The United States Department of Labor (DOL) is one of the executive departments of the U.S. federal government. It is responsible for the administration of federal laws governing occupational safety and health,wage and hour standards,unemployment benefits,reemployment services,and occasionally,economic statistics. It is headed by the Secretary of Labor,who reports directly to the President of the United States and is a member of the president's Cabinet.
The Bureau of Labor Statistics (BLS) is a unit of the United States Department of Labor. It is the principal fact-finding agency for the U.S. government in the broad field of labor economics and statistics and serves as a principal agency of the U.S. Federal Statistical System. The BLS is a governmental statistical agency that collects,processes,analyzes,and disseminates essential statistical data to the American public,the U.S. Congress,other Federal agencies,State and local governments,business,and labor representatives. The BLS also serves as a statistical resource to the United States Department of Labor,and conducts research into how much families need to earn to be able to enjoy a decent standard of living.
The Congressional Budget Office (CBO) is a federal agency within the legislative branch of the United States government that provides budget and economic information to Congress. Inspired by California's Legislative Analyst's Office that manages the state budget in a strictly nonpartisan fashion,the CBO was created as a nonpartisan agency by the Congressional Budget and Impoundment Control Act of 1974.
Lawrence B. Lindsey is an American economist and author. He was director of the National Economic Council (2001–2002),and the assistant to the president on economic policy for George W. Bush. Lindsey previously served as a member of the Federal Reserve Board of Governors from 1991 to 1997,nominated to position by President George H. W. Bush. During his time with George W. Bush administration he played a leading role in formulating President Bush's $1.35 trillion tax cut plan,convincing candidate Bush that he needed an "insurance policy" against an economic downturn. He left the White House in December 2002 and was replaced by Stephen Friedman after a dispute over the projected cost of the Iraq War. Lindsey estimated the cost of the Iraq War could reach $200 billion,while Defense Secretary Donald Rumsfeld estimated that it would cost less than $50 billion. The overall cost of the Iraq War has been estimated by the Congressional Budget Office to be approximately $2.4 Trillion.
Alice Mitchell Rivlin was an American economist and budget official. She served as the 16th Vice Chair of the Federal Reserve from 1996 to 1999. Before her appointment at the Fed,Rivlin named director of the Office of Management and Budget in the Clinton administration from 1994 to 1996. Prior to that,she was instrumental to establishment of the Congressional Budget Office and became its founding director from 1975 to 1983. A member of the Democratic Party,Rivlin was the first woman to hold either of those posts.
Dynamic scoring is a forecasting technique for government revenues,expenditures,and budget deficits that incorporates predictions about the behavior of people and organizations based on changes in fiscal policy,usually tax rates. Dynamic scoring depends on models of the behavior of economic agents which predict how they would react once the tax rate or other policy change goes into effect. This means the uncertainty induced in predictions is greater to the degree that the proposed policy is unlike current policy. Unfortunately,any such model depends heavily on judgment,and there is no evidence that it is more effective or accurate.
The United States federal budget comprises the spending and revenues of the U.S. federal government. The budget is the financial representation of the priorities of the government,reflecting historical debates and competing economic philosophies. The government primarily spends on healthcare,retirement,and defense programs. The non-partisan Congressional Budget Office provides extensive analysis of the budget and its economic effects. It has reported that large budget deficits over the next 30 years are projected to drive federal debt held by the public to unprecedented levels—from 98 percent of gross domestic product (GDP) in 2020 to 195 percent by 2050.
The economic policy and legacy of the George W. Bush administration was characterized by significant income tax cuts in 2001 and 2003,the implementation of Medicare Part D in 2003,increased military spending for two wars,a housing bubble that contributed to the subprime mortgage crisis of 2007–2008,and the Great Recession that followed. Economic performance during the period was adversely affected by two recessions,in 2001 and 2007–2009.
Douglas James "Doug" Holtz-Eakin is an American economist. He was formerly an economics professor at Syracuse University,Director of the Congressional Budget Office,and chief economic policy adviser to Senator John McCain's 2008 presidential campaign. Holtz-Eakin is currently president of the American Action Forum policy institute,a conservative think tank.
Lawrence Alan Kudlow is an American conservative television personality and financial program host for the Fox network who served as the Director of the National Economic Council during the Trump Administration from 2018 to 2021. He assumed that role after his previous employment as a CNBC television financial news host.
The American Recovery and Reinvestment Act of 2009 (ARRA),nicknamed the Recovery Act,was a stimulus package enacted by the 111th U.S. Congress and signed into law by President Barack Obama in February 2009. Developed in response to the Great Recession,the primary objective of this federal statute was to save existing jobs and create new ones as soon as possible. Other objectives were to provide temporary relief programs for those most affected by the recession and invest in infrastructure,education,health,and renewable energy.
The Committee for a Responsible Federal Budget (CRFB) is a non-profit public policy organization based in Washington,D.C. that addresses federal budget and fiscal issues. It was founded in 1981 by former United States Representatives Robert Giaimo (D-CT) and Henry Bellmon (R-OK),and its board of directors includes former Members of Congress and directors of the Office of Management and Budget,the Congressional Budget Office and the Federal Reserve.
Douglas William Elmendorf is an American economist who is the dean and Don K. Price Professor of Public Policy at the John F. Kennedy School of Government. He previously served as the Director of the Congressional Budget Office (CBO) from 2009 to 2015. He was a Brookings Institution senior fellow from 2007 to 2009,and briefly in 2015 following his time at the CBO,and was a director of the Hamilton Project at Brookings.
The economic policy of the Barack Obama administration,or "Obamanomics" was characterized by moderate tax increases on higher income Americans,designed to fund health care reform,reduce the federal budget deficit,and decrease income inequality. President Obama's first term (2009–2013) included measures designed to address the Great Recession and subprime mortgage crisis,which began in 2007. These included a major stimulus package,banking regulation,and comprehensive healthcare reform. As the economy improved and job creation continued during his second term (2013–2017),the Bush tax cuts were allowed to expire for the highest income taxpayers and a spending sequester (cap) was implemented,to further reduce the deficit back to typical historical levels. The number of persons without health insurance was reduced by 20 million,reaching a record low level as a percent of the population. By the end of his second term,the number of persons with jobs,real median household income,stock market,and real household net worth were all at record levels,while the unemployment rate was well below historical average.
Unemployment in the United States discusses the causes and measures of U.S. unemployment and strategies for reducing it. Job creation and unemployment are affected by factors such as economic conditions,global competition,education,automation,and demographics. These factors can affect the number of workers,the duration of unemployment,and wage levels.
Political debates about the United States federal budget discusses some of the more significant U.S. budgetary debates of the 21st century. These include the causes of debt increases,the impact of tax cuts,specific events such as the United States fiscal cliff,the effectiveness of stimulus,and the impact of the Great Recession,among others. The article explains how to analyze the U.S. budget as well as the competing economic schools of thought that support the budgetary positions of the major parties.
Mark Doms was the Under Secretary of Commerce for Economic Affairs for the Department of Commerce from January 2013 until September 2015. He was nominated by President Barack Obama on September 13,2012 and was confirmed by the Senate on January 1,2013 as one of the last acts of the 112th Congress. Prior to his confirmation,he was the United States Department of Commerce's Chief Economist.
Erica Lynn Groshen is the former Commissioner of Labor Statistics and head of the U.S. Bureau of Labor Statistics (BLS),the independent,principal fact-finding agency for the U.S. government in the broad fields of labor economics and statistics,inflation,and productivity. BLS is part of the U.S. Department of Labor.
Isador Lubin was the head of the U.S. Bureau of Labor Statistics from 1933 to 1946,and president of the American Statistical Association in 1946.
June E. O'Neill is an American economist who was the director of the United States Congressional Budget Office (CBO) from March 1,1995,through January 29,1999. She was born to Louis and Matilda (Liebstein) Ellenoff on June 14,1934,and attended Sara Lawrence College,graduating in 1955. Prior to receiving her PhD from Columbia University,she taught at Temple University. Later,she worked at the Council of Economic Advisors as a senior economist,a research associate at the Urban Institute and the Brookings Institution,served as director of the office of policy and research for the United States Commission on Civil Rights,and both before and after her time as director of the CBO,as director of the Center for Study Business and Government at Baruch College,where she is currently the Morton Wollman Professor of Economics.
