The vast majority of economists agree that our economy is moving in the right direction.
Jobs are up. Wages are up. The economy continues to grow.
— Joe Biden (@JoeBiden) July 12, 2024
President Biden’s strong economic record, including falling inflation and low unemployment, is being overshadowed by concerns about his age and fitness to lead. The president wants voters to focus on the improving economy, but uncertainty looms over whether he will remain the Democratic candidate in November. Biden’s performance at the June 27 debate with Donald Trump highlighted concerns about his fragility.
A whole bunch of economists agree: Trump’s Project 2025 would cause even more inflation. My economic plan would lower costs.
I give him credit for consistency, though. He's been inflating his net worth for years.https://t.co/in68avbtXF pic.twitter.com/g4mtAtYB5M
— Joe Biden (@JoeBiden) July 12, 2024
Ever since, he has been doing damage control, with increasing pressure from within his own party to withdraw and make way for a younger Democrat. In political headlines, Biden’s campaign appears comatose one moment and resuscitated the next. His odds of remaining the Democratic candidate are uncertain.
Today, we learned that overall prices fell last month and inflation is at its lowest level in more than three years.
But President Biden knows that prices are still too high. That’s why he’ll keep fighting to cut prescription drug prices, lower prices at the pump, and make the…
— The White House (@WhiteHouse) July 11, 2024
Henrietta Treyz, managing partner at Veda Partners, expects Vice President Kamala Harris to be the candidate at some point after the Republican National Convention concludes on July 18. Biden is not leaving without a fight. He faced tough questions about his candidacy during a July 11 news conference, articulating a vision for how the West should contain a nascent alliance of nations including Russia, Iran, North Korea, and China.
However, he made notable verbal slips during the same news conference.
THE DEMOCRAT ECONOMY
Employment ⬆️
Wages ⬆️
Inflation ⬇️We beat the Covid recession and the best is yet to come. https://t.co/ADsbPijbaz
— Chuck Schumer (@SenSchumer) July 11, 2024
Currently, voter concerns about Biden’s age are a dominant feature of the 2024 presidential race and might be a decisive factor. If Biden withdraws, the Democrats will no longer face an age problem.
However, at 78, Trump would still likely be considerably older than any potential Democratic nominee.
Biden’s age concerns dominate the discussion.
Economically, a different Democratic candidate could capitalize more on an economy that should be an increasingly strong selling point for the party.
Inflation may drop below 3% by fall, and optimistic news about retreating prices raises hopes for a potential Federal Reserve interest rate cut in September. If Biden remains the candidate, he will likely continue touting strong economic indicators. However, his age and frailty might cloud these messages among voters.
The Biden administration’s efforts over the past two years have seen inflation steadily cooling from 9% to 3% annually. Yet, voters tend to hold the sitting president accountable for the current state of the economy, regardless of their actual influence over economic trends. The White House sees the latest inflation report as a potential booster for the Democratic campaign.
The administration aims to underscore that “Bidenomics” is positively impacting the economy. Yet, concerns about Biden’s age continue to overshadow these achievements. Democrats fear that the issue surrounding Biden’s candidacy will overshadow positive economic news until it is resolved.
They are frustrated that the strong inflation data is getting lost in the political news. The Biden campaign remains focused on economic issues, arguing that voters will prioritize “kitchen table issues like rent and food prices” in the upcoming election. However, conservatives say Biden’s stimulus package contributed to inflation, reducing real wage growth.
Until the issue surrounding Biden’s candidacy is resolved, Democrats fear that nothing else will reach the electorate.
