The myth of voting with one’s wallet – The Property Chronicle
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The myth of voting with one’s wallet

Political Insider

Do Americans “vote with their wallets?” This near-ubiquitous cliche seems at first to pass the test of common sense. Why wouldn’t people vote for the candidates under whom they’ll do the best financially? A wealthy voter should favor the candidate who will lower their taxes. A chronically unemployed voter should support the candidate promising lavish government handouts.

In the most basic economic terms, however, this logic falls apart. If one votes, for example, to maximise the present value of their future income, the answer is to not vote at all. Given the vanishingly low probability of breaking a tie, voting isn’t worth the gasoline used to drive to one’s local fire station and cast a ballot.

Perhaps this critique says more about the limits of economic modelling than it does about voting. Slogans like “It’s the economy, stupid” and “Are you better off than you were four years ago?” suggest a bigger-picture view people can take when voting with their wallets. But once again, this view fails to hold water.

The concept of “voting with one’s wallet” frequently causes partisans who don’t understand the other party’s voters to make strategic errors. It also perpetuates the destructive idea that different groups of citizens are playing a zero-sum game against each other. Finally, and perhaps most insidiously, it creates the myth that the right politician can make our wallets grow.

The seduction of Joe Sixpack

In late 2004, after voters delivered four more years of George W. Bush, my parents and their progressive friends were abuzz about George Lakoff’s book Don’t Think of an Elephant. Lakoff urged earnest lefties to get more politically savvy. To summarize the book, John Kerry had lost because of those crafty Republicans who through use of buzzwords like “pro-life” and “tax relief” had mesmerised Joe Sixpack into voting against his economic interest. A couple of years later came Thomas Frank’s What’s the Matter With Kansas? – similar in its cringeworthy myopia though subtly more scolding to Joe Sixpack himself in tone.






Political Insider

About Max Gulker

Max Gulker is an economist and writer who joined AIER in 2015. His research focuses on two main areas: policy and technology. On the policy side, Gulker looks at how issues like poverty and access to education can be addressed with voluntary, decentralized approaches that don’t interfere with free markets.

Articles by Max Gulker

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