Economic Report fo the President 2023

"Our Nation has faced tremendous challenges in recent years. A deadly pandemic and unprovoked war in Ukraine have tested our economy unlike any time since the Great Depression. When I was sworn into office, COVID-19 was raging and our economy was reeling. Millions of workers were out of a job, through no fault of their own. Hundreds of thousands of businesses had closed, our supply chains were snarled, and many schools were still shuttered. Families across the country were feeling real pain.

Today, two years later, 230 million Americans have been vaccinated, and COVID no longer controls our lives. We have created a record 12 million jobs, which constitute the strongest two years of job gains on record. Unemployment is at a more than 50-year low, with near-record lows for Black and Latino workers, and manufacturing jobs have recovered faster than in any business cycle since 1953. Growth is up, wages are up, and inflation is coming down. At the same time, a record 10 million Americans have applied to start small businesses—each of their applications an act of hope. More Americans have health insurance today than ever before in our history, and real household wealth is 10 percent above what it was before COVID.

It is safe to say: Our economic plan is working, and American families are starting to have a little more breathing room. It is important to remember, however, that the economic anxiety so many have felt did not start with the pandemic. For decades, the backbone of America, the middle class, has been hollowed out. Too many American jobs have been shipped overseas. Unions have been weakened. Once-thriving cities and towns have become shadows of what they used to be, robbing people of hard-earned pride and self-worth.."
Economic Report of the President 

An Update to the Budget and Economic Outlook: 2017 to 2027

"CBO projects that over the next decade, if current laws remained generally unchanged, budget deficits would eventually follow an upward trajectory in relation to the nation’s economic output, and federal debt would rise. Economic growth is projected to remain modest, averaging slightly above 2.0 percent through 2018 and averaging somewhat below that rate for the rest of the period through 2027. The budgetary and economic trends discussed in this report are similar to those CBO described in January, when the agency issued its previous estimates..."
Federal budget

Baseline Economic Forecast—August 2012

Find the most recent 10 year economic forecast from the U.S. Congressional Budget Office.

The Budget and Economic Outlook, 2012 to 2022

"This volume is one of a series of reports on the state of the budget and the economy that the Congressional Budget Office (CBO) issues each year. It satisfies the requirement of section 202(e) of the Congressional Budget and Impoundment Control Act of 1974 that CBO submit to the Committees on the Budget periodic reports about fiscal policy and its baseline projections of the federal budget. In accordance with CBO’s mandate to provide objective, impartial analysis, the report makes no recommendations..."

The Economic Outlook and Options for Fiscal Policy
Douglas W. Elmendorf,Director presentation to the Forecasters Club, Oct., 27, 2010.
"CBO expects that the economic recovery will proceed at a modest pace, leaving the unemployment rate above 8 percent until 2012.

There are monetary and fiscal policy options that, if applied at a sufficient scale, would increase output and employment during the next few years (but not overnight).

Such options would have costs as well. Expansionary fiscal policy would increase federal debt, which is currently larger relative to the size of the economy than it has been in more than 50 years—and is headed higher..."