Biden Looks To The Fed To Save Him

US President Joe Biden waves as he boards Air Force One prior to departure from Dane County Regional Airport in Madison, Wisconsin, July 5, 2024, as he travels to Wisconsin for campaign events. (Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images)
SAUL LOEB/AFP via Getty Images

Joe Biden and Democrats are hoping that Federal Reserve Chairman Jerome Powell saves them.

The big problem right now for Biden is that economic growth has slowed. There have been a bunch of retroactive revisions of the job numbers that push them down. This keeps happening over and over where the media says, “Those are pretty strong,” and then a month later they admit, “Well, subtract 100,000 from that.”

Inflation has not fully been conquered yet. So the Biden administration is desperately hoping that Jerome Powell will step in and try to cut interest rates before the election and give an artificial boost to Joe Biden’s reelection chances.

According to The Wall Street Journal, “Federal Reserve Chair Jerome Powell made a subtle but important shift that moved the central bank closer to lowering interest rates when he suggested Tuesday that a further cooling in the labor market could be undesirable. ‘Elevated inflation is not the only risk we face,’ Powell told the Senate Banking Committee during the first of two days of testimony Tuesday. ‘We’ve seen that the labor market has cooled really significantly across so many measures.…It’s not a source of broad inflationary pressures for the economy now.’… Powell conceded that he wouldn’t have arrived at such a judgment as recently as two months ago…”

Powell said the slowdown in hiring means that they’re afraid there are too many unemployed people.

Perhaps the Fed is going to jog the economy with more money. The problem is that inflation is still at 2.6%, and 2% is the target. Fed officials have not conquered inflation; if they are to lower interest rates now, presumably what you will get is renewed inflation, just in time for the election.

Joe Biden is creating an economic box for himself, and I don’t think Jerome Powell is necessarily going to let him out of that box. It doesn’t seem as though the economy or the American perception of the economy is going to change radically prior to the election.

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Which leaves the question open as to what exactly is going to change before the election. You can only say bad things, correct? What’s going to change for Biden before the election? What’s going to change for Trump?

Trump is absolutely the same as he was in 2016, as he was in 2020, except more disciplined. The big question for Trump is going to be whom he selects as his running mate. 

What’s going to change for Joe Biden? Because it’s hard to see what changes in a positive direction for him at this point.

It seems as though the only things that can happen at this point are pretty bad for him. Barring some sort of economic boom that suddenly breaks in, it’s going to be hard to change the direction of this election.

And the polls are running in Trump’s direction. In brand-new Emerson College polling, Trump is running ahead of Biden 46% to 43%. And Biden is the best the Democrats can do; Trump beats Kamala Harris 49% to 43%; Bernie Sanders by six, Al Gore by five, Hillary Clinton by seven, and Gavin Newsom by eight.

Nate Silver says Trump is leading by 3.1 percentage points. He stated that Trump is doing well in the swing states; leading in Pennsylvania by three, in Wisconsin by two, in Georgia by five, in Michigan by one, in North Carolina by six, in Arizona by seven, in Nevada by six, in Florida by nine, and in Texas by ten.

The Real Clear Politics polling average shows Donald Trump with a lead of five and a half points in Pennsylvania, up two in Wisconsin, one in Michigan, five in Arizona, four in Georgia, five in Nevada, and six in North Carolina.

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The Cook Political Report revealed insider information from internal polling from Democrats showing Biden down in Pennsylvania by ten points.

All momentum currently is with Trump.

The problem for Joe Biden is no matter how much he tries to talk himself through this race, no matter how he tries to convince everyone that he is healthy, youthful, full of vim and vigor, he is not.

And as much as some Democrats want him to, Joe Biden is not dropping out.

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