President Biden is the first democrat in US history to drop out so late during a presidential campaign.
On Sunday 21st July, President Joe Biden announced his end of the presidential re-election campaign. This decision caused disruptions to his five decade long political career and the race for the white house with less than four months before the Election day.
Biden, who is 81 said that he made the decision for the best interest for his party and the country. He bowed to the weeks of pressure about his age and mental fitness after a disastrous debate against Donald Trump in June.
President Biden could not change the growing doubts within his party about the fact that he is too frail and is about to lose to Donald Trump in the upcoming elections. This move throws Democrats into fresh turmoil. President Biden backed Vice President Kamala Harris to take his place as the Democratic Nominee. Harris swiftly confirmed her goal of becoming the first woman president of America and also defeating Donald Trump.
“While it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term,” Biden wrote in a letter posted on X.
President Biden further went on to thank Vice President Harris for being an extraordinary partner in his letter. He also added that nominating Kamala Harris as his Vice President was the first decision he made as the party nominee in 2020. He extends his full support and endorsement for Kamala as of today to be the nominee for the party in 2024.
Biden had been insisting publicly for weeks to be a part of the race but on Sunday he told the senior team that he changed his mind about continuing the campaign. Biden spent more than three weeks resisting calls to step down following the shock of the June 27 debate, during which he often lost his train of thought and stood with mouth agape.
President Biden is the first democrat in US history to drop out so late in an election race. He has mounted four presidential bids and his withdrawal caps a singular national political career. Rising to the chairmanship of the powerful Judiciary and Foreign Relations committees he had spent 36 years in the US Senate representing tiny Delaware. Now President Joe Biden once served Barack Obama as Vice President for eight years.
Through a stream of posts on the Truth Social network, Trump reacted to President Biden’s decision. He said that because Biden is unfit to run for President he also is not fit to serve the country.
The big decision will cause a dramatic shift of the republicans who were earlier mainly focused on Biden and will now feature the 78-year-old Trump. He has been the oldest presidential nominee in US history who is up against a much younger opponent. Additionally, the action turns what was a hugely unpopular and tedious Trump-Biden rematch into one of the most captivating presidential campaigns in contemporary American history.
Biden’s decision to exit introduces a tense and chaotic period in the US election with so many reasons and turbulence. Namely, Trump surviving the assassination attempt at a campaign rally and democrats beating themselves up for weeks over whether Biden should quit or not.
The decision made by President Biden can affect the market in many ways and many investors have commented on the same. The market may see a reversal in what has worked in the last two weeks with small capitalization stocks on the run. In the case of the Vice President it probably reflects a continuation of current Democratic economic policies and so it doesn’t really change much in terms of investor’s views and how the market will react and what it’s likely to face.
They also added that unpredictability has never turned to be positive for the markets but with this matter it has been long anticipated. There will not be an immediate change seen in the markets due to the decision made by President Biden. Biden stepping down is a whole new level of political uncertainty. This may be the catalyst for market volatility that is overdue.