Investment Read Time: 3 min

Required Reading: The Economic Report of the President

In January, the White House released its 533-page book, “Economic Report of the President (2021).” If you haven’t yet made time to peruse this weighty tome, don’t beat yourself up. Most people don’t take the time to read the report—still others don’t even know it exists.1

What is the “Economic Report of the President” and what does it tell us about the economy and the future?

In the wake of World War II—and worried that the economy might fall back into another Great Depression—Congress passed the Employment Act of 1946, which established the President’s Council of Economic Advisors to analyze government programs and make recommendations on economic policy. It also mandated that the president submit an annual economic report to Congress. The first report was submitted by Harry Truman in 1947.2

The report is written by the Chairman of the Council of Economic Advisors and includes both text and extensive data appendices.3 It must be submitted to Congress no later than 10 days after the submission of the Federal budget by the President of the United States. Although each report is different, they generally include such information as:

  • Current and foreseeable trends in employment, production, real income, and Federal expenses
  • Employment objectives for various labor sectors
  • Annual goals
  • A program for carrying out objectives.

Response to the Economic Report is often mixed. Opponents of the administration tend to be critical of the president’s approach. They point out that the objectives and recommendations in the report are inevitably influenced by the administration’s opinion and policy.

However, it’s important not to overlook the sheer volume of data provided by the report. This information can help identify the forces driving—or dragging—the economy.

If you don’t see yourself getting cozy with a cup of coffee and the Economic Report of the President, you might consider using the internet to get an overview of its most relevant topics. Understanding the current state of the economy—and the president’s objectives for the future—may help you make plans for your own future.

1. GovInfo.gov, 2021
2. Investopedia.com, 2021
3. GovInfo.gov, 2021

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Share |
 

Related Content

Investment Challenges of the Affluent Investor

Investment Challenges of the Affluent Investor

Affluent investors face unique challenges when putting together an investment strategy. Make sure you keep these in mind.

Women and Financial Strategies

Women and Financial Strategies

Most women don’t shy away from the day-to-day financial decisions, but some may be leaving their future to chance.

9 Facts About Retirement

9 Facts About Retirement

Regardless of how you approach retirement, there are some things about it that might surprise you.

 

Have A Question About This Topic?







Thank you! Oops!

Countdown to College

Preparing for college means setting goals, staying focused, and tackling a few key milestones along the way.

Retirement Considerations in Your 60s

Welcome to your 60s – the time in your life when retirement is less a far-off dream and more an immediate reality.

This Is Your Brain on Retirement

The brain is a powerful thing, but when it comes to preparing for something that is far in the distance like retirement, it can easily be led astray — and result in some big retirement planning mistakes.

View all articles

Federal Income Tax

Use this calculator to estimate your income tax liability along with average and marginal tax rates.

Capital Gains Tax Estimator

Use this calculator to estimate your capital gains tax.

Comparing Investments

This calculator compares the net gain of a taxable investment versus a tax-favored one.

View all calculators

An Inside Look at Retirement Living

A number of questions and concerns need to be addressed to help you better prepare for retirement living.

Protecting Those Who Matter Most

The importance of life insurance, how it works, and how much coverage you need.

Investment Strategies for Retirement

Investment tools and strategies that can enable you to pursue your retirement goals.

View all presentations

Once Upon a Goal

Do you know how to set up your financial goals for success? This knight does.

Extended Care: A Patchwork of Possibilities

What is your plan for health care during retirement?

The Power of Compound Interest

Learn how to harness the power of compound interest for your investments.

View all videos