The economy has shown “substantial strength” in the past year, with rapid job growth, rising wages and growing consumer confidence, according to the 70th annual Economic Report of the President.
But the report, released last week by the President’s Council of Economic Advisers, also points to “headwinds” from global difficulties and calls for measures to boost American productivity, support the middle class and deal with rising levels of inequality.
“The U.S. economic recovery entered its seventh year in 2015,” the report says. “Our businesses created 2.6 million jobs in 2015 and the unemployment rate fell to 5.0 percent, half its level in fall 2009, far faster than forecasters expected.” The report also notes consumer confidence, strong residential investment and substantial investment in research and development.
But the report says it is important to strengthen aggregate demand, make certain markets are more efficient, promote equal opportunity and “work with partners around the world to improve global growth.”
Shortly after the report was released, House Speaker Paul Ryan offered a very different view of the economy, saying Americans were “panicked” over it. Blaming seven years of “progressive economic policies” and emphasizing flat wages, he said: “We are just skipping along the bottom with economic growth.”
External links:
White House Blog on Economic Report
2016 Economic Report of the President
House Speaker Ryan Discusses the Economy
