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Maybe lack of any name recognition, maybe the fact that the pandemic has restricted much campaigning... or maybe people are just solidified around the two main candidates and aren't as willing to waste votes on 3rd party candidates this year.
Johnson did well for the same reason I think Bernie Sanders did so well in the 2016 Democratic Primary: the protest vote.
I don't think 43% of America agreed with Sanders' stances. I think it was the signal that all was not well in Democrat-land as far as Clinton goes.
When the general election came around, there were likely many Americans that generally vote Democrat (or Republican) that found their major party candidate too big of a pill to swallow, so they made a protest vote.
Just my 2¢.
I voted for Sanders in 2016 in part as a protest vote against Hillary. I think that is part of the reason why Sanders didn't do so well in the primary ultimately. He doesn't actually command 43% of the nation's liberal vote. If he did, he likely wins in 2020.
Johnson was a 2 term Governor. Jorgensen never held any public office and never got more than fringe voting support. Pretty good business and academic career but almost no one knows that or her at all. Or cares about her.
Either you are a libertarian who votes Libertarian and sees that as meaningful act or you don't. Perhaps more will in future but the diversity of Libertarians turns off various factions who do not agree with the others on priorities and rhetorical style / imaging.
Gold bugs / anti- Federal Reserve, small business entrepreneurs, marijuana smokers, "sovereign citizens", conservatives who call themselves libertarians, super rich who want no economic rules, anti-military and usually police, LDS, never Trumpers, never 'again' Trumpers, Tea Partiers who seek separate identity but end up voting for Trump, smaller is better advocates, alternative sexual orientations / lifestyle advocates, anti-international anythings, anti-tax / spending / deficits / swampers, everyone and everything else are wrong / sucks / are stupid stans, I can't vote D or R because of x, y, z, anti-maskers, anti-safety net / welfare, anti-gun regulation, charter schoolers / anti-schoolers, anti-survellience, anti-religion, anti-immigrant, anti-morality or at least anti-morality as law, euthanasia advocates, anti-death penalty, anti-climate change response policies, property rights advocates & absolutists, etc.
Johnson (and Weld his VP) were both higher profile. They also had the benefit of being in regions of the country that lean more libertarian. New England has its far share of libertarians and the Rs typically have a more libertarian than social conservative bent. This is most noticeable in NH. Johnson was Governor in New Mexico. Again SW Rs are much more libertarian and also more racially/religiously diverse than in other parts of the country. Trump has never truly played well with that crowd. There is also a sizeable LDS population in the west were not going to vote D but would not support Trump, so he was a safe place to land. If you look at current polling in Arizona I think Biden has inherited Johnson's supporters from 2016.
I had no clue who Jo Jorgensen was until about a month ago. When I looked up her platform it didn't look realistic to me.
Gary Johnson and Bill Weld were well known to me even before the 2016 election. Both were once prominent Republican governors. Had they been the Republican ticket I would have voted for them.
I believe the name recognition of them, and their credibility as former governors, led to them being able to get a decent percentage of the popular vote for a third party compared to Jo Jorgensen who is a total unknown.
Location: New Albany, Indiana (Greater Louisville)
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Biden is less personally disliked than Hillary and Trump is now a known factor, people love or hate him.
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