Economic Report of the President: Transmitted to the Congress April 2022, Together with the Annual Report of the Council of Economic Advisers   [open pdf - 9MB]

From the Document: "When I took office on January 20, 2021, I looked out at a Nation that was in the midst of the COVID-19 [coronavirus disease 2019] pandemic and experiencing a weak and uneven economic recovery. There were roughly 4 million workers who had been unemployed for more than 6 months. The Congressional Budget Office and private sector forecasters predicted a slow decrease in the unemployment rate throughout 2021. Our Nation needed an economic policy that was nimble enough to meet the significant and evolving challenges required to defeat a pandemic and recover from the severe economic disruptions it had caused. Recovery had to be swift and robust; it was not sufficient to return to where we had been, we also had to build toward a better future. Today, we look out at a markedly different America. Over 200 million Americans have been fully vaccinated and are now protected from the worst of COVID-19. Businesses have been able to resume activity. Schools and childcare centers are open again. Our Nation's economic recovery has been strong, marked by dramatic increases in employment and GDP [Gross Domestic Product]. Moreover, our progress has been achieved with a $360 billion decline in the Nation's deficit in fiscal year (FY) 2021 and a historic $1.3 trillion projected decrease in FY22. This success was not preordained. It is the result of well-designed and well-administered policies."