Focusing on the economy had won Bill Clinton the presidency in 1992. Now in 2008, the current economic crisis that is rocking Wall Street and Main Street is also tilting the election in Senator Barack Obama's favour.
The reasons are quite obvious. Obama is seen as a better bet in times that call for tough decision-making on complex issues. Moreover, the traditional association of Republicans with the American financial elite, who many feel, are largely responsible for this mess, is not helping McCain.
Irrespective of black or white, male or female, all Americans are feeling a pinch in their wallets.
Last year this time, the election was all about the war in Iraq, to stay or to pull out.
Today, the main concerns are the economy and jobs, far outweighing the concerns over national security and the threat of terrorism.
While Obama cannot match John McCain in foreign policy experience, he has been able to leverage this to his advantage as the Republicans have taken most of the blame for the economic crisis.
Fareed Zakaria, Newsweek International Editor, said, "Since the financial crisis broke, I have thought that the election is ver. First of all the party in power always gets punished when the economic news is bad."
As the economy sags, the wind is back at the democrats.
The latest opinion polls show that voters have more confidence in Obama than McCain to steer the economy through a recession. Shashi Tharoor, former Under-Secretary-General of the United Nations, said, "Bad news always helps the challenger but it also seems as if Obama has come across as a steadier hand on the tiller at a time when the ship of the state is being buffeted by heavy storms. At such a time you need some body who does not look as if he is going to lose his head and sink the ship."
The economic situation might have also diffused the Sarah Palin effect who was picked as Mccain's vice president to win over the conservative evangelical vote.
Steven Waldman, CEO of Beliefnet, said, "The social issues and the moral issues like abortion and gay rights are half as important as they were in 2004 and the economy has risen to the top. That has meant that all sorts of religious groups, that would not have voted for Obama or the Democratic Party in the past, are now looking at voting for them."
A few months ago, NDTV caught on camera, a McCain advisor saying that a national security crisis would help the Republican nominee.
Ironically, it is an economic crisis that has wound up helping Barack Obama. People are still scared of the terrorist threat, but the greater fear today is about job losses, melting 401Ks, and disappearing pensions.