Earlier this week, President Joe Biden announced a sweeping Student Loan Forgiveness program to assist Americans that earn $125,000 or less in annual income. Between $10,000 and $20,000 in total reduction can be secured by qualified applicants depending on which kind of loan they secured.
This would normally be a political move that would improve the sitting President’s standing in polls and in the odds at election betting sites, but the status of Joe Biden remains unchanged nearly 48 hours after the announcement of this historic program.
For the better part of a year now, Joe Biden’s odds of re-election have been behind not only Ron DeSantis and Donald Trump, but he has also trailed Kamala Harris at times.
Biden is now secure in his top billing for the DNC, but that could change come 2024 when it is time for the Democratic Party to nominate a Presidential Candidate.
As already mentioned, Biden has fallen behind even VP Harris at the betting sites listed in our online sportsbook reviews but is currently ahead of her in the DNC nomination and 2024 Presidential odds.
Here are a few reasons that the election odds for Biden have not moved since his Student Loan Forgiveness announcement:
- The celebration has been met with equal outrage on the opposite side of the political aisle. While the Dems and their supporters are standing tall after Biden unveiled his plan, the Republican Party views it as a handout and further evidence of socialist ideologies creeping their way into the mainstream.
- Betting markets could be slow to react. If bettors are wary to place wagers on current odds, the lines won’t move. The odds won’t shift until more money starts coming in on Biden or if something drastic happens to Trump or DeSantis.
- Political gamblers could be nonplussed by the entire affair. Many bettors already have their minds made up for 2024 regardless of which candidate represents each party or what gains are achieved between now and then.
- The next Presidential Election is over 26 months away. Most Presidential prop bets involve election outcomes that will not be known until votes are counted in November of 2024. That means bets that are placed right now on Presidential odds will not payout for at least 2 years. Presidential betting markets could remain soft until after the 2022 midterm elections have concluded.
As of late, no matter what happens in the realm of politics, supporters of the Republican Party gather and unite for an immediate response. Even after the Mar-a-Lago FBI search, something that would normally deflate any political aspirations, Trump remains the 2024 Presidential front-runner.
Now consider that Trump is running for office following a 2020 cycle where he was not reelected. The growing power that DeSantis wields within the GOP is also concerning for Trump, but Donald will likely remain the top option unless he is somehow disqualified from running.
As for Biden, his political outlook appears bleak. The US House and Senate are favored to flip red this November, providing a rough final two years of Biden’s first term.
Don’t count out Joe Cool just yet, as he could have a few more tricks up his sleeve that he’ll unveil prior to November 8th, when midterm election votes are cast.