Voting and the Macroeconomy

The people have been promised more than can be promised; they have been given hopes that it will be impossible to realize ... The expenses of the new regime will actually be heavier than the old. And in the last analysis the people will judge the revolution by this fact alone-does it take more or less money? Are they better off? Do they have more work? And is that work better paid? All Political history shows that the standing of the Government and its ability to hold the confidence of the electorate at a General Election depend on the success of its economic policy.