Question

Whats the importance and significance of the council of Economic Advisors.

Answer 1

The Council of Economic Advisers (CEA) is a group of three noted economists - chairman and two other members who advise the president of the America on macroeconomic matters. All it's members are appointed by the United State's president and approved by the Senate. Its main goals are interpreting macroeconomic data, formulating economic policy for the White House, and also checking other parts of the government to ensure all department targets to the current economic agenda.

CEA prepare an economic report annually which is released in February. It provides the economic background that supports the President's annual budget. It does forecasting growth for next year and also what's happened to the economy over the past year. It gives reports on Federal finance, international statistics and security markets. Within each of these areas are several related indicators. CEA also review federal agencies and give corrections to the President if an economic initiative is not supportive.

Thus, CEA provides sophisticated guidance to the President of the nation because the panel provides economic forecasts and reports, formulates economic policy and prepares the annual budget. They suggest ways to end existing economic crises or avoid future ones