The Joint Economic Committee Democrats’ response to the annual Economic Report of the President highlights policies that move us towards these goals. This report builds on the work done by the Committee over the last year to analyze the economy and highlight effective economic policies. Summaries of each of the report’s chapter are provided below.

Democrats in Congress passed vital investments in the economic recovery and key infrastructure that laid the groundwork for a record-breaking 16 million new business applications from 2021 through 2023.

The Joint Economic Committee’s Democratic staff estimates that the total cost of flooding in the United States is between $179.8 and $496.0 billion each year in 2023 dollars. The graph below shows the lower-bound estimate of what flooding costs the country in total each year. It is important to note that, while climate change is increasing the cost of flooding, there is significant uncertainty around what the true total cost of flooding is in any given year. Regardless of the exact number, it is clear that floods represent a massive cost to the U.S. economy.