Does The Economy Affect Elections?

The midterm elections are fast approaching, and with rampant inflation one of the main concerns for Democrats is the state of the economy. It’s commonly accepted that some voters cast their ballots solely on the price of gas and bread, but does the science back that up? There is a classic paper by political scientist Gerald Kramer from 1971 that can help us answer that question. It systematically evaluates the relationship between changes in the various dimensions of the economy and two party vote share over the better part of a century. On this episode, we discuss that paper, what it can tell us about the Democrat’s chances in the 2022 midterms, and if the possible effects of the Inflation Reduction Act.