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

Media mogul Steve Forbes says he doesn’t believe President Joe Biden will be the Democratic nominee for the 2024 election, with the economy being the only culprit.

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 recession, it’s sort of the economic equivalent of walking pneumonia,” he said on Fox news on Friday.

Not enough to put you to bed yet, but it just pulls you down, drains the energy. I think there is economic fatigue, one after the other.’

Forbes, which is worth an estimated $430 million, made the comments after a Fox News poll found that 83 percent of Americans believe the economy is in “fair/bad” condition.

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

“The whole debt ceiling negotiations, my goodness! They have no control over spending, even though it’s $2 trillion higher than it was a few years ago.

“People just throw up their hands and say these people are out of control.

In April, inflation rates fell for the 10th consecutive month, providing some respite for overstretched households.

Statistics from the U.S. Bureau of Labor Statistics show that annual inflation is now at 4.9 percent — down from the high of 9.1 percent in June 2022.

It’s the first time the US has posted an increase of less than five percent in less than two years, though it’s still well above the Fed’s target rate of two percent.

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

A recent poll suggests 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 price of certain groceries like eggs is still extremely high, tech products like smartphones and TVs are defying inflation

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

Inflation aside, Congress and the White House are currently negotiating the national debt ceiling.

Treasury Secretary Janet Yellen stated that June 1 is the deadline to extend the debt ceiling.

It has sparked 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 a deal is not reached soon, the US will no longer be able to pay its debts, which spells catastrophe for households.

Experts say it could lead to the loss of seven million jobs – if debt persists for more than six weeks – investment plummets and mortgage payments skyrocket.

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

The Fed has raised interest rates rapidly over the past year to fight inflation, but higher rates increase the risk of a recession and depress prices for stocks and other investments

A default can cause Social Security payments to be delayed, investments to fall, and mortgage rates to rise

A poll conducted by The Associated Press and the National Opinion Research Center (AP-NORC) found that Biden has only 33 percent approval when it comes to the economy.

Forbes believes the economy will be the Achilles heel of Biden’s second run in the White House.

“I think that’s why Joe Biden won’t be the Democratic Party nominee next year… Because the economics – yes, they can wipe out the Hunter thing – but that stinks out there. So you have a bad economy, you have a president who feels like the people can’t handle the job, certainly not for the next four years. So I don’t know what the scenario is going to be, but they can’t have him working in November 2024.”

Statistics from the U.S. Bureau of Labor Statistics show that annual inflation is now at 4.9 percent — down from its peak of 9.1 percent in June 2022

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

The consumer price index report published earlier this month shows that there are still increases in the cost of energy commodities and gasoline, which are driving inflation further up.

Gasoline prices are up 3 percent from just a month earlier, and energy commodities are up 2.7 percent.

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

There were increases in the prices of homes, used vehicles and services.

The cost of lodging, which accounts for about a third of the CPI weighting, rose 0.4 percent from March and is now 8.1 percent higher than a year ago.

Meanwhile, the cost of used cars and trucks rose a whopping 4.4 percent from the previous month.

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

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

But those increases were somewhat offset by declines in new vehicles and home cooked food.

According to the latest data, milk prices fell by 2 percent from March, the biggest monthly drop in milk prices since February 2015.

Egg prices also fell 1.5 percent, but were still up 21.4 percent over 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 in April from the previous month and 5.5 percent from 12 months ago.

The unemployment rate ticked back to 3.4 percent, marking a six-decade low

Total employment increased by no less than 253,000 jobs in April. That was well above what economists had predicted, and an increase from March’s solid figure

Total employment also increased by no less than 253,000 jobs in April. That was well above what economists had predicted, and an increase from the solid 236,000 new jobs created in March.

At the same time, the unemployment rate fell back to 3.4 percent, marking a six-decade low of 3.5 percent the month before, according to the Labor Department’s labor situation report on Friday.

The employment rate, a key measure of how many eligible workers are either employed or seeking work, was unchanged at 62.6 percent as of March.

It matched the highest level of employment since the early days of the pandemic in March 2020, but remained below the pre-pandemic average of 63.1 percent in 2019.