Joe Biden's Approval Rating Just Took A Serious Turn

Nearly one in five Americans are saddled with student debt, according to The Washington Post. With current interest rates for undergraduates starting at 4.99%, these debts continue to grow even as the debtor attempts to pay them off (via NerdWallet). While former presidents have made efforts to reduce this debt, no one has offered loan forgiveness — until now. President Joe Biden made a historic announcement, proclaiming that nearly 43 million Americans are eligible for at least $10,000 worth of student loan forgiveness. Some people will even have their student debt completely eliminated. Furthermore, the COVID-era student loan payment pause has been extended a final time until 2023 (via The Washington Post). 

Throughout his tenure, President Biden's approval ratings have been low. Multiple surveys revealed Americans' increasing dissatisfaction with the economy, due especially to surging inflation and ever-climbing gas prices (via Vox). However, recent Democratic victories have already made a mark on the president's ratings. Today's announcement may be key to even more dramatic movement.

At their lowest, President Joe Biden's approval ratings were a meager 38%. In July, a mere 13% of Americans "strongly approved" of the president and his performance (via Newsweek). Many voters — even Democrats — seemed unlikely to support Biden's plans for re-election. Yet the tide began to turn August 8, when the Senate passed the Inflation Reduction Act, promising billions of dollars to fight climate change and support health care (via People). Republicans disapproved, but optimistic Democrats helped boost Biden's approval rating to 41%. An August 23 report showed that his rating had been climbing for four out of the past five weeks (via Reuters).

How today's announcement will further impact Americans' trust in the president remains to be seen. Since Biden's campaign promises included the elimination of student debt, one can assume that the numbers will only continue to grow (via Medium). These decisions are sure to influence Biden and other Democrats' success — for better or for worse — as midterms loom in November.