A top JPMorgan strategist has predicted that US President Joe Biden will drop out of the 2024 presidential race, Fox Business reported. JPMorgan Asset Management strategist Michael Cembalest said President Biden would drop out from the race "sometime between Super Tuesday and the November election, citing health reasons." Notably, Mr. Cembalest is the Chairman of Market and Investment Strategy for J.P. Morgan Asset and Wealth Management.
The full prediction states that ''President Biden withdraws sometime between Super Tuesday and the November election, citing health reasons. Biden passes the torch to a replacement candidate named by the Democratic National Committee.''
Super Tuesday is set for March 5, with 16 states and territories holding their primaries and caucuses on that day.
The strategist noted that President Biden would exit the race because of his low approval rating. He added, "Biden has a low approval rating for a President with ~10 percent job creation since his inauguration, although that figure is the by-product of his inauguration coinciding with the rollout of COVID vaccines and a reopening US economy."
Mr Cembalest made this prediction in his list of "top ten possible surprises for 2024."
In April last year, President Biden announced he would seek a second White House term in 2024. In a video released by his campaign team, he declared it is his job to defend American democracy.
"When I ran for president four years ago, I said we're in a battle for the soul of America, and we still are. This is not a time to be complacent. That's why I'm running for re-election. Let's finish this job. I know we can," Mr Biden said.
Notably, President Biden's age is a particular concern with voters and there have been calls from some Democrats for him to step aside for a new candidate. Despite weak poll numbers and questions, about his age, he has stuck to his plan to seek a second term
However, if President Biden halts his 2024 re-election campaign for any reason, The Democratic Party has no Plan B. Biden loyalists, citing his record in office, argue that the party does not need a backup plan to defeat probable Republican nominee Donald Trump, whom he beat in the 2020 election.
Among the possible scenarios if the president, 81, did drop out: Democrats could pick another nominee next August at their convention, or even later, in line with party rules.
Donald Trump, 77, the frontrunner for the Republican nomination, also faces concerns about his age and a litany of charges including mishandling of classified documents and interfering in the 2020 election, which he lost to Biden. Trump, however, is narrowly ahead in opinion polls despite facing many criminal trials including one for election subversion.
