In 2008, both Barack Obama and John McCain repeatedly talked about “reform” and “change” on the campaign trail, presumably believing that voters would respond to a president who could challenge the established way of doing business. The authors gauge the significance of “reform” politics in 2008 through two analyses. First, they estimate a two-dimensional issue space, paying particular attention to the possibility of a reform/establishment dimension. Second, they consider whether voters (1) preferred reform candidates, and (2) saw Obama or McCain as credible reform candidates. The data indicate the existence of a reform–establishment dimension. However, neither Obama nor McCain effectively convinced voters that they were reformers.