Look, ‘Biden 2024’ Might Not Be Happening

Like his predecessor, US President Joe Biden might be looking at a one-term presidency.

In an interview with 60 Minutes, the Commander-In-Chief was asked if he has made up his mind about running for reelection in 2024.

“My intention, as I said to begin with, is that I would run again. But it’s just an intention. But is it a firm decision that I run again? That remains to be seen,” Biden answered.

He also said that if he announced a reelection bid this early, “all of a sudden, a whole range of things come into play that I have– requirements I have to change move and do,” so as not to violate election laws.

“And it’s much too early to make that kind of decision, I’m a great respecter of fate,” the president added, saying he would “make a judgment on what to do,” within the “time frame that makes sense.”

Incumbent presidents–with the exception of former president Donald Trump–have often announced their respective reelection bids upon entering the third year into their first term. Barack Obama (2012) officially made his reelection bid in April 2011, George W. Bush (2004) in May 2003, and Bill Clinton (1996) in April 1995. Trump officially filed his reelection for 2020 on his inauguration in January 2017.

Biden’s first term is marred by an economy in crisis as it reels from the pandemic to face a global instability-induced collapse, as well as the well-criticized withdrawal of US troops from Afghanistan. Since coming into office, the president has seen his approval ratings on a downward trend.

Source: FiveThirtyEight

One of the administration’s key challenges–timely for the US midterm elections this year–is rising inflation, catapulting to a 43-year high in August 2022. The White House recently saw its US$737 billion Inflation Reduction Act–a repackaged version of its US$3.5 trillion Build Back Better agenda–get bipartisan approval from Congress to address the soaring prices.

However, in the same interview, Biden seems to be downplaying the inflation situation–notching 8.3% in August, saying the month-on-month jump “was just up an inch, hardly at all.” After the interviewer prodded further, the president said that while the record-high inflation is good news, “it was 8.2% before.”

“You’re acting like all of a sudden ‘my God it went to 8.2%’,” Biden retorted. “I got that [it’s the highest rate in 40 years]. But guess at where we are… we’re in a position where for the last several months, it hasn’t spiked. It has barely–it’s basically even.”

Instead, Biden highlighted that his administration was able to “create 10 million new jobs,” and while prices have gone up, “they’ve come down for energy.” The administration signed into law the US$1 trillion Infrastructure Investment and Jobs Act–also a repackaged version of the executive’s initial US$2 trillion American Jobs Plan proposal.

But for energy, global prices have been skyrocketing, most especially after Russia invaded Ukraine and sanctions were imposed on the former that led to supply chain disruptions. These have trickled down to Moscow’s key energy clients, most especially Europe and the US.

Biden has been releasing oil from the country’s strategic petroleum reserves at 1 million barrels per day for six months since March 2022, putting America’s coffers at its 38-year low in an attempt to reduce the impact to consumers. While not yet confirmed, the administration is reportedly mulling the idea to replenish the reserves once crude oil prices hit below US$80 per barrel.

In the interview as well, Biden –who tested positive for COVID-19 in July 2022– said that the pandemic is “over.”

Biden, turning 80 this year, would be the oldest US president to run for the highest office should he decide to realize his previously announced intention for a reelection bid. If he wins, he would be breaking his own record as the oldest chief executive to sit in the Oval Office.

However, if he decides not to run for a second term, it opens the field for the Democratic Party’s nomination list which could include current Vice President Kamala Harris, former Georgia Representative Stacey Abrams, as well as 2020 contenders Senators Elizabeth Warren and Bernie Sanders.

Whoever the party fields in, they could potentially face a strong contender from the Republican Party. Among the rumored presidential bids include Florida Governor Ron DeSantis, Senator Ted Cruz, and Wyoming Representative Liz Cheney. Convoluting the field, as he did in 2016, is Trump, who is rumored to decide on his 2024 president aspirations later this fall.

Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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