Renowned entrepreneur and chairman of Forbes Media, Steve Forbes, expressed his belief that President Joe Biden’s handling of the economy will cost him the Democratic Party’s nomination for the 2024 presidential race.

During an interview on “America’s Newsroom” on Friday, Forbes highlighted the persisting discontent among American voters regarding the state of the economy, with nearly half feeling that Biden’s policies are detrimental and a staggering 83% perceiving the economy as “only fair/poor.”

Forbes described the current economic situation as “the economic equivalent of walking pneumonia,” where it may not be officially in a recession, but it weighs heavily on the nation, draining its energy. He cited factors such as persistent inflation, insufficient wage growth, and a perceived lack of control over spending, exemplified by the ongoing negotiations on the debt ceiling. Forbes emphasized that these economic concerns, combined with the Hunter Biden controversy, create a “stench” that makes it untenable for Biden to run as the Democratic nominee in November 2024.

“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,” Forbes said.

“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.

“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,” he concluded.

In April, despite the Federal Reserve’s efforts to combat inflation through aggressive interest-rate hikes, the Consumer Price Index (CPI) rose by 0.4% compared to the previous month, outpacing March’s 0.1% increase. On an annual basis, prices climbed by 4.9%, slightly below economists’ forecasts but still significantly higher than the pre-pandemic average and the Federal Reserve’s target rate of 2%.

Amidst these economic difficulties, President Biden is grappling with dwindling public approval ratings. A recent poll conducted by The Associated Press and the National Opinion Research Center (AP-NORC) at the University of Chicago revealed that Biden’s approval rating on economic matters stands at a mere 33%. The combination of inflationary pressures, lackluster wage growth, and perceived ineffectiveness in addressing economic concerns has contributed to the public’s diminishing confidence in Biden’s ability to lead the country’s economy.

(YWN World Headquarters – NYC)