election results against changes in the deficit and you get a mess. Track them against changes in the economy and you get a strong, clear line. Click on the image for a larger version:
One of the interesting features of the second graph is the presence of 1964, 1972 and 1984 at the top of it. Those years -- the Goldwater, McGovern, and Mondale years -- are, in the popular memory, the strongest possible argument that candidates matter. They were all historic routs that we blame on terrible, terrible candidates.
But placed on this graph, they become the strongest possible argument that candidates really don't matter. The three historic routs coincide with the three historic years of income growth. In other words, if you knew nothing about the candidates, you still could've predicted that the largest incumbent victories would be in those three elections.
That isn't to say that the candidates didn't matter at all. The incumbents somewhat overperformed, and it's possible that better candidates could've made them underperform. It's also possible that good economies attract bad challengers, as better candidates wait for a year when they have a better shot. But even so, most of the results are explained by the economy, even as we've explained them to ourselves in terms of the candidates. And those three elections are just particularly strong examples of an interpretive mistake we make all the time.
Update: For a variety of technical and space-related reasons, we ended up only graphing presidential elections in the piece. But over at the Monkey Cage, Sides runs the numbers for midterm elections set against changes in the deficit. The story remains the same:
"The line summarizing this relationship is nearly flat and the relationship itself is statistically insignificant. The story is also the same in midterm years only and in Senate elections," concludes Sides.
July 12, 2010; 9:09 AM ET
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