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VICTOR DAVIS HANSON: The false gloom of 1992 elections — and the upcoming midterms | Victor Davis Hanson | Opinion

News RoomBy News RoomOctober 4, 2026Updated:October 4, 20269 Mins Read
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Let’s be honest: elections are not always won by the truth. They are often won by whoever tells the most compelling story, even if that story is false. That is exactly what happened in 1992. Bill Clinton defeated George H.W. Bush not because the country was in ruin, but because his campaign convinced enough voters that it was. Al Gore claimed Bush had overseen the worst economic performance since the Great Depression. James Carville, Clinton’s chief strategist, turned that claim into a relentless slogan: “It’s the economy, stupid.” It worked for three reasons. First, Ross Perot entered the race as a third-party candidate and pulled away nearly 19 percent of the vote, most of which would likely have gone to Bush. That fractured the Republican coalition and allowed Clinton to win with just 43 percent of the popular vote. Second, Lee Atwater, Bush’s brilliant and ruthless campaign architect, had died in 1991 at age forty. Atwater was the man who had destroyed Michael Dukakis with the tank ride, the Boston Harbor ad, and the infamous Willie Horton ad. His hardball tactics had made establishment Republicans uncomfortable, so in 1992 they decided they would rather lose nobly than win ugly. They went back to following the Marquess of Queensberry rules while the Democrats played bare-knuckle politics. Third, and most importantly, the Bush campaign never fought back. It never refuted the absurd claim that the country was in a depression. In reality, the recession had officially ended in March 1991. GDP growth for 1992 was a healthy 3.5 percent, which was actually stronger than the growth in Clinton’s first year. Unemployment was still elevated at 7.5 percent, but the stock market grew 7.6 percent and inflation stayed moderate at 2.9 percent. None of that mattered. The story had already been told, and the caricature of Bush as a heartless elitist who wrecked the economy and fought a war for oil had taken root. The lesson of 1992 is that perception can overpower reality, and that a campaign that refuses to defend itself can lose even when the facts are on its side.

Now fast forward to today, and the American economy is not just better than it was in 1992 — it is objectively thriving. The 2025 poverty rate hit an all-time low of 10.2 percent, and child poverty also fell to a historic low. This is remarkable news, and it directly refutes the wild claims from the left that cutting welfare fraud, deporting illegal aliens, and reducing the federal workforce would cause poverty to spike. Instead, the opposite happened. Violent crime has fallen to its lowest rate in some seventy years. Median household income reached a record high of $87,460, which is the highest in the world among large industrialized nations. Manufacturing posted its largest monthly increase since 2022, and service-sector growth jumped to its highest level since 2021. New orders for metals, machinery, computers, appliances, and communications are climbing every month. Even with the ongoing conflict in Iran and the resulting global petroleum interruptions, the Atlanta Federal Reserve predicts third-quarter GDP growth will finish at a blistering 5 percent. The Dow is up 8.1 percent and the S&P 500 is up a staggering 13.5 percent so far in 2026. August unemployment stood at a low 4.1 percent, with 162,000 new jobs created in that single month. Consumer spending remains strong. The United States is the greatest producer of oil and natural gas in history and continues to increase output. If you take away the rise in gas prices, which jumped from $2.81 a gallon in January 2026 to around $4.50, inflation is running at just 2.5 percent — below the 2025 yearly average of 2.7 percent. Wall Street estimates say the annual rate will drop to around 2.2 percent once the Iran war ends and oil flows freely again. By any honest measure, the U.S. economy is not merely recovering; it is entering a boom cycle. It remains the largest in the world and continues to outpace every competitor. Yet if you listened only to the political rhetoric, you would think the country were on the verge of collapse. That disconnect between message and reality is the defining challenge of this political moment.

The problem is that Republicans have not yet figured out how to tell this good news in a way that breaks through. They have all the data, but they have not developed a strategy to inform the public that the economy is sound, improving, and likely to take off once the Iran conflict ends, oil becomes plentiful, tax cuts take full effect, and productivity gains from artificial intelligence kick in. The affordability issue remains the biggest obstacle. Under Joe Biden, average prices rose nearly 21 percent during his four years in office, with a yearly average increase of more than 5 percent. The Trump administration nearly cut that annual rate in half in 2025, and it will reduce it further in 2026. But no president can or should try to engineer radical deflation to restore prices to their 2020 levels. Doing so would require a devastating recession. Trump’s own first-term inflation rate was under 8 percent total, averaging about 2 percent per year — less than half of Biden’s yearly average. In 2025, wages still climbed faster than inflation, which is a genuine victory. But the lingering pain of Biden’s price surge remains real for ordinary families, especially because the cost of staples like food, shelter, vehicles, fuel, and insurance rose nearly 30 percent over those four years. Republicans need to explain this plainly. They need to say: yes, prices are higher, and Democrats did that. But the trend is now reversing, and the worst thing we could do is hand power back to the people who created the inflation in the first place. That message needs to be loud, simple, and repeated constantly, just as “It’s the economy, stupid” was repeated in 1992.

More than that, Republicans have not yet made the case that the upcoming midterms are no longer merely a matter of liberal versus conservative, Democrat versus Republican, or even progressives versus MAGA. The choice on November 3 is something much more fundamental. It is normality and common sense pitted against an unrecognizable Democratic Party that has been taken over by revolutionary socialists. These are not traditional liberals who agree on the basic contract of American citizenship. They are zealots who sympathize with Islamist causes and who do not cherish the United States as it has existed for 250 years. They are not shy about their plan to remake America into something resembling radical European socialism at best, or Cuba at worst. If they get their way, even the most lurid and false liberal claims about our current economic problems will pale by comparison. This may sound like strong language, but it is the reality of what the modern Democratic coalition has become. The party that once defended working families now defends open borders, defunds the police, excuses riots, subjects every aspect of life to identity politics, and treats America’s history as a shameful stain rather than a story of progress. The stakes of this election are not just about tax rates or spending bills. They are about whether the United States will remain a sovereign, prosperous republic or become a hollowed-out experimental state. That is the message that needs to be delivered, not in abstract policy terms, but in vivid, urgent language that makes people understand what will happen if they stay home or vote the wrong way.

The 1992 election is a warning because it shows what happens when good leaders refuse to fight lies. George H.W. Bush achieved historic foreign policy victories. He navigated the aftermath of the Berlin Wall, managed the collapse of the Soviet Union, and won the Gulf War decisively. None of it saved him, because the Clinton campaign successfully drowned out all of that with the false narrative of a crushing recession. Without Lee Atwater at the helm, the Bush team never found the will or the skill to refute the caricature. They were branded as heartless elitists who cared only about blood for oil. Today, Republicans are in a similar position. They have truth on their side: the economy is booming, poverty is down, wages are rising, crime is falling, and American technological dominance is unmatched. But if they refuse to make arguments with the same energy and creativity that the left uses, they will lose the narrative war again. The data will not save them. Good economic numbers do not vote. People do, and people vote based on what they believe, not on what is true. That is why it is essential for Republicans to counterattack every false claim, to name every lie, and to repeat their positive message until it becomes impossible to ignore. They must learn from Atwater’s playbook without necessarily adopting his tactics. The goal is not to be cruel; it is to be effective. The goal is to tell the American people the truth about how good things actually are and to remind them who made it that way.

There is every reason to be optimistic about the future. The predictions that the European Union’s collectivist model would overtake the United States, or that China’s 1.4 billion people would inevitably surpass us, simply did not come true. In key categories like digital media, software, artificial intelligence, bioengineering, and space technology, American companies are the largest and most successful in the world. In global top-ten rankings, eight or nine of the top slots are typically U.S. corporations. The American economy is entering a boom cycle, and its growth ensures that it remains the strongest force on the planet. But none of that matters if Republicans do not learn the lesson of 1992. In that year, a mediocre economic recovery was recast as a catastrophe, and a competent president was chased from office because he refused to defend himself. Today, we have a record-breaking economy and a president willing to fight. The missing piece is a coherent, relentless, and emotional campaign strategy that translates data into stories, numbers into feelings, and policy into patriotism. The American people need to understand that they are not being asked to choose between two flawed parties. They are being asked to choose between a normal country and a revolutionary fantasy. If Republicans can make that case clearly enough, the 2026 election can be won with the truth. And if they do not, history will repeat itself, with all the sadness and absurdity of 1992. The choice is theirs. The facts are on their side. The only question is whether they will find the voice to say so.

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