Media mogul Steve Forbes says Biden will NOT be Democratic nominee for 2024 because of bad economy

Media mogul Steve Forbes says he doesn’t think President Joe Biden will be the Democratic nominee for the 2024 election because the economy alone is to blame.

Forbes, the head of the Forbes media, said he believes the poor economy will cost Biden the Democratic nomination.

“I think what’s happening to the economy, even though it’s not officially in a recession, it’s kind of the economic equivalent of walking with pneumonia,” he said FoxNews on Friday.

‘Not enough to get you to bed yet, but it just drags you down and drains your energy.’ I think there’s economic fatigue, one after the other.’

Forbes, whose fortune is estimated at $430 million, commented after a Fox News poll found that 83 percent of Americans believe the economy is in “fair/bad” shape.

Media mogul Steve Forbes says he doesn’t think President Joe Biden will be the Democratic nominee for the 2024 election because the economy alone is to blame.

“So inflation has gone down a bit.” Prices are still going up. Wages are not rising fast enough. “There is a sense that the country is on the brink,” he said.

“All this debt ceiling negotiation, my goodness!” You can’t control the spending, even if it’s $2 trillion more than it was a few years ago.

“People just put their hands up and say these people are getting out of hand.”

Inflation figures slowed for the tenth consecutive month in April, giving some relief to strained budgets.

Statistics from the US Bureau of Labor Statistics show that the annual inflation rate is now 4.9 percent – down from its peak of 9.1 percent in June 2022.

It’s the first time in less than two years that the US has posted an increase of less than 5 percent — although it’s still well above the Fed’s target rate of 2 percent.

But it’s not all bad news. A breakdown of the data by Dailymail.com shows that while the prices of certain foods like eggs are still extremely high, tech products like smartphones and TVs are defying inflation.

According to a recent poll, Biden has a 33 percent approval rating when it comes to the economy

A breakdown of the data by Dailymail.com shows that while the prices of certain foods like eggs are still extremely high, tech products like smartphones and TVs are defying inflation

The cost of eggs is up 21.4 percent over the past 12 months, while flour is 17.8 percent more expensive.

Aside from inflation, Congress and the White House are currently negotiating the national debt ceiling.

Treasury Secretary Janet Yellen said June 1 was the deadline for extending the debt ceiling.

It has sparked panic on both sides of the political spectrum as Republicans call for spending cuts while President Joe Biden looks to raise the debt ceiling.

If an agreement isn’t reached soon, the US could default on its debt, spelling disaster for budgets.

Experts estimate that if the debt default lasts more than six weeks, it will mean seven million job losses, falling investment and skyrocketing mortgage payments.

In the face of economic challenges, Biden is struggling to maintain American public approval.

The Fed has been raising interest rates rapidly over the past year to combat inflation. However, higher interest rates increase the risk of a recession and weigh on the prices of stocks and other assets

A default in debt could cause Social Security payments to be delayed, investment to fall, and mortgage rates to soar

A poll by The Associated Press and the National Opinion Research Center (AP-NORC) found that Biden has just 33 percent approval on the economy.

Forbes expects the economy to be the Achilles’ heel of Biden’s second run into the White House.

“I think that’s why Joe Biden won’t be the Democratic Party’s nominee next year … Because the economy – yes, it can sweep away the Hunter stuff – but there’s a stink out there.” So the economy is bad, and people feel that the President is no longer up to the task, certainly not for the next four years. So I don’t know what the scenario will be, but they can’t deploy it in November 2024.”

Statistics from the US Bureau of Labor Statistics show that the annual inflation rate is now 4.9 percent – down from its peak of 9.1 percent in June 2022

Many Americans continue to struggle with the prices of everyday items, which are now stubbornly higher than they were before the COVID pandemic.

The CPI report released earlier this month shows that the cost of energy commodities and gasoline are still rising, pushing inflation higher.

Compared to the previous month, gasoline prices increased by 3 percent, and energy raw material prices increased by 2.7 percent.

For consumers, this meant that filling up their cars became more expensive in April, with fuel costs rising 2.6 percent compared to March 2023.

Prices for houses, used cars and services rose.

Housing costs, which account for about a third of the CPI weight, rose 0.4 percent from March and are now 8.1 percent higher than a year ago.

The cost of used cars and trucks rose by a whopping 4.4 percent compared to the previous month.

It also became more expensive to take a pet to the vet in April, with benefits increasing 3.2 percent.

And toy prices rose 7.2 percent for the month, while landlord instruction fees rose 5 percent.

However, these increases were somewhat offset by declines in new vehicles and home-cooked meals.

According to the latest data, milk prices have fallen 2 percent since March – the sharpest monthly fall in milk prices since February 2015.

Egg prices also fell 1.5 percent but still rose 21.4 percent for the year.

Interestingly, health insurance costs also fell 3.8 percent over the month, while public transportation costs fell 5 percent.

Excluding volatile food and energy prices, so-called core inflation rose 0.4 percent mom and 5.5 percent 12 months ago in April.

The unemployment rate fell back to 3.4 percent, its lowest level in six decades

Total employment rose by 253,000 jobs in April. That was well above what economists had forecast and a rise from March’s buoyant numbers

Total employment also rose sharply in April by 253,000 jobs. That was well above what economists had forecast and up from the 236,000 new jobs that were vigorously added in March.

At the same time, the unemployment rate fell to 3.4 percent from 3.5 percent the previous month, the lowest level in six decades, the Labor Department’s jobs report showed on Friday.

Labor force participation, a key measure of how many qualifying workers are employed or looking for work, was unchanged from March at 62.6 percent.

It reached the highest level of labor force participation since the pandemic began in March 2020, but remained below the pre-pandemic average of 63.1 percent in 2019.