The political impact of difficult economic conditions in the democracies of the developing world depends in part on how people at the grass roots evaluate their political interests. This article argues that understanding the political interests of lower-income persons requires two separate analyses: how people think about their material conditions, which is affected by the type of material hardships and the objective capacity to cope with those conditions; and how people think about politics, given party and class identities and economic, historic and political contexts. Using in-depth interviews in Argentina, the research develops an analytical framework through which to evaluate the conditions under which people would, and would not, support a government that does not alleviate their economic difficulties. The analysis is used to examine recent events in Argentina and is applied to other cases.