On “America’s Newsroom” on Friday, Forbes Media chairman Steve Forbes argued that Biden will not be the 2024 Democrat nominee due to the state of the economy.
While inflation has come down slightly since record highs last year, that only means prices are going up marginally slower, an idea Forbes dove into.
“I think what’s happening with the economy, even though it’s not officially in a recession, it’s sort of the economic equivalent of walking pneumonia. Not enough to put you in bed yet, but just dragging you down, draining the energy. I think there is economy fatigue, one thing after another. So, inflation has come down a little bit. Prices are still going up. Wages aren’t going up fast enough. There’s a feeling the country is adrift. These whole negotiations on the debt ceiling, my goodness! They can’t control spending even though it’s $2 trillion higher than it was a couple of years ago. People just throw up their hands and say these people are out of control.”
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Nearly half of American voters feel President Biden’s policies hurt them, while only 20% think it’s helping. What’s more, 83% of voters feel the economy is “only fair/poor,” according to Fox. Forbes explained that this issue is an insurmountable obstacle for Biden, with other problems piled on top of it being final nails in the coffin.
“And I think that’s why next year Joe Biden will not be the Democratic Party nominee … Because the economy — yeah, they can sweep the Hunter stuff away — but that has a stench out there. So you have a poor economy, you have a president people feel is not up to the job anymore, certainly not for the next four years. So I don’t know what the scenario is going to be, but they cannot have him running in November of 2024.”
Regarding alternative nominees, Forbes floated Senator Bernie Sanders and California Governor Gavin Newsom as likely challengers and potential replacements.
And it’s not hard to see why Forbes feels there may be blood in the water for potential Democrat challengers to Biden.
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Although inflation has cooled from its peak of 9.1%, it remains more than double the pre-pandemic average and well above the Fed’s 2% target rate.
Despite aggressive interest rate hikes, inflation rose again in April, continuing to hurt millions of Americans. Prices climbed 4.9% annually, slightly below the 5% increase forecast by Refinitiv economists. According to Fox, prices in the consumer price index (CPI), a measurement of everyday consumer items, rose 0.4% in April from the previous month, much faster than the 0.1% increase recorded in March.
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