Why Biden can’t drop out of the race

SUNGJAE FRANCIS KIM
The author is a professor of finance at Furman University.

In late March 1968, Americans couldn’t believe what they saw on television. The incumbent president, who had won a landslide victory in the presidential election three years ago, announced he was not running for re-election. President Lyndon Johnson’s Sunday evening prime-time statement shocked the entire world.

On the surface, the reason for Johnson’s withdrawal was the Vietnam War. U.S. forces were on the verge of defeat, as tens of thousands of soldiers were killed amid enormous military spending. College campuses were plagued by anti-war protests by students against the draft. Johnson decided to leave the presidential race when his approval rating fell to 40 percent.

However, President Johnson receives favorable historical evaluations. He is one of the top 10 U.S. presidents in history. His contribution includes passing the civil rights law and social welfare policies despite opposition from his supporters, making the United States a better country.

Incumbent President Joe Biden, who entered politics at a young age shortly after Johnson stepped down, is in a tight spot these days. He is facing the biggest crisis of his political career after the TV debate with former President Donald Trump. As his approval rating fell to around 37 percent, calls for his withdrawal from the race are pouring in.

Despite his low approval ratings, Biden strongly denies the possibility of dropping out. Why is he not choosing to follow Johnson and spend the rest of his life comfortably? Ironically, Biden cannot easily back down because he witnessed what happened after Johnson left the race.

The Democratic Party had several popular candidates in 1968. Robert Kennedy and Vice President Hubert Humphrey were strong enough to compete against Republican candidate Richard Nixon. But two months after President Johnson announced his stepdown, Kennedy was assassinated. The following week, Martin Luther King Jr., the civil rights movement icon, was shot and killed.

Anti-war democracy protests were also sweeping the world. The Democratic Party had no choice but to lose the presidential election even after a third candidate from the party jumped in. Under President Nixon, the U.S. economy plummeted and dreary retaliation politics prevailed.

Biden is concerned that the chaos of 1968 will be repeated if he calls it quits. Though 56 years have passed since, the situation is very similar. The U.S.-backed wars in Ukraine and Gaza are holding Biden back. With the lush liquidity from quantitative easing, prices are unstable and the overheated economy is approaching its peak.

If Trump wins and returns to the White House, chances are high that the U.S. economy will follow the stagflation of the 1970s, which was accompanied by high inflation and a recession. Unless his approval rating plunges further, Biden will have no choice but to play the game with a sense of responsibility.