Yahoo Finance political columnist Rick Newman joins the Live show to discuss President Biden's reelection bid.

Video Transcript

DAVE BRIGGS: President Biden officially announcing he is running for a second term, but what consequences could come if he wins re-election? Yahoo Finance Senior Columnist Rick Newman joining us now with more. He will be 82-years-old and spry, Rick.

RICK NEWMAN: Remember when he threatened Donald Trump to a push up contest?

- Oh my God.

RICK NEWMAN: I mean, we really should revive that.

DAVE BRIGGS: I'd like to see that.

[INTERPOSING VOICES]

He'd win re-election. My money would be on Biden actually.

RICK NEWMAN: Yeah, so you know, I think Biden doesn't excite people. Let's just put that out there, right? He has a fairly low approval rating. So you know, I know a lot of voters are kind of--

DAVE BRIGGS: 41.8%.

RICK NEWMAN: Yeah, a lot of voters are like oh yawn. So you might think that Biden's had kind of a sleepy presidency so far and if he had a second term it would just be an extension of the nap. Not true. There are some fairly large things at stake if Biden were to get a second term.

So let's go back to what he wanted to do this first term. He did try to raise taxes on the wealthy and on businesses. And he couldn't get that through the Senate. But something important happens at the end of 2025, which is the Trump tax cuts for individuals expire.

- Right.

RICK NEWMAN: And if Congress doesn't do anything, then taxes go back up. Well, guess what Biden is almost sure to do? He's going to say, look, let's let those tax rates go up for wealthy people who earn more than $400,000 and keep them where they are. Extend the Trump tax cuts for everybody under $400,000. And by the way, while we're at it, let's throw in a tax hike for businesses just to have a little extra money to pay for what is effectively a tax hike for lower-earning Americans.

I mean, that actually could be a politically popular stance to take. And he's got this thing going for him, which is that the tax cuts expire anyway. So whoever is the President is going to be to deal with that. And that actually plays into what Biden wants to do on taxes.

- Right. And so obviously that's been a big part of his agenda. There have been kind of three main things he wants to push, which is the tax cuts on the wealthy, those earning $400,000 or more. And you see the expiration of that. But 2/3 of Americans really aren't on board with the idea of him going for another term, you know? So what are the challenges that he faces trying to get people on board.

RICK NEWMAN: They're obvious, his age. I mean and that is the number one reason that people who don't think he wants to run again that people say he shouldn't. But those polls are when you ask-- you sort of give people an open ended question. If you could choose your candidate, would it be Biden or somebody else?

That is a different-- that is different from saying here are your two candidates, Biden and let's say it is Trump again. If it's Trump again then you can see-- you can see this in Biden's 3 minute re-election announcement video, he's already running against Trump. He's running against MAGA, the MAGA Republicans.

- Yeah.

RICK NEWMAN: He's not even saying anything about his own record. You and I discussed that before. He's already running against Trump. That's how he got elected in 2020. And if that's the way the match-up lines up again that's exactly how he's going to run. And I mean, Trump is going to be a weaker candidate if he's the Republican candidate in 2024. He's going to be a lot weaker than he was--

DAVE BRIGGS: He's going to be a trial. He's going to--

[INTERPOSING VOICES]

That trial will be the backdrop.

RICK NEWMAN: He could be convicted.

- The legal issue. This is true.

RICK NEWMAN: By the time of the 2024 election.

DAVE BRIGGS: It's just interesting you mention that video because he has an incredible agenda, whether you like him or not, he's accomplished as much as any modern day President. And that is not a video highlighting his accomplishments.

RICK NEWMAN: No, he doesn't say anything about his accomplishments. It's a thematic video, if you will. I stand for America. A lot of pictures of him talking with union people at union halls and ordinary folks, it's what looked like school board meetings and stuff like that. I don't know how many people are going to base their vote on what's in Joe Biden's--

[INTERPOSING VOICES]

We have 18 months of this. We're going to have all kinds of commercials, debates. He's going to-- he does frequently tout what has happened in the Biden economy. Some of that is just plain luck. He happened to come in just as this COVID recovery was really picking up.

It is true, job creation under Biden has been the strongest of any President in modern history. That is true. It depends where you think he deserves credit for that. We've also had high inflation under Biden. So we'll have to see what state the economy is in around this time in 2024.

- In 2024. So you're right, we have plenty of time to cover this. Thank you so much, Rick Newman.