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Forbes Media chairman Steve Forbes has predicted that the state of the economy will cost President Biden the 2024 Democratic nomination.
Polls have shown the majority of Americans believe the economy has been bad under Biden with skyrocketing inflation.
Forbes said, “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,” he continued.
“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,” he said. “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.”
“And I think that’s why next year Joe Biden will not be the Democratic Party nominee,” Forbes explained. “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.”
The efforts by the Federal Reserve to reduce inflation through an aggressive interest-rate hike campaign in April were not fruitful.
This is because while the consumer price index (CPI) had only recorded a 0.1% increase in March, it rose by 0.4% in April.
The Labor Department revealed that the 4.9% increase in prices in April had dropped slightly below the 5% that economists from Refinitiv had forecasted.
The high increase in annual prices indicates that the economy still has strong underlying price pressures, which is affecting millions of Americans.
Although inflation has reduced from its peak of 9.1%, it is still more than twice the pre-pandemic average, and it is also well above the Fed’s target rate of 2%.
