The Economic Report of the President has been prepared annually by the Council of Economic Advisers since 1947. The theme of this year’s Economic Report of the President is “To Recover, Rebalance, and Rebuild.” In 2011, the Nation continued to recover from the Great Recession and to make progress toward building a stronger foundation for more balanced and sustainable economic growth in the future.
The problems that caused the deep recession that began at the end of 2007 and lasted until mid-2009 were a long time in the making, and will not be solved overnight. But economic progress is being made. In 2011 the Nation continued to recover, rebalance and rebuild a stronger, more secure future. The economy has expanded for 10 straight quarters. As a result, by the third quarter of 2011, the real gross domestic product (GDP) of the United States had surpassed its peak level at the start of the 2007–09 recession.
When President Obama took office on January 20, 2009, the U.S. economy was contracting at an alarming rate, and employment was falling by more than 700,000 jobs a month. The plunge in economic activity was even deeper than the Bureau of Economic Analysis initially reported: revised estimates show that the economy contracted at an 8.9 percent annualized rate in the last quarter of 2008, from the initial advanced estimate of 3.8 percent. This was the largest quarterly downward revision ever reported.
Fonte: White House