U.S. Secretary of the Treasury Janet L. Yellen and Office of Management and Budget Director Shalanda D. Young released the final budget results for fiscal year 2023.
Revenues increased sharply in 2022 on the back of record capital gains receipts and a rebounding economy, but they dropped to 16.5 percent of GDP the following year. Since President Biden entered office, we've managed to cut the deficit by more than a trillion dollars, and new bipartisan legislation enacted into law this year will cut it by another trillion dollars over the next decade.
The unemployment rate in the United States has been below 4 percent for a very long time, and the economy has added nearly 14 million jobs since 2020. The economic recovery in the United States has been more rapid than in the rest of the world. The corporate minimum tax, which has been shown to reduce the price of prescription pharmaceuticals, and the crackdown on tax breaks for the wealthiest will both contribute to economic revival.
Despite external threats, the U.S. economy continues to show strength. Predictions made before the current economic expansion ended that the United States will enter a recession in 2023 did not come true. According to Treasury Secretary Janet L. Yellen, "our economy added over 300,000 new jobs in September, and our GDP growth continues to surprise forecasters to the upside, even as inflation came down significantly from last year." The Biden administration remains committed to a course that will lead to long-term economic prosperity. While doing so, the President and I will also work to improve our long-term fiscal picture. Earlier this year, President Biden signed into law a bipartisan plan to reduce the deficit by more than a trillion dollars. And looking ahead, the President has proposed a budget that cuts the deficit by an additional $2.5trillion over the decade by asking the wealthiest Americans and large businesses to pay a fair amount, while also sustaining our historic investments in America's long-term economic strength.
"President Biden's economic plan is building an economy that grows the middle class," explained Shalanda Young, director of the Office of Management and Budget. "All the while, we're reducing the deficit by making sure the wealthy and large corporations pay their fair share and cutting wasteful spending on special interests." "Under his leadership, inflation is down, job creation is strong, and unemployment is near historic lows; we have demonstrated that it is possible to invest in our country while still making significant progress toward reducing the deficit. The Administration is excited to build on our progress with sensible investments that help expand our economy from the middle out and the bottom up while improving the nation and its long-term budget outlook, as our investments continue to provide benefits for working families and communities.
