Even Donald Trump Agrees: Joe Biden Won the Week

THE KEY TO SUCCESS sometimes is simply exceeding low expectations. That certainly was the case for Joe Biden this week, after he out-foxed Republicans on Social Security, showed good energy, and seemed eager to play the adult in the room as the 2024 presidential campaign begins.

REPUBLICANS IN THIS TOWN were glum yesterday; they conceded that Biden won the spin battle after the State of the Union address.

EVEN DONALD TRUMP, who usually is scathing toward Biden, had this comment: “I disagree with Biden on most of his policies, but he put into words what he felt, and he ended up the evening far stronger than he began. Give him credit for that,” Trump said on his Truth Social web site.

THE NUMBER ONE ISSUE IN THE UPCOMING CAMPAIGN: It’s not Social Security or Medicare; they’re now off limits for the foreseeable future. The issue to watch is Biden’s energy level.

THE REPUBLICANS’ NARRATIVE, pushed by Sara Huckabee Sanders, is that Biden, 80, is too old for the job, but that argument collided with his feisty performance on Tuesday night. Biden has stuttered for decades, which is not disqualifying for the presidency, and his gait is noticeably slower.

BUT BIDEN SENT A STONG MESSAGE to his detractors — he has enough energy to run for another term; the announcement will come this spring. Even if the public thinks he’s too fragile for the job, Biden is about to clear the field for the nomination — he may run with no significant opposition from any Democrats.

REPUBLICANS, ON THE OTHER HAND, ARE IN DISARRAY: Party leaders can’t agree on prescriptions for the economy, they don’t have a clear deficit reduction plan, and several House members — George Santos and Marjorie Taylor Greene come to mind — are embarrassments.

COMPLICATING THIS FASCINATING POLITICAL NARRATIVE is the likelihood that there will be at least six or seven serious Republican candidates for the presidential nomination, with Trump blasting away at most of them. Trump will mock Ron DeSantis and the rest, which will simply soften up the eventual nominee in the general election.

THE DEMOCRATS WILL BE MORE UNIFIED: They’re not wildly enthusiastic about Biden, but he obviously will have the nomination if he wants it. The possibility of a second Biden term will, of course, increase the focus on Kamala Harris. Is she ready for a potential presidency? The jury is out — but it appears that she also has a low bar to clear.

Related: Some Clues for the Rest of the Year: Biden Goes Populist, GOP is Still Divided

The views expressed in this blog are those of the author and do not necessarily represent the opinions of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies.

The views expressed in this blog are provided as a general source of information based on information available as of the date of publication and should not be considered as personal investment advice or an offer or solicitation to buy and/or sell securities. Speculation or stated believes about future events, such as market or economic conditions, company or security performance, or other projections represent the beliefs of the author and do not necessarily represent the view of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change and AGF accepts no responsibility for individual investment decisions arising from the use of or reliance on the information contained herein. Any financial projections are based on the opinions of the author and should not be considered as a forecast. The forward looking statements and opinions may be affected by changing economic circumstances and are subject to a number of uncertainties that may cause actual results to differ materially from those contemplated in the forward looking statements. The information contained in this commentary is designed to provide you with general information related to the political and economic environment in the United States. It is not intended to be comprehensive investment advice applicable to the circumstances of the individual.

AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). AGFA and AGFUS are registered advisors in the U.S. AGFI is a registered as a portfolio manager across Canadian securities commissions. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. The subsidiaries that form AGF Investments manage a variety of mandates comprised of equity, fixed income and balanced assets.