https://www.realclearpolitics.com/articles/2019/10/02/five_observations_on_the_politics_of_impeachment.html
As the House initiates an official impeachment inquiry and moves toward a likely vote to impeach, here are five observations on the politics of the moment:
Our previous impeachments shed little light on this one. It’s generally unwise to make confident predictions without a relatively large data set to draw upon. Here, we have only had four examples of serious impeachment proceedings.
The first two – John Tyler and Andrew Johnson – do not help us understand our present politics. Both involved presidents who had weak relationships with their respective parties and who had succeeded to the office after presidents of the opposing party had died while serving. Perhaps more importantly, both took place in the mid-1800s, long before the arrival of reliable public opinion polling.
The other two examples are more relevant, but in both cases it is nearly impossible to isolate the specifics of impeachment from the broader political context. Richard Nixon’s case would seem to offer a good example for Democrats, as his job approval suffered an astonishing decline from 67% at his second inauguration to a mere 24% as he left office after being told by GOP leaders that he would not survive a Senate trial. Republicans were crushed in the ensuing midterm elections, and Nixon’s successor, Gerald Ford, lost to an inexperienced Southern Democrat named Jimmy Carter two years later.
It is not, however, clear how much of this is attributable to impeachment itself. Nixon had the advantage of running for reelection amid 5% economic growth, which doubtless juiced his job approval numbers. But the economy began turning against Nixon at the beginning of his second term. The easy money policies pursued by the Federal Reserve began to catch up with the country, as the monthly inflation rate brushed up against 1% in March 1973 and almost hit 2% in August. Overall inflation for the year was almost 9%, and the federal funds rate hit 11%. In 1974, inflation surged to over 12%.
At the same time, in October of 1973, OPEC instituted an embargo of oil to the United States, causing widespread gas shortages. The country entered a serious recession, which lasted until 1975 – the longest recession the country had experienced since the Great Depression.