On Tuesday’s broadcast of CNBC’s “Power Lunch,” New Jersey Gov. Phil Murphy (D) stated that President Joe Biden has a strong record and “it’s only a matter of time until he does get that credit, when that reduction in interest rates and inflation hits the so-called man on the street.”
Murphy said, “I think you’re going to see, connecting the unemployment question with the President’s popularity, I really believe there’s a lead lag here where the macro data is clearly getting better, inflation is coming down, it’s come down without having blown up unemployment. On the one hand, it hasn’t hit — if you’re at a grocery store or a gas station or getting a mortgage right now, you haven’t felt it yet, for sure. But I believe it’s only a matter of time. And with that, I believe the president’s support will solidify.”
Murphy added, “He has, I believe, an extraordinarily strong record to run on. This is not a question, are we speculating what kind of President he would be. This is not a hypothetical. … I think it’s that lead lag factor that I referred to a minute ago. I believe it’s only a matter of time until he does get that credit, when that reduction in interest rates and inflation hits the so-called man on the street. You’re seeing it, early signs of that, for instance, at the gas pump, where gas prices have come down meaningfully. You’ve got markets that are strong and they usually are a precursor to the underlying realities. You’ve got another good day in the market today. So, I really believe it’s only a matter of time, and I believe he has got an exceptional record to run on. And I’m looking forward to doing everything I can to help him.”
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