National

In the National Income and Product Accounts (NIPAs), the contribution of federal government labor inputs to GDP is recorded as "federal compensation" and is presented in current dollars, quantities, and prices. Current-dollar levels reflect Bureau of Labor Statistics (BLS) and other administrative data on government expenditures for wages, salaries, and supplements. Quantities (i.e. inflation-adjusted, or "real" statistics) are based primarily on BLS employment data. Prices are calculated implicitly as the ratio between current-dollar and "real" compensation.

Nonmonetary gold is used for two purposes: for industrial use (as an input into the production of goods and services, such as jewelry, watches, and electronic equipment) and for investment (as a store of wealth and a hedge against inflation). BEA’s national economic accounts (NEAs) do not treat transactions in valuables, such as nonmonetary gold, as investments and therefore purchases of nonmonetary gold as a form of investment are not included in personal consumption expenditures, gross private domestic investment, or government spending.

Gross Domestic Product (GDP) is a measure of the goods and services produced by a nation’s economy, valued at current market prices. Market prices reflect the incomes earned from production, including taxes paid on production and imports that accrue to governments. A tariff is a customs duty levied on foreign-produced goods that enter the domestic economy as an import.

In the latter half of 2022, several state governments provided relief to the residents of their states by way of one-time refundable tax credits. Refundable tax credits typically allow taxpayers who meet certain eligibility criteria to reduce the amount they are required to pay in income taxes, and if the credits exceed the taxpayer's total tax liability, the excess is paid to them as a refund. Some states chose to distribute the full amount of these credits directly to individuals during the last half of 2022.

In February of 2022, major drug distributors Cardinal Health, McKesson, and AmerisourceBergen, and drugmaker Johnson & Johnson, reached a settlement to provide about $26 billion for remediation of the opioid epidemic in exchange for states, U.S.

The American Rescue Plan Act of 2021 (ARP) provided $350 billion in funding to state, local, and tribal governments to be administered through the Coronavirus State and Local Fiscal Recovery Funds (SLFRF) program.

Expanded Child Tax Credit

The child tax credit was expanded by the American Rescue Plan Act of 2021. The previous credit of $2,000 per child ($1,400 of which was refundable) was expanded to $3,000 per child ($3,600 for children under 6).

The Coronavirus Response and Relief Supplemental Appropriations Act of 2021 provided $25 billion for an emergency rental assistance program as well as an extension on eviction moratoriums until January 31, 2021. The American Rescue Plan Act of 2021 provided an additional $21.6 billion for the emergency rental assistance program and established a $10 billion homeowner assistance fund.

The Paycheck Protection Program (PPP) provides forgivable loans to help small businesses and nonprofit institutions impacted by the COVID-19 pandemic and economic downturn make payroll and cover other expenses. The program was authorized initially by the Coronavirus Aid, Relief and Economic Security Act (CARES) of 2020, modified by subsequent legislation, and reauthorized by the Coronavirus Response and Relief Supplemental Appropriations Act of 2021.¹

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act was signed into law. The Act provided for the suspension of all payments due on certain categories of federally-held student loans beginning on March 13, 2020.