With Millions Still Out of Work, We Need Biden’s American Jobs Plan
Originally published on the NRDC Expert Blog.
By Mitchell Bernard
Today’s unemployment numbers out of Washington affirm what the country’s experiencing on Main Street: a grinding climb from a devastating pandemic that’s taking a continuing toll on the economic security of our people. It’s great news that unemployment is falling. But 9.3 million Americans remain out of work.
President Biden has proposed the right remedy — the American Jobs Plan, a comprehensive package of strategic public investment that weds climate action to equitable recovery and puts people back to work in every community.
This is a bold vision for strong, lasting, and broad-based recovery. It sets the table for a generation of prosperity and progress. It means cleaner, healthier communities, both urban and rural. As the plan makes its way through Congress, it’s time for all of us to rally around it.
The American Jobs Plan is a stirring vote of confidence in the nation’s future. It’s built on the belief that U.S. workers can out-compete anyone in the world when given a fighting chance. That’s what this plan does.
It sets us on the path to 100 percent clean electricity by 2035 — wiping out nearly a third of the dangerous carbon pollution that’s driving the climate crisis — by helping to clean up the nation’s power sector.
It speeds the transition to electric cars and trucks with zero tailpipe emissions, expands sustainable transit options for those who need them most, and reconnects urban neighborhoods divided for decades by misguided highway routes.
It protects our communities from the risks and toxic pollution from more than 3.1 million abandoned oil and gas wells and coal mines, by capping and cleaning up these idled fossil fuel sites as we shift to cleaner, smarter ways to power our future.
And it ends the ongoing and unacceptable exposure to hazardous drinking water in as many as 10 million American homes, by replacing lead pipes and service lines with safe and modern alternatives, while upgrading wastewater, drinking water, and stormwater systems nationwide.
These are essential national priorities. Cleaning up our dirty cars, trucks, and power plants. Capping abandoned wells and mines. Getting the lead out of our drinking water.
Combined with other vital work, such as rebuilding aging bridges, roads, and ports, this investment will create or sustain 15 million jobs over the coming decade, a Georgetown University analysis shows, including 8 million for workers that require only a high school education or less.
These are good-paying jobs for welders, carpenters, truck drivers, electricians, steelworkers, and others, including those who want the collective bargaining opportunities that come from belonging to a union.
The clean energy sector offers multiple advantages: It pays 25 percent more than the average job for some 3 million workers who help to make our homes, cars, and workplaces more efficient; it builds electric and low-emission cars, trucks, and parts; it gets more clean power from the wind and sun; and it modernizes the grid and storage system we depend on for reliable power.
That’s core work in the American Jobs Plan. It’s how we roll up our sleeves and make good on Biden’s pledge to cut the U.S. carbon footprint in half by 2030, so we can stop adding carbon pollution to the atmosphere altogether by 2050.
That’s what the science tells us must happen — at home and abroad — if we’re to avert the worst of a climate crisis that last year alone inflicted more than $95 billion in damage nationwide, while combining with fossil fuel pollution to impose another $820 billion in health-care costs on our people.
Confronting this costly crisis will be the economic play of our lifetime, with clean energy investments set to attract more than $11 trillion in global capital in the space of this generation alone.
The American Jobs Plan will help make the United States a clean energy superpower — and make U.S. companies and workers the winners in the global clean energy sweepstakes.
The plan includes investments to plus-up research and investment in critical new technologies; support innovation to make U.S. factories more efficient; strengthen the domestic supply chain for the next generation of wind, solar, and battery technology; and expand training for workers looking to transition out of fading industries like fossil fuels and into more promising opportunities elsewhere.
Strengthening our economy. Putting our people back to work. Cleaning up toxic pollution that threatens our health. Standing up to the mounting costs and growing dangers of climate change.
These are the pillars of the American Jobs Plan — strategic investment that’s paid for by asking fossil fuel companies, other corporations, and those earning more than $400,000 a year to pay their fair share to support the kind of progress that’s enabled them to thrive. Investing in efficiency, meanwhile, will enable us to do more with less waste in our homes, workplaces and cars, cutting energy costs for our families and businesses.
Small wonder, then, that the plan is supported by nearly two-thirds of the country.
The American Jobs Plan accomplishes one thing more: It addresses what the pandemic has made all the more urgent.
A modern plague that has killed 600,000 people across the United States alone, the coronavirus pandemic has upended the lives of us all. No one is surprised to learn who’s suffered most: primarily the same low-income communities and people of color for whom the pandemic has only worsened long-festering inequities in education and employment opportunities, housing, and health care.
The American Jobs Plan is designed to address those inequities head-on. It’s tailored to deliver 40 percent of the economic, environmental, and health benefits of this strategic climate and clean energy investment to the same historically disadvantaged communities that bear a disproportionate share of the burden of environmental hazard and harm.
The American Jobs Plan is the grand strategy the country needs — and we need it now. The 2022 federal budget Biden proposed last week includes a down payment on this eight-year investment plan, with early investment to jump-start the progress it’s meant to ensure.
Now, it’s our turn to rally around this hopeful vision of a cleaner, healthier, more prosperous future for a nation united behind the climate action that can power a strong, just, and equitable recovery for every family, in every community, across this land.
Forget the patio set. This Memorial Day, the real deals are on EVs. While some savings, including the $7,500 federal EV tax credit, could soon disappear, there’s still time to take advantage of the discounts. We rounded up all the EVs you can lease right now for under $300 a month.
Best EV lease deals this Memorial Day
After a record year with over 1.3 million EVs sold in the US in 2024, several new models arrived this year, giving you more options than ever.
Nearly 300,0000 electric vehicles were sold in the first three months of the year. New Acura, Chevy, Honda, and Porsche EVs helped drive sales higher.
General Motors sold over 30,000 EVs in Q1, surpassing Ford and Hyundai Motors to become the second-best seller of EVs behind Tesla. Chevy is now the fastest-growing EV brand with the new Equinox, Blazer, and Silverado EVs sparking growth.
Honda and Acura are getting into the game, selling over 14,000 EVs in the US in the first quarter, which is up from zero just a year ago.
According to S&P Global Mobility (via Automotive News), new models, including the Honda Prologue and Chevy Equinox EV, pushed EV registrations up 20% in March. Both are available to lease for under $300 this month.
Hyundai and Kia Memorial EV lease deals
| Lease From | Term (months) |
Due at Signing | Effective rate per month (including upfront fees) |
|
| 2025 Kia Niro EV | $129 | 24 | $3,999 | $295 |
| 2024 Kia EV6 | $179 | 24 | $3,999 | $345 |
| 2025 Hyundai IONIQ 5 | $209 | 24 | $3,999 | $375 |
| 2025 Hyundai IONIQ 6 | $169 | 24 | $3,999 | $335 |
Kia and Hyundai continue to offer some of the most affordable, efficient electric vehicles on the market. The Niro EV is one of the cheapest EVs you can lease in May at just $129 per month.
The new 2025 IONIQ 5, now with more range and a Tesla NACS charging port, and the IONIQ 6 are arriving with significant discounts.
Last month, Hyundai launched a promo giving those who buy or lease a new 2024 or 2025 model year IONIQ 5 or IONIQ 6 a free ChargePoint Level 2 home charger. If you already have one, you can also opt for a $400 public charging credit.
Honda Prologue and Acura ZDX
| Lease From | Term (months) |
Due at Signing | Effective rate per month (including upfront fees) |
|
| 2024 Honda Prologue | $239 | 36 | $1,399 | $335 |
| 2024 Acura ZDX | $299 | 24 | $2,999 | $424 |
Honda’s electric SUV is on a hot streak. In the second half of 2024, the Prologue was the second-best-selling electric SUV behind the Tesla Model Y. Through April, Honda’s electric SUV remained a top seller with nearly 11,500 models sold.
With an ultra-low lease rate of just $239 per month, the Prologue is even more affordable than a Civic this month. No wonder sales are surging.
Honda launched the 2025 model earlier this month, which now offers more range (up to 308 miles) and power, but retains the same low starting price.
This Memorial Day, Acura’s luxury electric SUV is one of the best EV deals and is actually cheaper to lease than the Honda CR-V. The ZDX can be leased for as low as $299 for 24 months. With only $2,999 due at signing, the effective cost is just $424 per month. In some states, ZDX discounts reach as high as $28,000, also making it more affordable than a Civic to lease this month.
Chevy Blazer and Equinox EVs
| Lease From | Term (months) |
Due at Signing | Effective rate per month (including upfront fees) |
|
| 2024 Chevy Equinox EV | $299 | 24 | $3,169 | $431 |
| 2025 Chevy Equinox EV | $289 | 24 | $2,399 | $389 |
| 2024 Chevy Blazer EV | $299 | 24 | $3,879 | $461 |
Chevy’s new electric SUVs are quickly rolling out. The electric Equinox was among the top five best-selling EVs in the final three months of 2024. Both can be leased for under $300 a month this Memorial Day. The Blazer EV is still slightly more expensive, at $3,879. Keep in mind that the Blazer EV deal also includes a $1,000 trade-in bonus.
The electric Equinox SUV, or “America’s most affordable +315 miles range EV,” as Chevy calls it, is even cheaper than the gas model this month with up to $8,500 in savings.
Chevy’s new 2025 Equinox is even more affordable at just $289 for 24 months. With $2,399 due at signing, you’ll pay only $389 per month.
Ford F-150 Lightning and Mustang Mach-E
| Lease From | Term (months) |
Due at Signing | Effective rate per month (including upfront fees) |
|
| 2024 Ford Mustang Mach-E | $213 | 36 | $4,462 | $337 |
| 2024 Ford F-150 Lightning | $233 | 24 | $6,792 | $421 |
Ford’s F-150 Lightning overtook the Tesla Cybertruck to regain its title as America’s best-selling electric pickup in March. The Mach-E remains one of the top-selling EVs with over 14,500 models sold through April.
Ford is sweetening the deal with a free Level 2 home charger for any EV purchase or lease through its “Power Promise,” along with a host of other benefits.
Toyota bZ4X and Subaru Solterra
| Lease From | Term (months) |
Due at Signing | Effective rate per month (including upfront fees) |
|
| 2025 Toyota bZ4X | $259 | 36 | $2,999 | $342 |
| 2024 Subaru Solterra | $279 | 36 | $279 | $287 |
| 2025 Subaru Solterra | $299 | 36 | $299 | $307 |
Japanese automakers are starting to find their rhythm. Toyota bZ4X and Subaru Solterra sales are finally picking up. With an effective cost of only $287 per month, the Solterra may be the better option this month, especially with its standard AWD.
After cutting lease prices this month, the 2025 Subaru Solterra is now listed at just $299 for 36 months. With $299 due at signing, the effective monthly cost is only $307.
Other EV lease Deals at under $300 this Memorial Day
| Lease From | Term (months) |
Due at Signing | Effective rate per month (including upfront fees) |
|
| 2025 Nissan LEAF | $259 | 36 | $2,279 | $322 |
| 2025 Nissan Ariya | $129 | 36 | $4,409 | $251 |
| Fiat 500e | $159 | 24 | $1,999 | $242 |
In some states, Nissan is offering Ariya lease prices as low as $129 for 36 months. That’s with $4,409 due at signing for an effective cost of $251. For an electric SUV with an MSRP of nearly $42,000, that’s a steal.
Some of these rates may vary by region. The $239 per month Honda Prologue lease deal is offered in California and other ZEV states. Acura’s $299 ZDX promo is only available in California, New York, Oregon, and other select states.
In other parts of the country, the Prologue is still listed at just $269 per month for 36 months. With $3,199 due at signing, the effective monthly cost is still just $358. However, a $1,000 conquest or loyalty offer can lower monthly payments to around $330.
Trump’s “Big Beautiful Bill Act” was passed by House Republicans on Thursday, essentially ending the $7,500 EV tax credit and other clean energy incentives. By the end of 2025, automakers that have delivered over 200,000 electric vehicles in the US will lose access. In other words, they won’t be able to pass it on to you, the buyer.
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This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time, that includes a new launch of a full-suspension e-bike from Velotric, Yamaha-backed company’s plan for battery swapping in electric bicycles, buying a super-cheap e-bike from China, testing the Meepo Flow electric skateboard, PodBike closes its doors, the impending launch of the Royal Enfield Flying Flea electric motorcycle, and more.
The Wheel-E podcast returns every two weeks on Electrek’s YouTube channel, Facebook, Linkedin, and Twitter.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends, the video will be archived on YouTube and the audio on all your favorite podcast apps:
We also have a Patreon if you want to help us to avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.
Here are a few of the articles that we will discuss during the Wheel-E podcast today:
Here’s the live stream for today’s episode starting at 8:00 a.m. ET (or the video after 9:00 a.m. ET):
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Oil prices held near two-week highs in early trading on Wednesday, supported by an agreement between the U.S. and China to temporarily lower their reciprocal tariffs and a falling U.S. dollar.
Imaginima | E+ | Getty Images
A protracted slump in crude prices has ramped up the pressure on Big Oil’s commitment to allocate cash to shareholders.
Western energy supermajors have long sought to return cash to investors through buyback programs and dividends to keep their shareholders happy. Energy executives have also expressed confidence that they can continue to reward investors following a relatively robust set of first-quarter earnings.
Some analysts, however, are less convinced about Big Oil’s pledge to return ever-higher shareholder returns, citing already stretched balance sheets and a sharp drop in crude prices.
Oil prices have fallen more than 12% year-to-date amid persistent demand concerns and U.S. President Donald Trump’s back-and-forth trade policy.
Espen Erlingsen, head of upstream research at consultancy Rystad Energy, said recent market volatility has left the energy majors with “few economically attractive options” that allow for reinvestment while maintaining a competitive capital returns framework.
“As companies like Shell and ExxonMobil continue to push ahead with large-scale buyback programs despite shrinking cash inflows, the durability of these strategies is in question. For now, the majors are holding the line. But if oil prices remain depressed, adjustments may be inevitable,” Erlingsen said in a research note published Thursday.
Share buybacks, which are typically more flexible than dividends, are “likely to be the first lever pulled,” he added. In that vein, weaker crude prices mean energy majors will have less cash to return to shareholders.
BP logo is seen at a gas station in this illustration photo taken in Poland on March 15, 2025.
Nurphoto | Nurphoto | Getty Images
Investor concern over the sustainability of Big Oil’s shareholder returns comes after a year of record-breaking payouts.
Analysts at Rystad said total shareholder rewards from the likes of Shell, BP, TotalEnergies, Eni, Exxon Mobil and Chevron climbed to a whopping $119 billion in 2024, beating the previous record set in 2023.
The payout ratio, which refers to shareholder payouts as a share of corporate cash flow from operations (CFFO), meanwhile jumped up to 56% last year, Rystad said. That was well above the 30% to 40% range that was typical for the industry from 2012 through to 2022, the analysts added.
If shareholder payouts were to remain at 2024 levels throughout 2025, Rystad said this would imply companies distribute more than 80% of their cash flow to investors. The estimate was based on Big Oil’s first-quarter CFFO as a proxy for full-year performance.
Point of maximum weakness
For European majors, analysts at Bank of America said at the start of the year in a note entitled “bye-bye buybacks?” that it anticipated cuts in such returns, from companies whose balance sheets were already stretched.
The Wall Street bank cited BP, Repsol and Eni at the time. It added that only Shell, TotalEnergies and Equinor were among the regional players likely to keep their respective 2025 buyback run-rates intact.
Spokespersons for Repsol and Eni were not immediately available to comment when contacted by CNBC.
So far, BP is the only European energy major to have trimmed its buyback run-rate. The beleaguered British oil company last month posted a sharp fall in first-quarter profit and reduced its share buyback to $750 million, down from $1.75 billion in the prior quarter.
BP, which has been the subject of intense takeover speculation, also reported significantly lower cash flow and rising net debt for the first quarter.
Lydia Rainforth, head of European energy, equity research at Barclays, said BP’s future appears to be “really bright” — on the condition that the company can get through the next six months.
“If I think about when is that point of maximum weakness for BP, it is over the next six months, ultimately. Debt continues to go up a little bit, production continues to fall until mid-2026,” Rainforth told CNBC’s Steve Sedgwick on Thursday.
“As I get towards the end of the year, hopefully we’ll see that sum of divestments taking down debt. Things like … selling their lubricants business, that could raise between $12 billion to $15 billion. It brings down debt, you start to see the benefit of cost savings coming through, and then production growth starts kicking in next year,” she added.
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