Center for American Progress
The Center for American Progress is an independent nonpartisan policy institute based in DC that is “…dedicated to improving the lives of all Americans, through bold, progressive ideas, as well as strong leadership and concerted action.”
In fall 2021, the Center for American Progress commissioned Seidman to independently and objectively estimate the multi-year impacts of the Budget Reconciliation Bill on the Arizona economy. Part of President Biden’s Build Back Better agenda, the $3.5 trillion national program of investments, if passed, will be offset by a combination of new tax revenues, health care savings, and long-term economic growth. The bill also prohibits new taxes on families making less than $400,000 per year, and on small businesses and family farms.
Beginning with an estimate of Arizona’s share of the $3.5 trillion bill by Senate Committee, Seidman uses a REMI model to demonstrate how the proposed investments could change the trajectory of economic growth in the State. In particular, Seidman estimates the potential changes to State GDP, employment, and personal income during:
- The initial ten years of investments, 2022-2031
- Nine years of potential legacy impacts after the investments have been made, 2032-2040.
A copy of the full September 2021 report is available for download below.
The Economic Impact of the Proposed Budget Reconciliation Bill in Arizona, 2022-2040 (September 2021)