In 1992, the U.S. presidential election featured a showdown between Republican incumbent George H.W. Bush, and on the Democrat side, Arkansas Gov. Bill Clinton. A certain derisive slogan emerged from the race, albeit not an official one. “It’s the Economy, Stupid!” was an expression used by detractors to describe an administration they saw as being out-of-touch with the issue that mattered most to the majority of Americans.