Congressman Don Beyer (D-VA), Chair of the U.S. Congress Joint Economic Committee (JEC), released the annual response to the Economic Report of the President (the Report).
The JEC is required by law to submit findings and recommendations in response to the Report, which is prepared and released each year by the Council of Economic Advisers (CEA). This year’s Report was published in April 2022 and was the first published by the Biden Administration.
The response highlights the record-breaking economic progress in the United States under President Biden and the 117th Congress, and it lays out a path forward to lower out-of-pocket costs for U.S. workers and families and advance sustainable and inclusive economic growth.
After cratering in 2020, economic growth in 2021 reached the highest rate in 40 years. As of May 2022, the United States had added almost 8.7 million jobs under President Biden. The unemployment rate had fallen to 3.6%--a level not seen since before the coronavirus pandemic and significantly below the 6.4% rate when President Biden took office.
While the economic recovery has been strong, pandemic supply chain disruptions and Putin’s price hikes are pushing up prices and straining family budgets. From all sides, Democrats are tackling inflation and higher prices and bolstering family economic security—now and for the long term.
As the response makes clear, investments that improve productivity and increase labor force participation, combined with efforts to ensure the wealthy and big corporations pay their fair share of taxes, will help bring down inflationary pressures and promote economic growth.
With the release of the JEC annual response to the Economic Report of the President, Chairman Beyer issued the following statement:
“President Biden inherited an economy in turmoil. Working together, the Biden Administration and Democrats in Congress contained the economic fallout and jumpstarted a record-breaking economic rebound.
“Today, the U.S. has recovered 96% of the jobs lost during the pandemic, and the speed and strength of our economic recovery has exceeded expectations across nearly every metric. Even as we faced new waves of the pandemic, we met them from a position of strength. Our economy remained resilient, and demand remained strong.
“But decades of declining public investment eroded the underlying foundation of our economy, leading to corporate concentration, vulnerable supply chains, and fragile household finances. The coronavirus pandemic exposed these cracks in our foundation, and Putin’s recent invasion of Ukraine has exposed the precariousness of dependence on fossil fuels.
“Emergency pandemic relief was effective at helping families weather the worst of the coronavirus, and now more is needed to alleviate inequalities, bring down costs, and create economic opportunity for all.
“The Report laid out a blueprint for promoting long-term economic growth that is robust and inclusive. With those investments in workers, communities, and small business, we can build a brighter future.”
The annual response to the Report includes four chapters:
- Chapter 1: The Economy Rebounded Faster Than Expected in 2021 Thanks to Efforts by Congress and the Biden Administration, but Long-term Challenges Remain
- Chapter 2: Longstanding Economic Inequalities Require Renewed Public Investment and Real Solutions
- Chapter 3: Prudent Public Investments Spur Long-Term Economic Growth and Create Economic Opportunities for All
