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Economic Report of the President (2014)

March 11, 2014 Comments off

Economic Report of the President (2014)
Source: Council of Economic Advisors (via US GPO)

The Economic Report of the President is an annual report written by the Chairman of the Council of Economic Advisers. It overviews the nation’s economic progress using text and extensive data appendices. The Economic Report of the President is transmitted to Congress no later than ten days after the submission of the Budget of the United States Government. Supplementary reports can be issued to the Congress which contain additional and/or revised recommendations.

The Economic Report of the President is issued by the Executive Office of the President and the Council of Economic Advisers. It includes:
Current and foreseeable trends and annual numerical goals concerning topics such as employment, production, real income and Federal budget outlays.

  • Employment objectives for significant groups of the labor force.
  • Annual numeric goals.
  • A program for carrying out program objectives.

The Economic Report of the President is transmitted to Congress no later than ten days after the submission of the Budget of the United States Government. Supplementary reports can be issued to the Congress which contain additional and/or revised recommendations.

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New Report from the Council of Economic Advisers: The Recent Slowdown in Health Care Cost Growth and the Role of the Affordable Care Act

November 20, 2013 Comments off

New Report from the Council of Economic Advisers: The Recent Slowdown in Health Care Cost Growth and the Role of the Affordable Care Act
Source: Council of Economic Advisers

The Affordable Care Act (ACA) was passed against a backdrop of decades of rapid growth in health care spending, and one of the ACA’s key goals was to root out serious inefficiencies in the United States health care system that increase costs and compromise patients’ quality of care. Recent data show that health care spending and prices are growing at their slowest rates in decades; it appears that something has changed for the better. While this marked slowdown likely has many causes, and these causes are not yet fully understood, the available evidence suggests that the ACA is contributing to these trends, and, moreover, is helping to improve quality of care for patients. Today the White House Council of Economic Advisers released a new report analyzing recent trends in health costs, the forces driving those trends, and their likely economic benefits.

Economic Benefits of Increasing Electric Grid Resilience to Weather Outages

August 14, 2013 Comments off

Economic Benefits of Increasing Electric Grid Resilience to Weather Outages (PDF)
Source: Executive Office of the President

Severe weather is the leading cause of power outages in the United States. Between 2003 and 2012, an estimated 679 widespread power outages occurred due to severe weather. Power outages close schools, shut down businesses and impede emergency services, costing the economy billions of dollars and disrupting the lives of millions of Americans. The resilience of the U.S. electric grid is a key part of the nation’s defense against severe weather and remains an important focus of President Obama’s administration.

In June 2011, President Obama released A Policy Framework for the 21st Century Grid which set out a four-pillared strategy for modernizing the electric grid. The initiative directed billions of dollars toward investments in 21st century smart grid technologies focused at increasing the grid’s efficiency, reliability, and resilience, and making it less vulnerable to weather-related outages and reducing the time it takes to restore power after an outage occurs.

Grid resilience is increasingly important as climate change increasesthe frequency and intensity of severe weather. Greenhouse gas emissions are elevating air and water temperatures around the world. Scientific research predicts more severe hurricanes, winter storms, heat waves, floods and other extreme weather events being among the changes in climate induced by anthropogenic emissions of greenhouse gasses.

This report estimates the annual cost of power outages caused by severe weather between 2003 and 2012 and describes various strategies for modernizing the grid and increasing grid resilience. Over this period, weather-related outages are estimated to have cost the U.S. economy an inflation-adjusted annual average of $18 billion to $33 billion. Annual costs fluctuate significantly and are greatest in the years of major storms such as Hurricane Ike in 2008, a year in which cost estimates range from $40 billion to $75 billion, and Superstorm Sandy in 2012, a year in which cost estimates range from $27 billion to $52 billion. A recent Congressional Research Service study estimates the inflation-adjusted cost of weather-related outages at $25 to $70 billion annually (Campbell 2012). The variation in estimates reflects different assumptions and data used in the estimation process. The costs of outages take various forms including lost output and wages, spoiled inventory, delayed production, inconvenience and damage to the electric grid. Continued investment in grid modernization and resilience will mitigate these costs over time – saving the economy billions of dollars and reducing the hardship experienced by millions of Americans when extreme weather strikes.

The Economic Benefits of Fixing Our Broken Immigration System

July 24, 2013 Comments off

The Economic Benefits of Fixing Our Broken Immigration System
Source: Executive Office of the President

America has always been a nation of immigrants, and throughout the nation’s history, immigrants from around the globe have kept our workforce vibrant, our businesses on the cutting edge, and helped to build the greatest economic engine in the world. However, America’s immigration system is broken and has not kept pace with changing times. Today, too many employers game the system by hiring undocumented workers and there are 11 million people living and working in the shadow economy. Neither is good for the economy or the country.

The Senate’s Border Security, Economic Opportunity and Immigration Modernization Act (S. 744) represents the best chance that our country has had in years to modernize our immigration system. The President urges the House of Representatives to take action and move this bill or similar legislation forward, and stands willing to work with all parties to make sure that commonsense immigration reform becomes a reality as soon as possible.

During a meeting with the Congressional Hispanic Caucus this morning, the President released a White House report highlighting the extensive economic benefits of comprehensive immigration reform – and the significant costs to our country and our economy of failing to act at this critical time.

Economists, business leaders, and American workers agree – we must take advantage of this historic opportunity to fix our broken immigration system. At stake is a stronger, more dynamic, and faster growing economy that will foster job creation, higher productivity and wages, and entrepreneurship.

2013 Economic Report of the President

June 14, 2013 Comments off

2013 Economic Report of the President

Source: White House (Council of Economic Advisors)

The Economic Report of the President is an annual report written by the Chair of the Council of Economic Advisers. An important vehicle for presenting the Administration’s domestic and international economic policies, it provides an overview of the nation’s economic progress with text and extensive data appendices.

New Report Highlights Wireless Broadband Benefits for Public Safety and Job Creation

February 23, 2012 Comments off

New Report Highlights Wireless Broadband Benefits for Public Safety and Job Creation
Source: White House (Council of Economic Advisors)

Today, Vice President Biden met with law enforcement officials, firefighters and public safety groups in the Roosevelt Room and spoke to a couple hundred more first responders by telephone to thank them for their service and to discuss the new nationwide public-safety broadband network included in the Payroll Tax Extension legislation.

Members of the audience included police chiefs and sergeants from the New York City Police Department, the International Association of Fire Chiefs, and the National Association of Police Organization, among others. The Vice President discussed the need to ensure the safety of first responders and the public,and announced a new report from the Council of Economic Advisers (CEA) that discusses the positive benefits of wireless broadband for public safety as well as jobs, growth, and investment.

The report illustrates the economic impact of President Obama’s goal of doubling the amount of spectrum available for wireless broadcast over ten years, while adopting a nationwide inter operable wireless network.

Vice President Biden said the expanded access “will enable new spectrum to be used for innovation, to speed wireless communication, and to fulfill a promise made to first responders after 9/11 that they would have the technology they need to stay safe and do their jobs.”

+ Full Report (PDF)

Economic Report of the President 2011

March 1, 2011 Comments off

Economic Report of the President 2011
Source: Executive Office of the President, Council of Economic Advisers

The Economic Report of the President is an annual report written by the Chair of the Council of Economic Advisers. An important vehicle for presenting the Administration’s domestic and international economic policies, it provides an overview of the nation’s economic progress with text and extensive data appendices.

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