A President Out of Work: A Note on the Political Economy of Presidential Approval in the Bush Years

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Abstract
On 3 November 1992 the American electorate dismissed President George Bush after a campaign in which his opponents repeatedly criticized his management – or mismanagement – of the nation's sluggish economy. Although the salience of economic issues in the 1992 election is consistent with the emphasis placed on economic conditions in most studies of presidents' job approval ratings, the results of these studies have recently been challenged. Based on analyses of quarterly data for the 1953–88 period, MacKuen, Erikson and Stimson conclude that voters' subjective evaluations of the long-term performance of the national economy are crucial. Controlling for such expectations, retrospective judgements about economic performance and objective economic conditions are not important determinants of approval of the president. These conclusions are at odds both with the traditional ‘reward-punishment’ theory that emphasizes the importance of retrospective economic evaluations for approval of the president and with the revisionist ‘issue-priority’ theory which contends that inflation and unemployment rates have differential effects on support for Republican and Democratic presidents.