Elections which weren't about the economy, stupid.

[J. J.]

It's not that hard. If Joe the Plumber (1980s model) saw his standard of living and wages stagnate in comparison to the very rich, yet he still voted for Bush, then it was probably because Dukakis wanted to use the American flag as toilet paper.

1988 was when we were still in a period of growth.  The market crashed in 1987, but it passed its 1986 high in 1988, and unemployment was dwindling.  You also have to remember that most voters remembered the 1970's.