What motivates citizens to vote or abstain from voting? What determines vote choice? Models of turnout predominantly focus on a series of factors that affect perceptions of the benefits and costs of voting. The economy's influence on those perceptions has gone largely undeveloped. Models of vote choice routinely account for economic influences while ignoring turnout. This article presents a comprehensive analysis of the role of the economy as mobilizer and demobilizer. I argue that the economy has an impact on turnout decisions and that its impact is asymmetric. All else equal, the incumbent party is able to mobilize more supporters, relative to the non-incumbent party, in good economic times and more supporters are demobilized in adverse economic times. However, Democrats and Republicans are not sensitive to the same elements of economic performance. This is in part a function of the way in which the economy influences perceptions of the closeness of the impending election and of the candidates and their parties. Analysis of pooled data from ANES surveys for the twelve presidential elections from 1956 to 2000 confirms the validity of these arguments.