recovery indicate a stronger recovery in the U.S. Near-term inflation remains a concern, and long-term structural challenges remain. This is not to suggest that the current recovery is without its challenges. labor market recovery has been exceptionally strong Core inflation in the United States is now lower than in many major advanced economies. The size of the U.S economy is now over 5 percent above its 2019 level.recovery along three key characteristics: Acknowledging that other advanced economies faced different economic shocks-notably, our European partners were more adversely affected by Russia’s war against Ukraine-the evidence shows that the U.S. One way to put this rebound in context is relative to recoveries in other advanced economies. And while a counterfactual recovery is impossible to observe, data suggests that the actions taken by the Biden Administration meaningfully contributed to the pace of recovery and strength of the labor market. The economic recovery from the pandemic in the United States has been historic relative to prior episodes with employment recovering to pre-crisis levels much faster than after recent recessions. With the American Rescue Plan’s two-year anniversary approaching on March 11, 2023, this blog post revisits the economic impact of pandemic response policies of the Biden Administration. By: Assistant Secretary for Economic Policy Benjamin Harris and Deputy Assistant Secretary for Macroeconomic Policy Tara Sinclair Overview
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