Many people don’t realize this, but because of historically strong economic growth & policy choices, the deficit last year actually fell. By $360bn.
AND
Maybe even more surprising, we're on track to see the federal deficit fall by >$1T this yr, the largest nominal decline ever.
Brian Deese Archived
2,054 posts
This is an archive of a Biden Administration account, maintained by the National Archives and Records Administration.
Joined January 2021
- Worth stepping back and taking stock: A year ago, there were 21.1 million unemployment insurance claims the week of the Thanksgiving holiday. This week, 2.4 million.
- A morning thread on the American Rescue Plan. There are a number of outcomes from this legislation that have gotten less attention, but will change a lot of lives:
- Another morning thread on elements of the American Rescue Plan that are less recognized, but will affect a lot of people’s lives:
- It has been an unspeakable privilege to serve @POTUS. Thank you: For putting your trust in me; For leading us with resolve and integrity; and For your unwavering vision that we can and will build an economy that works for all Americans. whitehouse.gov/briefing-room/…
- As @POTUS hits the road, one more morning thread on elements of the American Rescue Plan Act of 2021 that people may not yet fully understand, but will be vital to many lives:
- Key truths of @POTUS's Build Back Better agenda: 1. Net cost is zero. Fully paid for; w/fairer tax code and no impact on ppl making <$400K 2. Investments are spread over a decade; less than 1% of GDP per yr 3. ↓ families’ costs; ↑ labor supply; ↓ long term price pressures
- CBO, February 2021: Unemployment rate will reach 4.2% by Q1 2025. November 2021: Unemployment rate reaches 4.2%. The American Rescue Plan is driving the strongest jobs recovery in modern history.
- Replying to @briandeeseNECCBO data out yesterday shows that the budget deficit was $571 billion smaller in the first 5 months of FY’22 compared to the prior year - cut by more than half. This marks an important departure from the deficit increases we saw in recent years prior.
- The actual Build Back Better bill is projected to save more than $2 trillion through 2041. cbpp.org/blog/build-bac…
- As '21 closes out, here's where we are: - Strongest economic growth in nearly 40 yrs; - Lowest unemployment insurance claims in 52 yrs; - Strongest monthly job growth in more than 80 yrs; We are poised to tackle our '22 challenges from a position of unique economic strength
- "Jane Hunter, chief executive of Tritium, told Bloomberg News that her company decided to invest more heavily in its U.S. operations after seeing an increase in demand with the passage last year of the bipartisan infrastructure bill championed by Biden."
- Replying to @briandeeseNECIt makes the most significant childcare investment since WW II; $40bn to: - Reduce child care costs for families - Help women who left jobs to take on caregiving - Rebuild the child care providers; mostly small, community-based bizs - Increase pay & benefits of childcare workers
- Replying to @briandeeseNECIt makes healthcare more affordable: -The 12m people getting healthcare through the exchanges will likely get a tax credit - A family of four making $90k could see their monthly premium drop by $200 -No one will pay more than 8.5% of household income on the benchmark plan


