Economic model concludes that Obama will lose in a near landslide
Let's not get too cocky here. An economic model based upon per capita real disposable personal income over the incumbent president’s term, and cumulative U.S. military fatalities in overseas conflicts predicts that President Obama will lose in a near landslide
in 2012 (Hat Tip: Instapundit
Political scientist Douglas Hibbs looks at two factors when forecasting presidential elections: a) per capita real disposable personal income over the incumbent president’s term, and b) cumulative U.S. military fatalities in overseas conflicts.
And he’s predicting a near-landslide win for Mitt Romney over Barack Obama, with Obama losing by about as big a margin in 2012 as he won back in 2008. Under Hibbs Bread and Peace model, Romney wins 52.5% to Obama’s 47.5%.
And How is Hibb’s track record?
The only postwar presidential election results not well explained by the Bread and Peace model are 1996 and 2000. In 1996 the vote received by the incumbent Democrat Clinton was 4% higher than expected from political‐economic fundamentals, whereas in 2000 the vote for the incumbent Democratic Party candidate Gore was 4.5% less than expected from fundamentals. I am tempted to argue that idiosyncratic influence of candidate personalities took especially strong form in those elections, with the ever charming Bill Clinton looking especially attractive when pitted against the darkly foreboding Bob Dole in 1996, and the unfailingly wooden Al Gore paling by comparison to an affable George W. Bush in 2000. Alas, this line of reasoning is entirely ad hoc and without scientific merit. Reading Hibb’s entire paper, I get the sense he is not thrilled with what his model is telling him. He even mentions that he’s a big fan of betting markets, and they show an Obama win. But the model says what it says — even he kind of gently suggests Romney is another stiff, just like Dole and Gore.
What could go wrong?
Labels: Barack Hussein Obama, Campaign 2012, Mitt Romney