We’ll keep mitigating crypto risks by protecting investors and holding bad actors accountable. We’re ready to work w/ Congress to address regulatory gaps, but it would be a grave mistake to reverse course and deepen ties btw crypto and the financial system
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Brian Deese
@BrianDeeseNEC
White House Director of the National Economic Council
whitehouse.govJoined January 2021
Brian Deese’s Tweets
Since announcing record new business applications for '21-22, we’ve only seen more evidence of a historic expansion in entrepreneurship - Yelp found '22 was a record year for new biz openings & new biz growth in 86% of states exceeded pre-pandemic levels
yelpeconomicaverage.com/business-openi
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And we know that capital is key for small businesses to start up and grow, which is why we are taking steps to diversify the lending pool & expand access to capital, with a focus on initiatives that reach out to historically underserved small biz owners
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Yesterday, the Department of Defense released their Small Business Strategy report, outlining how they are going to prioritize getting more small businesses in their acquisition pipeline and create a robust and agile small business industrial base
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#SmallBusiness is vital along the entire spectrum of DoD's needs. Reducing barriers & creating more opportunities for #smallbusinesses helps to spur #American innovation & ensure we're providing our warfighters the cutting-edge capabilities they need. @SBAgov twitter.com/BusinessDefens…
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A WSJ analysis of labor data bolsters the case for a small business job boom, finding that small companies have been responsible for the net job growth we’ve experience since the start of the pandemic
wsj.com/articles/surge
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And these new businesses are job creators. Yesterday, Axios highlighted that these last two years set new records for applications for businesses that are expecting to hire employees.
axios.com/2023/01/25/pan
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Since announcing record new business applications for '21-22, we’ve only seen more evidence of a historic expansion in entrepreneurship - Yelp found '22 was a record year for new biz openings & new biz growth in 86% of states exceeded pre-pandemic levels
yelpeconomicaverage.com/business-openi
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December PCE update –
Headline of 2.9% over the last three months is the lowest since January 2021 – more encouraging signs of progress on prices to close out 2022
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Updating this thread with today’s December numbers – we are now seeing steady progress on bringing inflation down, while the labor market remains resilient. twitter.com/BrianDeeseNEC/…
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2.9% growth in Q4
Historically fast return to pre-pandemic potential GDP
Historically strong job growth
A resilient labor market
None were preordained
Policy matters
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Sometimes you need to look at the big picture: It's been an incredible rebound from the 2020 pandemic recession.
The US has recovered all output lost in the crisis and gotten back on trend.
GDP
2022: +2.1%
2021: +5.9%
2020: -2.8%
washingtonpost.com/business/2023/ via @abhabhattarai
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2.9% growth in Q4
Historically fast return to pre-pandemic potential GDP
Historically strong job growth
A resilient labor market
None were preordained
Policy matters
Quote Tweet
Sometimes you need to look at the big picture: It's been an incredible rebound from the 2020 pandemic recession.
The US has recovered all output lost in the crisis and gotten back on trend.
GDP
2022: +2.1%
2021: +5.9%
2020: -2.8%
washingtonpost.com/business/2023/ via @abhabhattarai
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2 years ago, climate policy was mostly a bunch of good ideas in PDFs.
2 years later, we are here. Climate laws & leadership.
Against all odds, the Biden-Harris Administration did the most ambitious climate policy in history.
The most ambitious climate policy in history…so far
read image description
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2 yrs ago, laid out his strategy for rescue and recovery; and his vision for growing the economy from the bottom-up and middle-out.
Today, I reviewed his commitments and our progress, starting with our historically strong jobs recovery.
whitehouse.gov/nec/briefing-r
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We have more to do, we face ongoing risks, and we could see setbacks along they way
But 2yrs in, ’s economic strategy is working, and has set the stage for a transition to steady, stable growth, with lower inflation and improved economic prospects for workers and families
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This strategy is just beginning to play out – w/ $185 billion in infrastructure projects and nearly $300 billion in private investment, with much more to come.
It reflects the most ambitious effort to fight climate change and increase energy security ever, in our history.
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’s bottom up, middle out strategy centers on investing in America – in infrastructure, innovation, and clean energy – in ways that crowd in private investment, rebuild our industrial strength and supply chains, and expand the productive capacity of the economy.
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Our economic progress has also been propelled by a surge in entrepreneurship. As I highlighted earlier this week, new data show that over the last two years, Americans have applied to start 10.5 million new businesses, the strongest two years on record.
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One of the most promising signs in the economic recovery from the pandemic is record small business applications, which not only signal more job opportunities, but also greater appetite for entrepreneurism in the economy
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The rapid labor market recovery and relief provided to households helped avoid some of the most negative economic outcomes associated with downturns. In fact, measures of financial security have generally improved compared to both pre-pandemic levels and averages from 2010-2019.
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’s policy priority on driving a strong labor market recovery was grounded in decades of economic research showing that long spells of unemployment have severe and long-lasting “scarring” impacts on workers, families, and communities.
urban.org/sites/default/
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The historic declines in unemployment we have seen were far from pre-ordained 2 yrs ago. Before Biden’s economic plan, the projected that the unemployment rate would be 4.9% in the final quarter of 2022, rather than the 3.5% it actually reached.
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2 yrs ago, laid out his strategy for rescue and recovery; and his vision for growing the economy from the bottom-up and middle-out.
Today, I reviewed his commitments and our progress, starting with our historically strong jobs recovery.
whitehouse.gov/nec/briefing-r
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“Even just the specter that the United States might not honor its obligations does damage to the economy,” White House economic adviser Brian Deese says. Asked if it's still the White House's position that there should be no conditions attached, "Yes, that's our position."
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One of the most promising signs in the economic recovery from the pandemic is record small business applications, which not only signal more job opportunities, but also greater appetite for entrepreneurism in the economy
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And 2022 was the second highest year on record for “high-propensity” applications—or ones that the Census Bureau deems likely to succeed given the type of applicant, sector, indication of planned wages, and a hiring plan
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Today’s numbers from the Census Bureau show the strongest 2 year window of business applications ever: a whopping 10.5M new business applications total in 2021 and 2022
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More entrepreneurs choosing to open new businesses means more competition and better consumer outcomes
And American entrepreneurism will always be at the core of the US economy’s global competitive edge
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One of the most promising signs in the economic recovery from the pandemic is record small business applications, which not only signal more job opportunities, but also greater appetite for entrepreneurism in the economy
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A valuable visual. It underscores why in his first week in office issued an E.O. directing a focused effort on economic development in energy communities. It has been a top priority every day since.
More here on our work to-date and path forward: energycommunities.gov
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Approximately 1.7 million workers are employed in the fossil-fuel intensive industries, which is concentrated geographically and among non-college educated workers, leaving these communities vulnerable to industry-specific shocks.
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Balance of Power: Deese on Cooling Inflation, Debt Limit
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"The policies we've put in place - for semiconductors, innovation, clean energy, and infrastructure - are really going to take hold in 2023," says director . "The investment environment for the U.S. in the next 2-5 years looks very promising."
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There’s still more to do and progress won’t come in a straight line. But the progress we have seen in the last two quarters on inflation while the labor market remained resilient is an important achievement and cause for optimism for the year ahead.
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Finally, while progress is slow on the CPI housing data, real time data indicates sharp slowing and seasonally adjusted rent declines that should flow through to CPI in the months ahead.
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Smoothing over 3 months, core services ex housing continues to improve as well – down substantially from the spring.
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As we again look under the hood, core goods are seeing even further price decline, reflecting improvements in supply chain bottlenecks, elevated inventories, and the return to more normal consumption patterns.
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Updating this thread with today’s December numbers – we are now seeing steady progress on bringing inflation down, while the labor market remains resilient.
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Looking back on this week, there has been a lot of coverage of the encouraging signs we are seeing in core CPI.
A 
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Affordable health insurance is a core element of econ security for families. ’s strategy has been to lower cost so more people can get coverage.
The result:
33% increase in ACA enrollment over 2 yrs;
92% of Americans w/health insurance;
Uninsurance rate at all time low.
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Prices as measured by headline CPI fell by 0.1 percent month-over-month in December, at market expectations. Monthly core inflation in December ticked up to 0.3 percent, also at market expectations. 1/
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If you haven’t enrolled, there’s still time to do so.
Go to healthcare.gov by Jan. 15 to find plans for as low as $10/month.
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Affordable health insurance is a core element of econ security for families. ’s strategy has been to lower cost so more people can get coverage.
The result:
33% increase in ACA enrollment over 2 yrs;
92% of Americans w/health insurance;
Uninsurance rate at all time low.
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We invented the solar cell in the U.S. at Bell Labs.
’s industrial strategy is helping bring it back home.
This investment by is the single largest investment in U.S. solar manufacturing in history.
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