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Blog Entries from October 25, 2011

How You Can Analyze Federal Programs Using BEA Statistics: A Look at Unemployment Insurance Benefits Payments

Bureau of Economic Analysis logo

The national income and product accounts, produced by the Bureau of Economic Analysis (BEA), provide a consistent and comprehensive picture of the nation’s economy; as a result, they provide a useful tool for analyzing the economic effects of recent federal legislation designed to stabilize and stimulate the economy.   For example, it’s logical that reduced income tax rates and expanded tax credits lowered personal current tax receipts, but by how much? It makes sense that a reduction in the social security tax rate lowered contributions for government social insurance, but how do you put that reduction in context?  Or by how much did federal assistance to states increase over previous periods?  BEA’s national accounts can help you find the facts and answer these sorts of questions.

Here’s an easy and interesting example:   What government program explains the increase in government social benefits over the course of the recent recession? 

Data from the BEA show that total government social benefits, as a share of personal income, increased from 14.2 percent in the first quarter of 2008 to 18.3 percent in the fourth quarter of 2010. That’s a notable increase, but what’s behind those numbers?

Honoring Invention: the World’s Only Inexhaustible Resource

President Obama with receipients at Meddal Award ceremony.

Guest blog post by David Kappos, Under Secretary For Intellectual Property and Director, United States Patent and Trademark Office, Department of Commerce

At a ceremony at the White House Friday, I had the pleasure to join President Obama as he honored recipients of the National Medal of Technology and Innovation—the highest honor bestowed by the United States government on our nation’s brightest innovators and inventors.

Whether unraveling the information intertwined in a DNA helix, improving the safety of air travel, or digitizing the way we capture memories of loved ones—the medal recipients have offered humanity new tools to tackle some of the toughest challenges we confront as a planet. Moreover, by improving our understanding of the world around us, they have rewritten textbook fundamentals—and inspired a new generation of thinkers to explore unfamiliar terrain.

Much like the thousands of patent and trademark applications, the Commerce Department's United States Patent and Trademark Office (USPTO) carefully examines each and every day, the National Medal of Technology & Innovation serves as a reminder that our nation continues to be built by those willing to challenge traditions—willing to push the boundaries of convention and willing to test new limits in design and thought.