American Politics and the Economy : 2013

Sunday, December 15, 2013

Economy Ranked One of the Top Issues that Matter to Young Voters

A study by the Pew Research Center found that voters between the ages of 18-29 list the economy as their top issue. Devan Lewis, a junior at Jackson State University, said the economy is his top concern. "I would like to be able to get a job with my journalism degree," he worried. President Obama had overwhelming support from young voters during the 2008 and 2012 elections, which is credited to his stance on social issues and environmental issues, not economic issues.

Issues Important to Peoples Ages 18-29

How People Voted in the 2008 Election

A study by Harvard Data in 2013 said that young voters are less likely to think it is important to support issues such as climate change, health care, or immigration. Experts believe the Presidential election in 2016 and mid-term elections will show if young voters value the economy over prominent social issues today.

Citation:

SAULNY, SUSAN. "Stung by Recession, Young Voters Shed Image as Obama Brigade."New York Times. New York Times, 1 July 2012. Web. 15 Dec. 2013. <http://www.nytimes.com/2012/07/02/us/politics/economy-cuts-into-obamas-youth-support.html>.

Link:

http://www.nytimes.com/2012/07/02/us/politics/economy-cuts-into-obamas-youth-support.html

How are Super PAC's Affected by the Economy?

A Political Super PAC means a Political Action Committee. A Super PAC organization pools campaign contributions from members and donates those funds to campaign for or against candidates, ballot initiatives, or legislation. In the recent 2012 election, the top 100 individual super PAC donors in 2011–2012 made up just 3.7% of contributors but accounted for more than 80% of the total money raised. Super PACs are generally not affected by the economy because they rely solely on a few big donors who are still able to give during a tough economic time.

Graph Showing Super Pac vs. Canidate Spending

Political Cartoon

“Beneath the still struggling American economy, there is a gold rush going on. An unprecedented $5.8 billion will be spent in this election cycle, $2.5 billion in the presidential election alone,” Avlon said. The election of 2012 is proof that even if the economy is still in recovering the Super PACs remain unaffected.

Citation:
Keller, John Avlon,Michael. The Daily Beast. Newsweek/Daily Beast, n.d. Web. 15 Dec. 2013. <http://www.thedailybeast.com/articles/2012/09/18/the-super-pac-economy.html>.

Link:

http://www.thedailybeast.com/articles/2012/09/18/the-super-pac-economy.html

How the Economy Affected the Election of 2012

The economy played an instrumental role in the election of 2012 between incumbent President Obama and Governor Mitt Romney. President Obama was able to convey to Americans that the economy was steadily improving. Job growth was up and economists were projecting that the economy was in the early stages of recovery.

Graph of American Opinion on Key Issues

President Barack Obama

Governor Mitt Romney

Electoral Map of the Presidential Election of 2012

President Obama argued that if Governor Romney was elected the Republicans would return to the Bush-era policies that created the crisis. Experts believe that voters based their decision on the economy and the majority of voters believed they were better off in 2012 than they were in 2008.

Citation:

LEONHARDT, DAVID. "Muddled Economic Picture Muddles the Political One, Too." The New York Times. New York Times, 13 Mar. 2012. Web. 15 Dec. 2013. <http://www.nytimes.com/2012/03/14/us/politics/economy-plays-biggest-role-in-obama-re-election-chances.html>.

"United States Presidential Election, 2012." Wikipedia. Wikimedia Foundation, 13 Dec. 2013. Web. 14 Dec. 2013. <http://en.wikipedia.org/wiki/United_States_presidential_election,_2012>.

Links:

http://en.wikipedia.org/wiki/United_States_presidential_election,_2012

http://www.nytimes.com/2012/03/14/us/politics/economy-plays-biggest-role-in-obama-re-election-chances.html

How the Economy Affected the Presidential Election of 2008

The Election of 2008 between President Barack Obama and Senator John McCain is a classic example of how the economy affects the political environment. Reports showed that in the election of 2008 the economy was a top issue for voters. During the fall of 2008 news reports in the United States were saying that the economy was having the most serious downturn since the Great Depression. In a time when the average American was suffering financial problems at home, Senator John McCain was portrayed as out of touch with current economic issues.

Senator John McCain

President Barack Obama

Electoral Map for the Presidential Election of 2012

Experts conclude that the majority of Americans in 2008 blamed President Bush’s Republican economic policies for the recession, thus Americans were opposed to electing Senator John McCain because he harbored similar economic policies. The Election of 2008 proved to be one of the most economically-influential elections in United States history.

Citation:

FARNHAM, ALAN. "Obama: Will Bad Economy Cost Him Re-Election?" ABC News. ABC News Network, 05 June 2012. Web. 15 Dec. 2013. <http://abcnews.go.com/Business/2012_Elections/economy-swung-presidential-elections/story?id=16492691>.

"United States Presidential Election, 2008." Wikipedia. Wikimedia Foundation, 15 Dec. 2013. Web. 15 Dec. 2013. <http://en.wikipedia.org/wiki/United_States_presidential_election,_2008>.

Links:

http://en.wikipedia.org/wiki/United_States_presidential_election,_2008

http://abcnews.go.com/Business/2012_Elections/economy-swung-presidential-elections/story?id=16492691#1

How the Economy Affected the Presidential Election of 2004

The election of 2004 between President George W. Bush and Senator John Kerry was an election in which the economy was not a deciding issue, unlike the election of 2008. President Bush had come into office to confront a recession. During the election of 2004, the economy was seeing a modest comeback. Thus, Senator John Kerry was unable to use the economy as a political issue in his favor.

President George W. Bush

Senator John Kerry (Secretary-of-State today)

Electoral Map of the Presidential Election of 2004

Experts conclude that the election of 2004 is a lot like the election of 2012, "It's an interesting election, because it's somewhat similar to the present moment," Goolsby says. Meaning that during the 2012 presidential election the economy was seeing a turn-around which in turn hurt Governor Mitt Romney. The election of 2004 is evidence that politics is not always a deciding factor in Presidential Elections.

Citation:

"United States Presidential Election, 2004." Wikipedia. Wikimedia Foundation, 15 Dec. 2013. Web. 15 Dec. 2013. <http://en.wikipedia.org/wiki/United_States_presidential_election,_2004>.

Links:

http://en.wikipedia.org/wiki/United_States_presidential_election,_2004

http://abcnews.go.com/Business/2012_Elections/economy-swung-presidential-elections/story?id=16492691#2

How the Economy Affected the Presidential Election of 2000

The Election of 2000 between Vice-President Al Gore and Governor George Bush came at a pivotal time in the nation’s economy. During the election, the economy was strong and many experts believed the economy should have worked to Al Gore’s advantage. In fact, many experts believe if voters chose a candidate solely based on the economy then Gore should have won.

President George W. Bush

Vice-President Al Gore

Electoral Map of the Presidential Election of 2000

However, Bush was able to effectively draw public attention away from the economy. The election of 2000 is another example of the economy not being a determining factor in elections if the economy is in good shape.

Citations:

"United States Presidential Election, 2000." Wikipedia. Wikimedia Foundation, 13 Dec. 2013. Web. 14 Dec. 2013. <http://en.wikipedia.org/wiki/United_States_presidential_election,_2000>.

Links:

http://en.wikipedia.org/wiki/United_States_presidential_election,_2000

http://abcnews.go.com/Business/2012_Elections/economy-swung-presidential-elections/story?id=16492691#3

How the Economy Affected the Presidential Election of 1992

The presidential election of 1992 was one of the most economically-centered elections in United States history. The election was between then sitting President George H.W. Bush, Governor Bill Clinton, and Ross Perot. In February of 1991, Bush was at a 89% approval rating; however, the United States soon after that went into recession.

President Bill Clinton

President George H. W. Bush

Ross Perot

Electoral Map of the 1992 Presidential Election

At the time the election polls showed that 75% of voters thought the economy was in Fairly Bad or Very Bad shape, while 63% of voters thought their personal finances were better or the same as four years ago. In response to the bad economy, Clinton used the phrase, “It’s the economy, stupid.” Thus, many experts agree that the economy played a pivotal role in the election of 1992.

Citations:

"United States Presidential Election of 1992 (United States Government)." Encyclopedia Britannica Online. Encyclopedia Britannica, n.d. Web. 13 Dec. 2013. <http://www.britannica.com/EBchecked/topic/1574499/United-States-presidential-election-of-1992>.

"United States Presidential Election, 1992." Wikipedia. Wikimedia Foundation, 15 Dec. 2013. Web. 15 Dec. 2013. <http://en.wikipedia.org/wiki/United_States_presidential_election,_1992>.

Links:

http://en.wikipedia.org/wiki/United_States_presidential_election,_1992

http://www.britannica.com/EBchecked/topic/1574499/United-States-presidential-election-of-1992

How the Economy Affected the Presidential Election of 1980

The election of 1980 between Governor Ronald Reagan, President Jimmy Carter and Representative John Anderson was an election that the economy played a strong role in the factor of Ronald Reagan being elected. During Carter’s presidency, inflation had increased from 6% to 12% and unemployment and interest rates were at record highs.

President Jimmy Carter

President Ronald Reagan

Representative John B. Anderson

Electoral Map of the Presidential Election of 1980

During a Presidential debate, Ronald Reagan asked the public, “Are you better off now than you were four years ago?” There were other key factors in the election of 1980 such as the Iranian Hostage Crisis; however, experts believe that most Americans voted with their pocketbooks.

Citation:

Encyclopedia Britannica Online. Encyclopedia Britannica, n.d. Web. 15 Dec. 2013. <http://www.britannica.com/presidents/article-214227>.

"United States Presidential Election, 1980." Wikipedia. Wikimedia Foundation, 15 Dec. 2013. Web. 15 Dec. 2013. <http://en.wikipedia.org/wiki/United_States_presidential_election,_1980>.

Links:

http://en.wikipedia.org/wiki/United_States_presidential_election,_1980

http://www.britannica.com/presidents/article-214227

The Political Economy Today

Today political economy commonly refers to how economics, law, and political science influence political environments, political institutions, and the economic system influence each other. Today political economy is broken down into three subject areas: the role of government and resource distribution, the international political economy, which looks at the economic impact of international relations, and the economic models used in political processes.

The traditional topics associated with political economy are economic regulation, monopolies, market production, and distributional politics. Coming more into focus today is how the economy affects elections. Later blog posts will look at how the economy affected presidential elections.

Citation:
"Defining Political Economy." Defining Political Economy. N.p., n.d. Web. 15 Dec. 2013. <http://www.politicaleconomy.org/defining.htm>.
Link:

http://www.politicaleconomy.org/defining.htm

History Behind the Political Economy

The aim of this blog is to understand how politics and a nation’s economy affect one another. The term economist’s use for this is political economy. The meaning of political economy has varied over the years. Originally, political economy meant the study of how the conditions in a country affect production and consumption in the parameters organized by the government.

The term political economy or économie politique first appeared in France in 1615 in a book by Antoine de Montchrétien. Following the book, many prominent theorists began to write about how politics and the economy influenced one another, such as Adam Smith , Karl Marx and Thomas Malthus. In the United States, political economy was first taught at the College of William and Mary where Adam Smith’s book “The Wealth of Nations” was a required textbook.

Citations:

"Adam Smith-Wealth of Nations vs Karl Marx-Communist Manifesto - The Cold War."Adam Smith-Wealth of Nations vs Karl Marx-Communist Manifesto - The Cold War. N.p., n.d. Web. 15 Dec. 2013.

"Political Economy." Investopedia. N.p., n.d. Web. 15 Dec. 2013.

Links:

https://sites.google.com/site/caitelizabethm/fiverr-gigs

http://www.investopedia.com/terms/p/political-economy.asp