Voters are split in support of Biden's $500 billion student loan handout, Biden approval up in new poll

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'The Five': Vulnerable Dems bash Biden's student loan handout

'The Five' panelists react to White House press secretary Karine Jean-Pierre dodging questions on President Biden's student debt handout price tag and Democratic lawmakers' rebuking the plan.

Registered voters are nearly tied in support of President Joe Biden's recent $500 billion student loan handout initiative, as the economy remains the most important issue to registered voters, according to new poll.

A new Emerson College Polling national survey suggests that Americans are almost evenly split in favor and opposition to President Joe Biden's recent student loan handout, with 36% believing the loan handout is too much and 35% thinking it is just the right amount of action. Thirty percent think it is not enough action.

The majority of registered voters, 51%, believe the executive action will result in colleges raising tuition, whereas 49% think that it will allow students to have more access to education. 

Wednesday, Biden announced his plan to cancel student loan debt of up to $20,000 per borrower making less than $125,000 and $20,000 for Pell Grant recipients, a move that The Committee for a Responsible Federal Budget estimates would cost taxpayers approximately $500 billion.

BIDEN'S $300B STUDEN LOAN HANDOUT EXPOSES A ‘CHILLING DISREGARD’ FOR THE LAW, CONSTITUTIONAL EXPERTS SAY

President Joe Biden announced the $300B-$600B student loan handout plan, in the midst of the economic recession. (Patrick Semansky)

Spencer Kimball, executive director of Emerson College Polling, said alongside the polling data for the student loan handout, "There is a stark age divide on the President’s recently announced policies on student loans. Pluralities of voters under 50 think the $10,000 forgiveness is ‘not enough’ action, whereas the plurality of those over 50 think it is ‘too much’ action. Regarding the repayment freeze, the plurality of those under 35 say it is not enough action, whereas the plurality of those between 35 and 64 say it is just about the ‘right amount’ of action, and those over 65 say it is ‘too much’."

BIDEN'S STUDENT LOAN HANDOUT TO CAUSE SPIKE IN COLLEGE TUITIONS, EXPERTS SAY

According to the poll, a strong majority of 50% feel that the economy is the top most important issue in our country, with every other category, including abortion, being of most importance to only 9% of registered voters.

Some students admitted they didn't know where the money would come from to pay for the Biden administration's student loan forgiveness plan. (Fox News/Ophelie Jacobson)

The economy entered into a technical recession after the gross domestic product (GDP) dropped for a second consecutive quarter this year from April-June, as inflation remains at a record high.

When asked about the Inflation Reduction Act’s impact, 34% believe it will reduce inflation and 32% think it will instead increase inflation. Nineteen percent think it will have zero impact on inflation.

Inflation rose to 8.5% from the previous year in July, after hitting a 40-year-high of 9.1% in June. (REUTERS/Lucy Nicholson)

Republicans hold a slight edge over Democrats on the generic congressional ballot, 45%-44%, while Biden's job approval rating came in at 42%, a two-point increase from the month before, following his announcing the student loans handout and the passing of the Inflation Reduction Act of 2022. 

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The Emerson College Polling survey has a margin of error of plus or minus 3.0 percentage points and was conducted August 23-24, 2022.