Support for the Financial Year 2018 Budget Proposal for the Bureau of Economic Analysis
Get ready to dive into the world of economic data—a multitrillion-dollar ride that's essential for both the public and the private sector. The Bureau of Economic Analysis (BEA), a relatively small but highly influential agency, is at the heart of this narrative.
These days, BEA is busy providing an overall picture of the economic health of our economy, sector-by-sector, and geographic reports. These data aren't just about numbers—they help guide federal, state, and local government in crafting economic and fiscal policies that spur economic growth and job creation. The private sector is equally reliant on BEA data to make informed business and investment decisions. The information provided by BEA is unique, as it isn't available from any other source.
In a turbulent economic climate, the extraordinary return on investment provided by BEA more than justifies a budget of $105.4 million in FY18, the organisations argue in a letter to the Appropriations Committee in the U.S. House of Representatives and the Appropriations Subcommittee on Commerce, Justice, and Science in the U.S. Senate. The letter further stresses that this level of funding would allow BEA to continue expanding the production of county-level measures of economic activity, data that would be extremely helpful in informing regional economic development work.
While the FY18 proposed reductions, including efforts to separately measure the impact of small businesses on the U.S. economy, the incorporation of enhanced healthcare measures into the core GDP accounts, and trade in services data for dynamic industries of the U.S. economy—all important endeavors—are concerning, the organizations maintain that healthcare and services, both rapidly growing components of America's economy, require more work to be better included in measures of our economy. Further, the proposal to dissolve the Economics and Statistics Administration (ESA) raises concerns, as the Commerce Data Advisory Council (CDAC) and the Commerce Data Service (CDS)—initiatives that have received institutional support from ESA—should continue.
Quick fact: Over the years, CDAC and CDS have brought in expertise from the private sector and academia to maximize the impact of government data on society, and they’ve established a team of in-house data science talent that operates on a shared-services model to help different bureaus rapidly develop projects central to the department's mission.
In conclusion, investing at least $105.4 million in BEA is a crucial investment for promoting economic growth and job creation. This investment in our information infrastructure—small relative to our multi-trillion dollar economy which it tracks—will pay off big time in the long run. So, let's keep BEA rolling!
- The data provided by the Bureau of Economic Analysis (BEA) is essential for both the public and private sectors, helping guide policy-making on economic growth and job creation.
- In the world of data science and research, BEA's data is unique, offering insights unavailable from any other source, making it crucial for informed business and investment decisions.
- AI, finance, and business all rely on accurate economic data, with BEA's reports serving as a crucial component in their respective innovations and decision-making processes.
- The work of the Bureau of Economic Analysis (BEA) is not just about numbers; it drives important economic development, with investments in its operations (such as the proposed $105.4 million budget for FY18) playing a significant role in promoting growth and job creation.
