Buoyed by Jobs Report, Biden Moves to Reduce Fuel Costs
The Labor Department announced that the U.S. economy added 431,000 jobs in March continuing a streak of consecutive months with positive employment numbers. The unemployment rate decreased to 3.6 percent which was the lowest since February 2020.
President Joe Biden said that the jobs report was good for fighting inflation and that the economy had gone from being “on the mend, to being on the move.” According to the Labor Department, the largest growth in payrolls came from the leisure and hospitality sector.
How will the jobs report affect the Federal Reserve’s decision on interest rates?
INSTRUCTORS: click the link below to download this week’s lecture for use in your classroom. The deck contains a writing prompt and a debate question as well as other assessment questions.
Videos:
News Articles:
Biden’s Deceptively Strong Economy
U.S. News and World Report
4/1/22
https://www.usnews.com/news/politics/articles/2022-04-01/bidens-deceptively-strong-economy
Biden bets a million barrels a day will drive down soaring gas prices – what you need to know about the Strategic Petroleum Reserve
The Conversation
3/31/22
Booming job growth is a double-edged sword for Joe Biden
CNN
4/1/22
Analysis: Booming job growth is a double-edged sword for Joe Biden | CNN Politics
Biden reacts to March jobs report: ‘That’s good news for fighting inflation’
MarketWatch
4/1/22
News Articles (Analyses):
Biden touts March jobs growth, unemployment decline: ‘Americans are back to work’
Fox News
4/1/22
https://www.foxbusiness.com/economy/biden-march-jobs-report-2022
U.S. unemployment rate drops to 3.6% as labor market rapidly tightens
Reuters
4/1/22
https://www.reuters.com/world/us/us-job-growth-solid-march-unemployment-rate-falls-36-2022-04-01/
White House unveils 2023 federal budget, calls for new spending aimed at reducing crime, unclogging supply chains and a tax on billionaires
CBS News
3/28/22
4 in 10 Americans blame Biden administration policies for gas prices: poll
The Hill
3/30/22
Assessment:
Writing: Explain the president’s role as steward of the economy. Why are presidents sometimes compelled to announce economic policies that will ultimately have little impact?
Debate: Does the current fuel crisis justify continued reliance on fossil fuels?
Poll: Do you agree with President Biden’s decision to release oil from the Strategic Petroleum Reserve?
Short Answer: Describe how President Biden’s proposed budget would address future inflation?
QUIZ:
How many total barrels will the Biden administration release over six months from the Strategic Petroleum Reserve?
- one million
- 18 million
- 180 million
- 180 billion
What did President Biden tout as a positive economic indicator for workers?
- a 5.6 percent increase in wages
- more paid holidays for employees
- increases in health care coverage for workers
- fewer workers getting injured on the job
When do economists predict that the jobs lost during the pandemic will be fully recouped?
- August 2022
- February 2023
- July 2022
- October 2022
The Strategic Petroleum Reserve was created immediately after World War II. (T/F)
The Labor Department revised its employment figures for January and February to account for 95,000 additional jobs. (T/F)
The proposed Billionaire Minimum Tax would require households with more than 100 million to pay a 20 percent tax on their income. (T/F)
