The expansion of the CTC, included in President Biden’s American Rescue Plan, was one of the largest-ever single-year tax cuts for families with children. It dramatically increased the value of the CTC from $2,000 per child to up to $3,600 per child under age 6 and $3,000 per child between age 6 and 17, putting money in the pockets of low- and middle-income families to pay for household expenses like food, rent, utilities and child care.
Mar 08 2022
President Biden Continues the Trend of Strong Economic Growth and Job Creation Under Democratic Presidents
Since the Great Depression, the economy has fared better under Democratic presidents than Republican presidents. This fact holds true regardless of the economic measure used: Economic growth, employment, job creation, income and productivity have all been stronger under Democratic presidents.
Mar 04 2022
Economic Update - March 4, 2022
Mar 01 2022
The U.S. Economy Experienced a Record Rebound During President Biden’s First Year in Office
The U.S. economy improved more during President Joe Biden’s first year in office than in the first 12 months of any other president in the past 50 years. Job growth, economic growth, retail sales and business creation are all up, while unemployment and unemployment insurance claims are down significantly. While there have been challenges, President Biden’s bold leadership has continued to meet them, and across all of these metrics, conditions not only improved but exceeded expectations as the United States continues its robust recovery from the pandemic recession.
Feb 25 2022
Economic Update - February 25, 2022
The prosperity of the U.S. economy is inescapably linked to the opportunities available to entrepreneurs and small businesses all around the country. Pervasive racial gaps in business ownership, opportunity and wealth restrain the potential of the U.S. economy. To bridge these gaps, it is important to understand the vital role that Black entrepreneurs play in the aggregate economy, the challenges they face and what public policy can do to build a fairer climate that enables Black entrepreneurs to thrive.
Feb 18 2022
Economic Update - February 18, 2022
Feb 17 2022
The Economic Status of Black Americans
Despite significant improvements over the past few decades, Black Americans experience far worse economic conditions than white Americans and the population as a whole. Black workers and families lag behind other racial and ethnic groups in wealth, face ongoing disparities in income (across levels of educational attainment) and struggle to save for retirement and child care. At the same time, there have been marked progress in other measures like college and high school completion and rates of union participation. Recognizing both the progress that has been made over the last decades, as well as the challenges that remain, is essential to ensuring that every American has a positive opportunity to build and fully participate in an economy that is more inclusive and fair.