Who could potentially replace Joe Biden?

Table of Contents

Growing Calls for Biden to Step Aside After Debate

A whirlwind of events has transpired since the last article, focusing on the aftermath of Joe Biden’s presidential debate and the increasing calls for him to step down from running for re-election. Observers have noted Joe Biden’s poor performance during the debate, with subsequent polls indicating that a significant majority of Americans doubt his mental acuity to serve another term as President. This perception has led many to view Joe Biden as a weak candidate against Donald Trump.

Despite the senior leadership’s insistence on sticking with Joe Biden as their nominee, a shift is occurring within the media and press, traditionally supportive of the Democratic Party. This change became more pronounced following an interview between Nancy Pelosi and Dana Bash on CNN. Nancy Pelosi’s acknowledgment of concerns about Joe Biden’s capability, while not a direct call for his resignation, has emboldened rank-and-file Democrats, including Congress members and Senators seeking re-election. They now find themselves in a difficult position, having to defend Joe Biden and risk appearing disingenuous. The growing sentiment is that many in Congress and the Senate want Joe Biden to step down.

Nancy Pelosi’s remarks have effectively given these Democrats the green light to voice their concerns. A Congressman from Texas has formally requested Joe Biden not to run for president. This shift is reflected in the betting odds: Joe Biden’s chances of being the Democratic nominee have plummeted from 88% before the debate to 40% now. Two potential scenarios could unfold: the unlikely one where Joe Biden refuses to step down, forcing the party leadership to push him out, or the more probable one where Joe Biden is persuaded to step aside for the sake of his legacy, allowing him some influence over his successor.

Presidential Influence on the Market: S&P 500 Hits High Despite Uncertainty 

The implications for the markets are also noteworthy. Wall Street, which had shown a slight preference for Donald Trump over Joe Biden, has not reacted significantly to these developments. Donald Trump’s odds of becoming president have only marginally increased from 52% to 58%. Despite the revelation that the President of the United States might not have the firmest grip on the levers of power, the S&P 500 is trading at an all-time high. This surprising development raises questions about whether the role of the President is as crucial to the markets as previously thought.

Next in Line: Potential Successors to Joe Biden

As for who might replace Joe Biden, the situation remains uncertain. The chaotic process of his potential removal means that any number of candidates could emerge. However, current election odds point to Gretchen Whitmer, the governor of Michigan, as a leading contender, with Vice President Kamala Harris also being a potential candidate, especially if Joe Biden’s departure is contentious.

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