Conventional wisdom holds that Trump won the 2016 election by appealing to voters left behind in Obama's economy and may win re-election based on a stronger economy in 2020. But new research casts doubt on both stories. Sean Freeder finds that the effect of economic performance on the president's re-election has been declining since the 1980s because citizens both misperceive the economy and selectively credit the president to match their partisan bias. Robert Griffin finds that 2016 Trump supporters were actually better off than Clinton supporters, especially racial minorities, once you minimize the effect of partisan bias. And real economic distress may still hurt Trump in 2020.