In a surprising turn of events, President Joe Biden has made a significant announcement that has sent ripples through the political landscape.
Biden’s Unexpected Declaration While the details of his decision are still unfolding, Biden’s latest statement has left many speculating about the future direction of his political journey and the potential implications for the nation’s leadership. This unexpected development is sure to dominate the discourse in the coming weeks, as both supporters and critics alike digest the ramifications of what some are calling a pivotal moment in his career.
A Defining Moment in Politics As the dust begins to settle, the broader impact of Biden’s announcement is yet to be fully understood. It raises questions not only about the future of the current administration but also about the strategies that political players on all sides might adopt in response. With the nation watching closely, this declaration could mark a defining moment in the trajectory of American politics, one that will shape discussions and decisions for months to come.
Biden Will Not Seek Reelection in 2024 In a stunning announcement, President Joe Biden has revealed that he will not seek reelection in 2024. This decision comes after concerns were raised about his age and capacity to serve a second term, particularly following a challenging debate performance. In a statement released on Sunday, Biden expressed his intention to “stand down” and focus on his responsibilities as President for the remainder of his term.
Impact on the 2024 Election Biden’s decision has significantly impacted what was anticipated to be a fierce rematch between him and former President Donald Trump. Despite both candidates securing their party’s nominations, Biden’s lackluster debate performance against Trump raised doubts among Democrats about his ability to prevail over his opponent. Acknowledging the public’s concerns about his age, Biden, who is now 81 years old, assured them of his qualifications and willingness to continue in the race. However, post-debate polling indicated that Trump had gained a slight edge over Biden, highlighting the detrimental effect of the debate on his candidacy.
Biden Endorses Kamala Harris In a subsequent statement, Biden publicly endorsed Vice President Kamala Harris as the Democratic nominee, emphasizing the importance of party unity in defeating Trump. With Biden stepping aside from the contest, all eyes are now on Harris as a potential replacement.
Republican Party’s Unified Front While the Democratic Party grapples with internal issues and calls for a new candidate, the Republican Party has exhibited a unified front at its National Convention in Milwaukee, Wisconsin. During his speech, Trump emphasized his commitment to representing all Americans and fostering national unity.
Ongoing Developments Please note that this is a developing story, and additional updates will be posted as they become available.
How The Economy Really Fared Under Biden And Trump—From Jobs To Inflation The economy will be a hot-button topic during this week’s Democratic National Convention, with Democrats likely to emphasize the U.S.’ strong recovery during President Joe Biden’s term and the poor state of the labor market when Donald Trump left office. However, the truth lies somewhere in between Trump and Democratic nominee Kamala Harris’ claims, as both navigated the unprecedented effects of the COVID-19 pandemic.
Key Facts
- GDP: The country’s economic output grew strongly under both Biden and Trump, with real gross domestic product expanding at an annualized rate of 2.7% during Trump’s first three years and 3.5% during Biden’s.
- Stock Market: Stocks performed better under Trump, with the S&P 500 index posting an annualized return of 12.5% since Biden took office in 2021, compared to 16.3% under Trump.
- Inflation: Inflation has been far worse during the Biden administration, up 19% over the first 42 months of Biden’s term compared to 6% during Trump’s first 42 months.
- Job Market: Both Biden and Trump oversaw strong labor markets. Since Biden took office, overall employment is up 11%, average pay is up 17%, and unemployment is down from 6.7% to 4.3%.
The COVID Jobs Asterisk Much of the Biden labor market gains are part of the post-pandemic recovery, as unemployment was just 3.5% in Feb. 2020. However, Biden has largely focused on the Covid-skewed data points.
Consumer Health Consumer sentiment was lower last month than it ever was under Trump, according to the University of Michigan’s widely tracked survey.
Gas Prices Gas prices rose to an all-time high of over $5 per gallon in 2022 shortly after Russia’s invasion of Ukraine, but they have since stabilized.
Federal Debt The federal government’s national debt is more than 25% higher than the day Biden took office, after rising 39% during Trump’s presidency.
News Peg Harris will formally accept her party’s presidential nomination at the DNC this week after Biden ended his reelection bid. Harris has campaigned partly on the Biden administration’s economic record, even though voters have been skeptical of it in the past.
Key Background The economy is the top issue named by voters ahead of the November presidential election. Research indicates Americans had more belief in Trump than Biden to oversee the economy.
Tangent Trump and his allies have dismissed the Biden-era job gains as being “virtually 100%” the result of illegal immigration, which is false.
Contra Voters usually punish presidents when the economy is poor and reward them when the economy is strong, but no matter who sits in the Oval Office, their actual power over economic conditions is limited. The pandemic-era recession and post-pandemic inflation binge were worldwide phenomena. Most importantly, the real kingpin of economic growth and inflation arguably isn’t the president—it’s the Federal Reserve chair.
