Willkie crusaded against Roosevelt's attempt to break the two-term presidential tradition, arguing that "if one man is indispensable, then none of us is free." Even some Democrats who had supported Roosevelt in the past disapproved of FDR's attempt to win a third term, and Willkie hoped to win their votes. Willkie also criticized what he claimed was the incompetence and waste in Roosevelt's New Deal welfare programs; he stated that as President he would keep most of FDR's government programs but would make them more efficient. However, many Americans still blamed business leaders for the Great Depression, and the fact that Willkie symbolized "Big Business" hurt him with many working-class voters. Willkie was a fearless campaigner; he often visited industrial areas where Republicans were still blamed for causing the Great Depression and where FDR was highly popular. In these areas Willkie frequently had rotten fruit and vegetables thrown at him, and was heckled by crowds, yet was unfazed.
Willkie also accused Roosevelt of leaving the nation unprepared for war, but Roosevelt's military buildup and transformation of the nation into the "arsenal of democracy" removed the "unpreparedness" charge as a major issue. Willkie then reversed his approach and charged Roosevelt with secretly planning to take the nation into World War II. This accusation did cut into Roosevelt's support; in response FDR, in a pledge that he would later regret, promised that he would "not send American boys into any foreign wars."
On Election Day—November 5, 1940—Roosevelt received 27.3 million votes to Willkie's 22.3 million, and in the Electoral College, Roosevelt defeated Willkie 449–82. Willkie did get over six million more votes than the GOP's 1936 nominee, Alf Landon, and he ran strong in rural areas in the American Midwest, taking over 57% of the farm vote. Roosevelt, meanwhile, carried every American city with a population of more than 400,000 except Cincinnati, Ohio.