The Presidential Puzzle - explanation in the context of expected stock returns

I thought this was an interesting video and I think it does a good job explaining at least part of why Trump won. Here's the original paper if you're interested.

I think the economy was a major factor in deciding this election, but obviously there are a lot of other factors to consider, such as the DNC not having a primary, Biden having a poor approval rating, and concerns around China and Russia, among a host of others. However, this seems to do a fantastic job explaining the results as well.

What do you think? Do you think public perception of the economy and political party influence on the economy was a significant factor in this election? Do you think that indicates a decent likelihood of either an economic correction or at least reduced returns at some point in Trump's presidency?