The rapid rise of artificial intelligence (AI) tools has the potential to alter nearly all aspects of society with large but uncertain impacts on the economy and labor market. Generative AI has progressed quickly in the last few years, in particular with the release of ChatGPT, prompting governments to grapple with ways to encourage AI development within the bounds of ethical and national security concerns. AI tools may disrupt several industries from the music industry and copywriting to manufacturing and human resources. Many questions remain around AI, including inaccurate decision-making and algorithmic bias (e.g., facial recognition doing a worse job of identifying black female faces); lack of interpretability; information provenance (e.g., privacy concerns, deep fakes, and misinformation); and supply chain issues. AI may also increase inequality as AI tools consolidate the wealth and dominance of particular companies and individuals.
Sep 11 2023
Economic Update - September 11, 2023
Sep 05 2023
Economic Update - September 5, 2023
Sep 05 2023
The Economic Costs of a Republican Shutdown
A Republican-led government shutdown would have serious impacts on the U.S. economy. It would reduce economic output and harm consumer confidence as many important government functions would shut down due to lack of funds. Americans would face disruptions to important benefits, many private businesses would have to alter their operations, and federal workers across the country would be furloughed and go unpaid. Congress must act to prevent this avoidable harm to the U.S. economy.
Aug 18 2023
State by State Fact Sheets: July Employment Data
Each month, the Bureau of Labor Statistics (BLS) releases national and state-level data on U.S. employment, which provide useful information about the state of the labor market and progress toward building a better America. To highlight key trends in the monthly data, the Joint Economic Committee compiles state-by-state fact sheets for all 50 states, the District of Columbia, and Puerto Rico. The most recent state-level data, which cover the month of July, were released on August 18, 2023. The latest national data were released on August 4, 2023.
Ensuring Americans’ access to quality higher education is a critical piece of the U.S. economy’s success. A higher education is one important pathway to the middle class and making it available to more Americans leads to a strong, diverse, and globally competitive workforce. Yet, student loan debt can act as a barrier to entry into the middle class, denying many borrowers the ability to build wealth, save for retirement, and support a family.
Recognizing these challenges, the Biden-Harris administration has overhauled the income-driven repayment (IDR) system to give millions of middle-class borrowers the relief they need to pay back their loans in a sustainable way. The administration’s actions will give full credit for the payments borrowers have already made, while also introducing the Saving on a Valuable Education (SAVE) plan to reduce IDR payments going forward.
Recognizing these challenges, the Biden-Harris administration has overhauled the income-driven repayment (IDR) system to give millions of middle-class borrowers the relief they need to pay back their loans in a sustainable way. The administration’s actions will give full credit for the payments borrowers have already made, while also introducing the Saving on a Valuable Education (SAVE) plan to reduce IDR payments going forward.
Jul 31 2023
Economic Update - July 31, 2023
Jul 24 2023
Economic Update - July 24, 2023
Jul 24 2023
Unions Support Workers and Grow the Middle Class
Unions play a vital role in strengthening the middle class and creating a fair workplace for Americans. Recent growth in union activity paired with the policies passed by Congressional Democrats and enacted by the Biden administration can help expand economic opportunity for working families and bring more people into the middle class.
Jul 21 2023
State by State Fact Sheets: June Employment Data
Each month, the Bureau of Labor Statistics (BLS) releases national and state-level data on U.S. employment, which provide useful information about the state of the labor market and progress toward building a better America. To highlight key trends in the monthly data, the Joint Economic Committee compiles state-by-state fact sheets for all 50 states, the District of Columbia, and Puerto Rico. The most recent state-level data, which cover the month of June, were released on July 21, 2023. The latest national data were released on July 7, 2023.
