How can an incumbent win reelection with a bad economy, as Barack Obama did in 2012, defying many forecasts? We focus on the attribution of responsibility at times of severe economic change. When the national economy goes into recession before a new administration takes office, it is highly likely that the old one bears the brunt of responsibility. Using the American National Election Studies Winter 2012 survey, we find that Obama escaped much of the punishment for the poor economic conditions while his predecessor, under whom the economic collapse began, was blamed far more heavily. Moreover, bad conditions notwithstanding, Obama was also credited for an improving economy. It was a combination of blame and credit that greatly helped Obama win reelection with a bad economy.