Economic Report Of The President 2022, Together With The Annual Report Of The Council Of Economic Advisers

Economic Report Of The President 2022, Together With The Annual Report Of The Council Of Economic Advisers
Economic Report Of The President 2022, Together With The Annual Report Of The Council Of Economic Advisers
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The Economic Report of the President 2022 together with the Annual Report of the Council of Economic Advisers provides the U.S. Congress and the American people with “timely and authoritative information concerning economic developments and economic trends” for the preceding year and, prospectively, for the years ahead.

Table of Contents

Chapter 1: The Public Sector’s Role in Economic Growth 21

Before the Pandemic 25

Ensuring Macroeconomic Stability 29

 Macroeconomic Stabilization during the Pandemic 29

Addressing Market Failures 32

Market Failures during the Pandemic 33

Market Failures Beyond the Pandemic 35

Reducing Inequality 38

Inequality Before and Beyond the Pandemic 38

Inequality in the Pandemic 41

Conclusion 42

Chapter 2: The Year in Review and the Years Ahead 45

Fiscal Policy in 2021 49

The Rise in Economic Uncertainty 53

Financial Markets 53

Consumer Sentiment 56

The Economy during the Recession and Recovery: How Do This Recession and Recovery Differ from Others? 56

Consumer Spending 57

Business and Residential Investment 61

Investment in Nonresidential Structures 61

Investment in Equipment 62

Intellectual Property 63

Residential Investment 63

State and Local Purchases 64

Exports and Imports 65

Global Supply Chain Disruptions 66

 Inventory Investment 68

Consumer Price Inflation 69

12 | Economic Report of the President Inflation Expectations 70

The Labor Market 71

Ways in Which the Labor Market Appeared Tight in 2021 72

Ways in Which the Labor Market Appeared Loose in 2021 79

Labor Supply and Labor Force Participation 80

The Historical Sluggishness of U.S. LFPR Recoveries 86

Caring for Family Members 86

The Unemployment Rate 87

Reconciling the Paradox 88

The Forecast 89

Macroeconomic Forces during 2022 90

The Forecast over the Long Term 92

The Supply Side of the Long-Term Forecast 94

Conclusion 95

Chapter 3: The U.S. Economy and the Global Pandemic 97

Recovery Amid Global Economic Challenges 98

The Global Pandemic 98

The United States’ Economic Recovery in the Global Context 100

The Challenge of Inflation 102

International Trade, the Economic Recovery, and Lingering COVID-19 Challenges 104

The U.S. Trade Balance 107

International Trade in Goods 111

International Trade in Services 113

Policies to Build an Equitable International Economy 116

Broadening the Gains from Trade 116

Leveling the International Economic Playing Field 118

A Collaborative, Transparent Policymaking Process 121 Conclusion 122

 Chapter 4: Investing in People: Education, Workforce Development, and Health 123

Human Capital Is Critical for Economic Growth and Individual Well-Being 125

Economic Report of the President | 13

 Measuring the Stock of Human Capital 128

Investing in Education and Skill Development 133

Early Childhood Education and Care 133

K-12 Education 136

Postsecondary Human Capital Development 137

Investing in Health 144

Deploying Human Capital 148

Health 148

Family Support Policies 150

Employment Practices 151

Occupational Licensing 152

 Immigration 154

 Incarceration 154

Government Personnel Policies 156

Conclusion 156

Chapter 5: Barriers to Economic Equality: The Role of Monopsony, Monopoly, and Discrimination 157

Labor Market Inequality 159

Racial, Ethnic, and Gender Wage Gaps 161

Sources of Earnings Inequality 168

A Lack of Competition in Labor and Product Markets 169

Racial and Gender Discrimination 172

How Inequality Affects Economic Efficiency and Growth 178

Monopsony Power Produces Inefficient Labor Market Outcomes 178

 Discrimination Misallocates Talent and Suppresses Innovation 179

Discrimination Reduces Incentives for Human Capital Investment 180

Policies to Address Sources of Labor Market Inequality 180

Promoting Competition 181

Unions and Labor Market Equity 182

The Minimum Wage 183

Full Employment and Tight Labor Markets 184

Care Economy Policies 185

14 | Economic Report of the President Progressive and Equitable Tax Policy 187

Conclusion 189

Chapter 6: Building Resilient Supply Chains 191

21st-Century Supply Chains 192

Vertical Integration with Isolated Industries 193

Outsourcing with Isolated Industries 194

Offshoring and Outsourcing with Isolated Industries 194

Outsourcing with a Central Node 195

Arm’s-Length and Collaborative Relationships 196

Drivers of Change in Supply-Chain Structures 199

Implications of Supply Chain Structures 204

Impact on Innovation 204

 Impact on the Macroeconomy 207

The Rising Incidence of Supply-Chain-Related Disasters 210

Private Sector Incentives for Resilience 210

Visibility 211

Redundancy 211

Agility 212

Public Sector Strategies for Promoting Resilience 214

Aggregating and Disseminating Information 215

 National Security 216

Indirect Supply Chain Policy 219

Conclusion 220

Chapter 7: Accelerating and Smoothing the Clean Energy Transition 221

Accelerating the Energy Transition 222

Global Efforts to Reduce Greenhouse Gas Emissions 224

Accelerating the Energy Transition in the United State 225

A Smooth Transition to Clean Energy 229

The First Challenge: Supporting Domestic Industries 230

Strategies for Supporting Domestic Industries through the Energy Transition 236

Economic Report of the President | 15 The Second Challenge: Supporting Communities That Rely on a Carbon-Intensive Economy 240

The Geographic Concentration of Fossil-Fuel-Dependent Communities 240

The Inadequacy of Place-Neutral Policies 242

Strategies for Place-Based Policies 244

The Clean Energy Transition Provides Unique Opportunities to Implement Successful Place-Based Policies 246

Discussion and Conclusions 249


Social scientists, social and economic activists, economists, professors, and political scientists.

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