Today, Congressman Don Beyer (D-VA), Chair of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the release of the 2022 Economic Report of the President (the Report), which is prepared and released each year by the Council of Economic Advisers (CEA). In response to the Report, the Joint Economic Committee is required by statute to submit findings and recommendations.

“Today’s Economic Report of President lays out a blueprint for long-term economic growth that is robust and inclusive.

“Effective fiscal and monetary policy, including an effective vaccination campaign, put the U.S. economy on a path to a record-breaking recovery and helped especially those most harmed by the economic consequences of the global pandemic.

“Building off this progress, the Report makes clear that stronger, stable and more broadly shared growth is achieved through public investments to lower costs for workers and families and boost our collective economic capacity.

“Decades of declining public investment eroded the underlying foundation of our economy, leading to corporate concentration, vulnerable supply chains and rising inequality. The coronavirus pandemic and its economic impact laid bare those fragilities, disproportionately impacting marginalized workers and communities and imposing significant economic hardship on millions across the country.

“While challenges remain, our nation has regained 7.9 million jobs under President Biden, experienced the fastest pace of job growth on record and seen the fastest economic growth in nearly 40 years. Elevated prices, caused by the coronavirus pandemic and exacerbated by Putin’s invasion of Ukraine, are depriving workers of the full benefits of this recovery. There is more work to be done.

“With investments in workers, communities and small business to promote economic and climate resilience, we will build a better America.

“I look forward to working with my colleagues to deliver on this vision in 2022.”