The 2004 election has been interpreted as a resounding victory for conservative values. Was it in fact a mandate? The present analysis examines recent electoral outcomes and the 2004 election with particular reference to economic and political fundamentals. It compares the results of the 2004 election with predictions using voting models. Additionally, it identifies the trends for different socioeconomic groups. It concludes that the Republican incumbent candidate in 2004 did significantly worse than would be predicted based on economic and political variables such as incumbency and economic performance.