Washington, D.C.— Today, Joint Economic Committee Chairman Martin Heinrich (D-NM) and the JEC Democrats released a new analysis finding that the national average wages and salaries grew by nearly $15,000 between January 2021 and October 2023, which outpaces price growth during that period by over $3,500.
Recent news stories focused on price increases since the start of 2021 do not tell the whole story. While costs have risen over that period due to pandemic disruptions and Russia’s invasion of Ukraine, incomes have grown more during that period as the result of the massive employment recovery and strong wage growth that has occurred since President Biden took office. The economy has added nearly 14 million jobs between January 2021 and today, and that growth has come with notable wage increases for middle and low-income income Americans, which has helped narrow income inequality for the first time in decades.
The full JEC analysis can be found online here.
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About Chairman Martin Heinrich
U.S. Senator Martin Heinrich has served the people of New Mexico in the United States Senate since 2012. In addition to his role as Chairman of the U.S. Congress Joint Economic Committee, Heinrich also serves as Chairman of the Subcommittee on Agriculture, Rural Development, and Food and Drug Administration on the Senate Appropriations Committee, and as a member of the Senate Energy and Natural Resources Committee and the Senate Select Committee on Intelligence. Prior to his election to the U.S. Senate, Heinrich served two terms in the U.S. House of Representatives, four years as an Albuquerque City Councilor, as New Mexico’s Natural Resources Trustee, and in AmeriCorps with the U.S. Fish and Wildlife Service.
About the U.S. Congress Joint Economic Committee
The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President's Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress.
