In this paper I apply the Bread and Peace model of voting in US presidential elections to analyze the sources of George W. Bush’s narrow re-election victory in 2004. The aggregate election outcome is readily explained by the model’s objectively measured political-economic fundamentals – no appeal need be made to arbitrary count, trend, dummy and switching variables. The results imply that the 2004 election turned mainly on weighted-average growth of per capita real disposable personal income over the term. The war in Iraq, which has escalated dramatically in political relevance since the 2004 contest, had a relatively small impact on the election result, most likely depressing Bush’s two-party vote share by less than a half percentage point.
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number
15910.
Find related papers by JEL classification: H0 - Public Economics - - General Z00 - Other Special Topics - - General - - - General P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
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