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Steve Forbes: Biden’s ‘Stench’ of Poor Economy Ruins Chances as 2024 Democratic Nominee

Economic Forecast and Political Predictions

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We will explore the current state of the economy and its potential impact on future political events. This presentation will focus on the potential implications for the 2024 Democratic nomination.

Forbes’ View on 2024 Nomination

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Media mogul Steve Forbes predicts that President Joe Biden will not be the Democratic nominee for the 2024 election. Forbes attributes this to the current state of the economy.

The Current Economic Climate

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Forbes likens the economy to a patient with walking pneumonia, not severe enough to be bedridden, but enough to drain energy. This “economy fatigue” is perceived as a significant factor affecting political outcomes.

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Public Sentiment Towards the Economy

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A poll found that 83 percent of Americans believe the economy is in a ‘fair/poor’ state. Despite a slight decrease in inflation, wages are not rising fast enough, leading to a feeling of a country adrift.

Inflation and Its Impact

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Inflation has been slowing for the 10th consecutive month, with the annual inflation rate now at 4.9 percent. However, the price of certain groceries such as eggs and flour has significantly increased.

Negotiations on the Debt Ceiling

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The national debt ceiling is currently a contentious issue. If an agreement isn’t reached soon, the US could default on its debt, potentially causing job losses, investment drops, and a rise in mortgage payments.

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Biden’s Approval Rating

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A poll found that President Biden has a 33 percent approval rating when it comes to the economy. This low approval rating could potentially impact his chances of nomination in 2024.

The Economy as Biden’s Achilles Heel

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Forbes believes that the economy will be the Achilles heel of Biden’s second run at the White House. The poor economy and perceived lack of leadership could potentially hinder his chances in 2024.

The Struggle with Inflation Continues

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Despite a decrease in inflation, the price of everyday items remains high. Energy commodities and gasoline prices are pushing the inflation rate higher.

Read More: Oversight committee could ‘destory’ Biden’s 2024 re-election plans

Rising Costs in Various Sectors

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Shelter costs, used vehicles, and services have seen a rise in prices. However, new vehicles and food cooked at home have seen a decrease in prices.

Employment and Unemployment Rates

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Total employment rose by 253,000 jobs in April, and the unemployment rate decreased to 3.4 percent. This matches a six-decade low.

Labor Force Participation

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Labor force participation remained unchanged from March at 62.6 percent. This matches the highest level since the early days of the pandemic but remains below the pre-pandemic average.

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The Impact of Economic Conditions on Politics

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The current economic conditions could significantly impact the political landscape. The perceived state of the economy often influences public sentiment towards political leaders.

The 2024 Democratic Nomination

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The state of the economy could potentially impact the 2024 Democratic nomination. The nominee will likely need to address these economic challenges effectively to gain public support.

Conclusion: Economy and Politics

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The economy plays a crucial role in shaping political outcomes. As we approach the 2024 elections, the state of the economy will likely continue to be a significant factor in determining the Democratic nominee.

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