JP Morgan’s leading analyst has predicted US President Joe Biden will pull out of the 2024 election amid his declining health and approval ratings.
Michael Cembalest, Chairman of Market and Investment Strategy for J.P. Morgan Asset & Wealth Management, made a raft of predictions in the firm’s ‘Eye on the Market Outlook 2024’ report.
Cembalest expects Biden to pull out of the race sometime between Super Tuesday, the day many US states hold primary elections, and the election in November.
President Biden’s approval rating is currently sitting at 38.8 per cent, according to FiveThirtyEight, lower than Donald Trump’s rating during his toughest period as president.
Cembalest also predicts that the US dollar will continue to be the currency of choice, the Russia-Ukraine war will continue through 2024, and a new COVID-19 vaccine will be rolled out.
Biden’s Shocking Exit: JP Morgan Predicts Early Withdrawal
In a surprising report released by JP Morgan, a prediction has been made regarding President Joe Biden’s political future, suggesting that he may withdraw from the 2024 presidential race. The report, titled ‘Eye on the Market | Outlook 2024,’ speculates that President Biden’s early exit will be announced between Super Tuesday and the November election, citing concerns about his health.
This unexpected development has sparked significant debate and raises questions about the future direction of the Democratic Party’s campaign. With potential replacement candidates being discussed, such as Vice President Kamala Harris and California Governor Gavin Newsom, the Democratic National Committee may need to nominate a new candidate.
Furthermore, President Biden’s current approval ratings, which stand at a low 38.8%, may further contribute to the calls for his withdrawal. The implications of this prediction and its potential impact on the Democratic Party’s campaign are sure to be a topic of intense discussion and speculation in the coming months.
Key Takeaways
- JP Morgan predicts that Joe Biden will drop out of the 2024 presidential race.
- Ill health will be cited as the reason for his withdrawal.
- The Democratic Party does not have standout alternatives waiting in the wings.
- President Biden’s low approval ratings may contribute to the need for a replacement candidate.
Jpmorgan’s Prediction of Biden’s Withdrawal
Has JP Morgan accurately predicted Joe Biden’s withdrawal from the 2024 presidential race?
According to JP Morgan’s report titled ‘Eye on the Market | Outlook 2024,’ the financial institution predicts that President Biden will indeed drop out of the race between Super Tuesday and the November election.
The report suggests that ill health will be cited as the reason for his withdrawal, although it states that there are no indications that President Biden will follow the path of President Lyndon B. Johnson. This prediction is significant as it raises questions about the future of the Democratic Party and potential replacement candidates for Joe Biden.
While Vice President Kamala Harris and California Governor Gavin Newsom have been named as potential candidates, it is expected that President Biden will pass the torch to a replacement candidate named by the Democratic National Committee.
Timing of Biden’s Potential Exit
Following JP Morgan’s prediction of Joe Biden’s withdrawal from the 2024 presidential race, the next crucial aspect to consider is the timing of his potential exit.
According to JP Morgan’s Outlook 2024 report, President Biden is expected to withdraw sometime between Super Tuesday and the November election. The report also suggests that ill health will be cited as the reason for his withdrawal.
It is worth noting that there are no indications that President Biden will follow the path of President Lyndon B. Johnson, who decided not to seek re-election due to his declining popularity. With President Biden’s current low approval ratings and disapproval ratings, which stand at 38.8% and 65.1% respectively, his unpopularity may play a role in his decision to withdraw from the race. As the race progresses, the exact timing of Biden’s potential exit will become a critical factor in shaping the political landscape.
Reasons for Biden’s Withdrawal
Amid mounting pressure and declining popularity, President Biden’s potential withdrawal from the 2024 presidential race can be attributed to a combination of factors. One significant reason is President Biden’s low approval ratings, which currently languish at 38.8%. His disapproval ratings stand at 65.1%, indicating a lack of public support. This unpopularity may be influenced by the timing of his inauguration, coinciding with the rollout of Covid-19 vaccines and a reopening US economy.
Additionally, there have been calls from both the left and the right for President Biden to withdraw, further adding to the pressure. It is important to note that there are no indications that President Biden will follow the path of President Lyndon B. Johnson, who withdrew from the 1968 race due to the Vietnam War. As President Biden’s decision unfolds, the Democratic Party will need to consider potential replacement candidates, as there are no standout alternatives waiting in the wings.
Potential Replacement Candidates
In considering potential replacement candidates for President Biden, the Democratic Party faces the challenge of identifying standout alternatives who can effectively carry the torch in the 2024 presidential race.
As of now, Vice President Kamala Harris and California Governor Gavin Newsom have been named as potential candidates. However, it is worth noting that the Democratic Party does not have standout alternatives waiting in the wings.
Instead, it is expected that President Biden will pass the torch to a replacement candidate named by the Democratic National Committee. Calls from sections of the left and the right for President Biden to withdraw, along with his low approval ratings, may contribute to the need for a replacement candidate.
The party will need to carefully consider its options and choose a candidate who can inspire and unite its supporters in the upcoming race.
Calls for Biden to Withdraw
As the Democratic Party grapples with the challenge of identifying standout alternatives for President Biden’s potential replacement, there is mounting pressure from both the left and the right for him to withdraw from the 2024 presidential race.
Calls for Biden to withdraw have been spurred by his low approval ratings, which currently languish at 38.8%. With disapproval ratings standing at 65.1%, President Biden’s unpopularity is a major concern for his party.
The need for a replacement candidate has been emphasized by sections of both the left and the right, who view Biden’s withdrawal as necessary for the Democratic Party’s success in the upcoming election. However, despite the calls for withdrawal, there are no indications that President Biden will follow the path of President Lyndon B. Johnson and step aside. The decision ultimately rests with Biden himself, considering the impact of his low approval ratings on his chances of re-election.
Impact of Biden’s Approval Ratings
President Biden’s low approval ratings have significant implications for his potential candidacy in the 2024 presidential race. Currently, his approval ratings languish at 38.8%, while his disapproval ratings stand at 65.1%. These numbers indicate a lack of public support for his policies and leadership, which may impact his decision to withdraw from the race.
Biden’s unpopularity could be attributed to various factors, including the timing of his inauguration coinciding with the rollout of Covid-19 vaccines and the reopening of the US economy. It is worth noting that his popularity level is lower than Donald Trump’s at a similar time during his presidency.
Ultimately, these low approval ratings may contribute to the need for a replacement candidate and shape the dynamics of the upcoming 2024 presidential race.
Other Predictions by Michael Cembalest
Michael Cembalest, in his Outlook 2024 report, makes several predictions on a range of topics including the stability of the US dollar, antitrust cases against tech giants, the future of driverless cars, and the ongoing conflict between Russia and Ukraine.
Cembalest predicts that the US dollar will remain stable as the currency of choice for international trade. He also expects the Department of Justice or the Federal Trade Commission to win a significant antitrust case against tech giants such as Google, Amazon, Meta, or T-Mobile.
Furthermore, Cembalest anticipates a backlash against driverless cars and foresees the continuation of the war between Russia and Ukraine throughout 2024 without a ceasefire. These predictions provide insight into the potential developments and challenges that may shape various industries and international relations in the coming year.
Conclusion
In conclusion, JPMorgan’s prediction of President Biden’s potential early withdrawal from the 2024 presidential race has sparked significant debate and speculation about the future direction of the Democratic Party.
The timing of this decision, the reasons behind it, and the potential replacement candidates are all subjects of interest and uncertainty. Additionally, President Biden’s low approval ratings may further contribute to the need for a replacement candidate. These unexpected developments will undoubtedly shape the upcoming political landscape.
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