Key points are not available for this paper at this time.
According to the Bread and Peace Model postwar, American presidential elections should be interpreted as a sequence of referendums on the incumbent party's record during its four-year mandate period. In fact postwar aggregate votes for president are well explained by just two objectively measured fundamental determinants: (1) weighted-average growth of per capita real disposable personal income over the term, and (2) cumulative US military fatalities due to unprovoked, hostile deployments of American armed forces in foreign wars. No other outside variable systematically affects postwar aggregate votes for president.
Douglas A. Hibbs (Thu,) studied this question.