Media mogul Steve Forbes says he doesn’t believe President Joe Biden will be the Democratic nominee in the 2024 election with the economy solely to blame.
Forbes, the president of Forbes media, said he believes the poor state of the economy will cost Biden the Democratic nomination.
“I think what’s happening with the economy, even though it’s not officially in a recession, is sort of the economic equivalent of walking pneumonia,” he said on FoxNews Friday.
‘Not enough to put you to bed yet, but just dragging you down, draining the energy. I think there is economic fatigue, one thing after another.
Forbes, which is estimated to be worth $430 million, made the comments after a Fox News poll found that 83% of Americans think the economy is in “fair/poor” condition.
Media mogul Steve Forbes says he doesn’t believe President Joe Biden will be the Democratic nominee in the 2024 election with the economy solely to blame.
“So inflation has come down a bit. Prices are still going up. Wages are not going up fast enough. There is a feeling that the country is adrift,” he said.
“All those debt ceiling negotiations, my God! They can’t control spending even though it’s $2 trillion higher than it was a few years ago.
“People are giving up and saying these people are out of control.
Inflation figures slowed for the 10th consecutive month in April, offering respite to overwhelmed households.
Statistics from the US Bureau of Labor Statistics show that the annual inflation rate is now 4.9%, down from its peak of 9.1% in June 2022.
It is the first time that the United States has recorded a rise of less than 5% in less than two years, although it remains well above the target rate of 2% set by the Fed.
But it’s not all bad news. A breakdown of the data by Dailymail.com reveals that while the price of some groceries such as eggs is still extremely high, tech products such as smartphones and televisions are actually defying inflation.
A recent poll suggests Biden has a 33% approval rating when it comes to the economy
A breakdown of the data by Dailymail.com reveals that while the price of some groceries such as eggs is still extremely high, tech products such as smartphones and TVs are defying inflation
The cost of eggs has climbed 21.4% over the past 12 months, while flour is 17.8% more expensive.
Besides inflation, Congress and the White House are currently negotiating the national debt ceiling.
Treasury Secretary Janet Yellen said June 1 was the deadline to extend the debt ceiling.
It has caused panic on both sides of the political spectrum as Republicans call for spending cuts, while President Joe Biden wants to raise the debt ceiling.
If an agreement is not reached quickly, the United States could default on its debt, which would be a disaster for households.
Experts say it could lead to the loss of seven million jobs – if default lasts longer than six weeks – investments plummet and mortgage payments rise.
Biden is struggling to maintain the approval of the American public in light of economic challenges.
The Fed has raised rates rapidly over the past year to fight inflation, but higher rates increase the risk of recession and hurt stock prices and other investments
A default could lead to delayed Social Security payments, lower investment and soaring mortgage rates
A poll from the Associated Press and the National Opinion Research Center (AP-NORC) found that Biden has just 33% approval when it comes to the economy.
Forbes thinks the economy will be the Achilles’ heel of Biden’s second run at the White House.
“I think that’s why next year Joe Biden won’t be the Democratic Party nominee… Because the economy – yes, they can sweep the Hunter stuff – but it has a stench there. So you have a mediocre economy, you have a president who people say is no longer up to the job, certainly not for the next four years. So I don’t know what the script will be, but they can’t run it in November 2024.’
Statistics from the US Bureau of Labor Statistics show that the annual inflation rate is now 4.9%, down from its peak of 9.1% in June 2022.
Many Americans continue to struggle with the price of everyday items that are now stubbornly higher than before the COVID pandemic.
The Consumer Price Index report released earlier this month shows that there are still increases in the cost of energy products and gasoline, pushing the inflation rate higher.
Gasoline prices rose 3% from the previous month and energy commodities rose 2.7%.
For consumers, this meant that it became more expensive in April to refuel their cars, with the cost of fuel increasing by 2.6% compared to March 2023.
Prices for homes, used vehicles and services have increased.
Housing costs, which account for about a third of the CPI’s weighting, rose 0.4% from March and are now up 8.1% from a year ago.
The cost of used cars and trucks, meanwhile, rose 4.4% from the previous month.
It also became more expensive in April to take a pet to the vet, with services up 3.2%.
And toy prices rose 7.2% on the month, while fees for lessor instructions rose 5%.
But these increases were somewhat offset by declines in the number of new vehicles and home-cooked food.
According to the latest data, the cost of milk fell 2% from March, the biggest monthly drop in milk prices since February 2015.
Egg prices also fell 1.5%, but still rose 21.4% on the year.
Interestingly, health insurance costs also fell by 3.8% during the month, while the cost of public transport fell by 5%.
Excluding volatile food and energy prices, so-called core inflation rose 0.4% in April from the previous month and 5.5% from 12 months ago.
The unemployment rate fell to 3.4%, corresponding to a six-decade low
Total employment increased by 253,000 jobs in April. It was well above what economists had expected, and an increase from the rapid March figure
Total employment also increased by 253,000 jobs in April. That was well above what economists had expected, and an increase from the 236,000 new jobs created in March.
Meanwhile, the jobless rate fell to 3.4%, a six-decade low, from 3.5% the previous month, according to the Labor Department’s employment situation report released on Friday. .
Labor force participation, a key measure of the number of eligible workers who are either employed or looking for work, remained unchanged from March at 62.6%.
It matched the highest level of labor force participation since the early days of the pandemic in March 2020, but remained below the pre-pandemic average of 63.1% seen in 2019.
