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"Vote for Wally and the Beaver" is in reference to Walter Mondale and Geraldine Ferraro who made up the democratic presidential ticket in the 1984 election. A number of crude slogans were designed to poke fun at the Mondale-Ferraro ticket. Wally and the Beaver is in reference to characters from the popular TV show Leave it to Beaver but also utilizes the word "beaver" as slang for vagina.
The 1984 election was a massive defeat for Mondale at the hands of the Ronald Reagan-George H.W Bush ticket. Mondale was able to win only 13 electoral votes to Reagan's 525. This election marks the second fewest votes in a presidential election - the least ever garnered was 8 by Alf Landon in the 1936 election. As a whole both Reagan campaigns (1980 and 1984) are considered to be "positive" campaigns and his years in office are refereed to as "good morning America". In an effort to expose Reagan, Mondale focused on what he saw was truth and admitted openly that he would raise taxes; his openness and honesty would mark his defeat much like Jimmy Carter in 1980.