President Biden took center stage late last week to hold his first public press conference. Biden took this opportunity to discuss the many strains his administration currently faces including the economy, infrastructure, the pandemic and immigration as pressure continued to mount against him over his delayed participation in such an event.
With markets trending upward Friday and overnight futures lagging overnight Sunday, what does this mixed response from Americans say about the image currently being projected from the White House podium?
The Conference
Many critics – and some supporters – have recently laid blame at Biden’s feet that he had yet to hold an official press conference, stating that the reported 68-day delay in the administration’s first presser since taking office more than doubled the previous recorded delay of 33 days set by the 2nd Bush administration. Records show this report to be accurate, proven by data stretching back to 1913 when the White House held its first press conference under the Wilson administration.
Hopes for some sense of relief post press conference were quickly dashed, however, as many American’s continue to share their concerns about the abilities of the Biden administration – particularly President Biden himself – when it comes to dealing with the many issues our country currently faces. If anything, the recent press conference only made matters worse as America got their first glimpse of a fumbling and often forgetful President Biden standing at the main podium who stammered his way through a long list of soft ball questions, calling on pre-approved reporters (one of which showing their obvious like and support of the President by out and calling him a “moral and decent man” within their planned question) from a sheet of notes that he continued to reference throughout the hour-long meeting. All of these actions that even got the attention of far-left, anti-Trump Saturday Night Live as they publicly made fun of Biden’s recent question dodging, fumbling, and blame shifting on their most recent broadcast.
Infrastructure
When approached with a more difficult question concerning the delays in the overall administration’s agenda, Biden continued to blame the pandemic as the reason for his slowness to move on his administration’s promises but did state that one of the first problems he does wish to tackle is infrastructure by finding new ways to raise taxes on U.S. citizens to help fund this goal and give his team a WIN. Investors continue to wait anxiously for more details about the Biden infrastructure plan which are expected to be released as Biden visits Pittsburg this Wednesday to unveil his overall agenda. Many believe that, while most of his demands will not be met, there are many investing opportunities that would present themselves should this agenda move forward.
The Border
Despite running on the message of administration transparency, the Biden team continues to rub some in the media the wrong way as they work their way towards being one of the most untransparent administrations in recent history. A fact most apparent at the southern U.S. border as “Team Biden” comes under fire for limiting media access to, not only the border itself, but the refugee detention centers as well. This comes at a time when thousands of migrants continue to make their way up from South America to take advantage of what many perceive as a soft Biden administration. As most know, — for better or worse — this is in direct contrast to the “firm hand” approach that was taken at the southern border by the Trump administration.
When asked about the current border crisis, Biden claimed that the upswing in refugees heading to the U.S. is simply an annual occurrence and, therefore, no big deal. Happening during the winter months when travel through the southern U.S. deserts would be less treacherous for the fleeing refugees. A response some considered yet another dodge by the President.
Employment
On U.S. employment, Biden was asked about the recent downturn in reported unemployment numbers (a topic we’ve recently covered and which can be accessed by CLICKING HERE.) On this matter, Biden can claim at least partial victory as the numbers he reports from the Department of Labor are indeed accurate and do stem, at least in part, from some of the economic push implemented by the current administration.
The Economy
Despite dodging a few of the harder questions (at one point bragging about how successful he is at getting something done in the U.S. senate and then starting to lay out his plan before then stumbling mid-sentence with the response to his own question before finally pausing and giving up on the response to his own query entirely) Biden did manage to answer a question or two about the U.S. economy, with the fall back answer of blaming the Trump administration once again for a $2 trillion tax cut that he claims favored America’s 1% by an 83% margin.
Former President Trump was no stranger to pointing the finger at others for errors, but the media worked overtime to hold him accountable for such dodges… Making more apparent some of these news outlets political agendas. At this point, we have yet to see such overwhelming media criticism of Biden and his team, but if they continue to bite the hand that feeds them (AKA the media), it will only be a matter of time before they lose their support too.
The Verdict
By the end of the Trump administration, even some of his loyalist supporters had jumped ship, leaving the President to fend for himself and his actions. With the White House locking out the media and projecting what some would consider a weak image of the U.S. and its leaders across the globe, could we see support start to dwindle from the current administration in the months ahead? And if so, what would this mean for 2024?
These are the types of questions currently being asked and, we’re proud to say, when it comes to the health U.S. economy and the decisions coming from Washington that are, both, directly and indirectly influencing said health, DTI founder and head trader Tom Busby is here for you.
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