The incumbent president loses the chance for a second term in office because voters are unsatisfied with the current state of the economy. In this case, the voters employed

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Retrospective voting refers to voters basing their decision on the past performance of the incumbent rather than the promises of the future. In this case, the dissatisfaction with the economy reflects a negative evaluation of the incumbent's performance in their first term, leading to their defeat in the election.

The Incumbent President Loses the Chance for a Second Term