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Joint Economic Committee Democrats Chairman - Senator Martin Heinrich (D-NM)

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Feb 27 2009

JEC Chair Maloney Responds to Sharp Contraction in 4th Q GDP

JEC CHAIR MALONEY RESPONDS TO SHARP CONTRACTION IN 4TH Q GDP

Washington, D.C. - Joint Economic Committee (JEC) Chair Carolyn B. Maloney made the following comment upon learning the revised estimate for the 4th Quarter GDP showed the economy shrank at the rate of 6.2 percent, the fastest rate in 25 years:

“Today’s revised GDP shows we’re in a deep recession.  There is a growing consensus that we need to move quickly, which is exactly what President Obama and this Congress are doing,  to fix our financial system so we can get the maximum benefit of the recovery package we just passed.  The American people are struggling and will continue to do so until we can get credit flowing and people working again.”

The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.
 www.jec.senate.gov
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Feb 18 2009

JEC Chair Maloney Praises Obama Housing Plan

Washington, D.C. – Today, Carolyn B. Maloney, Chair, Joint Economic Committee, released the following statement after hearing the details of President Obama’s Homeowner Affordability and Stability Plan:

“We understand that homeowners and neighborhoods are struggling and this plan will provide much needed relief.  President Obama’s plan will stem the tide of foreclosures by reducing mortgage payments for families who are either underwater or at risk of losing their home.  But all homeowners will benefit from slowing the downward spiral of prices caused by an excess supply of vacant homes for sale.  The indirect benefit to homeowners is greatest in neighborhoods where high foreclosure rates are pulling down home values for everybody.  The Administration’s plan is not a panacea, but it does offer needed help to homeowners caught by the collapse of housing prices.”

The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.

 www.jec.senate.gov

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Feb 13 2009

Rep. Maloney: Recovery Plan Creates Millions of Jobs, Helps Families in Need, Makes Investments for the 21st Century

REP. MALONEY: RECOVERY PLAN CREATES MILLIONS OF JOBS,
HELPS FAMILIES IN NEED, MAKES INVESTMENTS FOR 21ST CENTURY

Washington, D.C. – Today, Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee, made the following statement after the House passed the Conference Agreement for the American Recovery and Reinvestment Act, H.R. 1:

“The speed with which Congress, led by Speaker Pelosi, and President Obama have come together on this historic legislation demonstrates our unrelenting resolve to get Americans back to work and jumpstart our stalled economy as quickly as possible.  The recovery bill will create millions of jobs, cut taxes for hard working families, provide basic necessities to families in need, and make investments necessary to transform our economy for the 21st Century.  Economists, business leaders, and labor unions across the political spectrum know that decisive action is the only way to jolt our economy out of its intensifying tailspin. This bill will be on the President’s desk this weekend and our economy will be on the road to recovery.”

Quick facts from the American Recovery and Reinvestment Act:

Rebuilds America by Creating Jobs.
• Creates or saves 3.5 million jobs.

Helps Struggling Families Facing Difficult Economic Times.
• Gives 95 percent of working Americans a tax cut.
• Nearly $36 billion will go to expanded unemployment benefits programs, providing 33 weeks of extended benefits to workers who have exhausted their regular benefits.  It also would increase unemployment benefits by $25 per week.
• $24.7 billion in COBRA premium assistance, providing unemployed workers and their families with a 65 percent subsidy for health insurance for up to 9 months. 

Aids States Facing Drastic Cutbacks and Budget Shortfalls.
• $53.6 billion to the State Fiscal Stabilization Fund.  Nearly $40 billion of this money will go to local school districts to prevent budget cutbacks and teacher layoffs.
• $48 billion in funding for transportation infrastructure spending, modernizing roads and bridges and improving our airports and rail stations. 

The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.
 www.jec.senate.gov
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Feb 10 2009

Rep. Maloney: Frozen Credit Markets Require Transparency and Consistency to Restore Confidence

REP. MALONEY: FROZEN CREDIT MARKETS REQUIRE TRANSPARENCY AND CONSISTENCY TO RESTORE CONFIDENCE

Washington, D.C. – Today Rep. Carolyn B. Maloney, Chair of the Joint Economic Committee, released the following statement in reaction Treasury Secretary Geithner’s bank plan to get credit flowing again:

“Our economy is heading off a cliff and our financial and credit markets are frozen. President Obama understands we must take a coordinated and sustained approach to bring us back from the edge. We need transparency and consistency to reinstate confidence in our financial system and get credit flowing again to families and businesses. The plan outlined today by Treasury Secretary Geithner moves us in the right direction and I look forward to hearing more details. The key issues are whether financial losses are accurately measured, and that support to banks and other financial firms is provided effectively and with accountability. I invite Secretary Geithner to share more information with the Joint Economic Committee as soon as possible.”

The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.
 www.jec.senate.gov
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Feb 06 2009

Maloney, Democratic Senators Discuss January Jobs Report

Washington, DC—Democratic Senators Robert Menendez and Bob Casey joined Congresswoman Carolyn Maloney at a press conference this morning to discuss the Labor Department’s release of its monthly jobs report and unemployment rate. This morning, the Labor Department reported that employers cut 598,000 jobs in January, the most since 1974, bringing the unemployment rate to 7.6 percent. Facing the most severe economic crisis in generations, Democrats are working quickly and responsibly to enact a bold plan that creates jobs and cuts taxes for the middle class.

 

“There is nothing more indicative of the economic condition of America’s families than how we are doing with respect to job creation and job losses,” Menendez said. “Today, the latest snapshot of our economic condition shows that more and more American families are falling on harder and harder times, plain and simple. We have to act on the economic recovery plan quickly because we are in a crisis, and we have a responsibility to the American people. It is our responsibility to enact a plan that is bold, fast-acting and effective enough that it gets people back to work, and does so in short order.”

Said Casey: "Today's report is the latest in a string of bad news for American workers. Years of bad policy during the Bush Administration has driven our economy off a cliff. We don't have time for endless debate and must act swiftly to enact a recovery package to create jobs and move our economy in the right direction."

“Today’s grim job loss numbers underscore the human toll of our economic crisis and add to the overwhelming evidence for getting a recovery package to the President’s desk fast,” Maloney said. “Even the bright spots are dim.  The 3.6 million jobs erased since the recession started, including 598,000 last month, is why President Obama and Congressional Democrats are dedicated to acting in a bold and targeted way to revitalize the economy.  We have a plan to create and save up to 4 million jobs while cutting taxes for middle class Americans.  Democrats have tried to work with Republicans to find middle ground, but so far House Republicans seem intent on letting the economy slide off a cliff for political gain.  Democrats must and will ensure that they don't take our country with them.”

 

 

Feb 06 2009

Rep. Maloney: Mass Layoffs, Credit Freeze and Decline in Spending Contribute to 13th Month of Dramatic Job Loss

REP. MALONEY: MASS LAYOFFS, CREDIT FREEZE AND DECLINE IN SPENDING CONTRIBUTE TO 13TH MONTH OF DRAMATIC JOB LOSS

Washington, D.C. – Today the Bureau of Labor Statistics (BLS) released its monthly jobs report for January.  Rep. Carolyn B. Maloney, Chair of the Joint Economic Committee, released the following statement in reaction to the report and the persistently bad news about the 13th straight month of job losses:

“Today’s grim job loss numbers underscore the human toll of our economic crisis and add to the overwhelming evidence for getting a recovery package to the President’s desk fast.  Even the bright spots are dim.  The 3.6 million jobs erased since the recession started, including 598,000 last month, is why President Obama and Congressional Democrats are dedicated to acting in a bold and targeted way to revitalize the economy.  We have a plan to create and save up to 4 million jobs while cutting taxes for middle class Americans.  Democrats have tried to work with Republicans to find middle ground, but so far House Republicans seem intent on letting the economy slide off a cliff for political gain.  Democrats must and will ensure that they don't take our country with them.” – Rep. Carolyn B. Maloney

Some quick facts from the January Jobs Report from the Bureau of Labor Statistics:
- 3.6 million jobs have been lost since the recession began in December 2007; half of the widespread decline in the last three months alone.

- The national unemployment rate rose to 7.6 percent, 2.7 percent higher than a year ago.

- In New York State, the unemployment rate is 7.0 percent, lower than the national average, but still 3.4 percentage points higher than a year ago.  New York City’s unemployment rate is 7.4 percent, 2.3 percent higher than a year ago.


OPENING STATEMENT OF JOINT ECONOMIC COMMITTEE CHAIR MALONEY:

The newest job numbers today told Americans something they already knew – things are bad – they are bad all over – in almost every sector of the economy – in almost every section of the country - things are bad and people are hurting.
These numbers add to the overwhelming evidence for getting a recovery package to the President’s desk fast.  In today’s report, we see that even the bright spots are dim.

According to the figures just released by the Bureau of Labor Statistics, more than 3.6 million jobs have been lost since the recession began in December 2007, including the nearly 600,000 jobs shed in January. Given the steady stream of mass layoffs, a credit freeze and a decline in consumer spending, the writing was already on the wall for a devastating 13th month of job losses.  The job losses were widespread throughout economy and employers cut jobs at a faster pace last month.

My home state of New York has been especially hard hit, with the highest number of announced layoffs in the country last month.  Almost 48,000 jobs were slashed. Macy’s cut 7,000 jobs, Estee Lauder trimmed 2,000, Time Warner laid off 1,250, and Bloomberg news announced its first layoffs since it was founded by New York’s Mayor 28 years ago.

The Labor Department announced yesterday that initial jobless claims surged to a 17-year high of 626,000 last week and that the number of people on the unemployment rolls ticked up to nearly 4.8 million, the most since records began in 1967.  We now hear that the growing rolls of the unemployed are colliding head-on with states who cannot afford to efficiently process their claims. 

More than 2 million homes have gone into foreclosure, and millions of other homeowners find themselves owing more to the bank than their homes are worth. Because of these job losses, millions have also lost their health insurance.  And an estimated $6 trillion in personal wealth has simply evaporated since the economic crisis began.

Alarm bells are sounding and our economic recovery package must make its way to the President as soon as possible.  The current economic crisis requires bold solutions that address the magnitude of our economic woes, and the American Recovery and Reinvestment Plan will do just that.

These jobless numbers today underscore once again that there is no issue that is more important for this government to address than saving and creating jobs. Our recovery package will create or save an estimated 4 million jobs and will make key investments in our future.  We will create jobs across a variety of sectors over the next several years, which will soften the downturn and foster a solid economic recovery that benefits all Americans.

First and foremost, we will help families in need by increasing food stamps benefits for some 30 million Americans, expanding unemployment benefits for 18 million Americans, and preserving health care benefits for 20 million Americans.

We have an historic opportunity to make the investments necessary to modernize our public infrastructure, transition to a clean energy economy, and make us more competitive in the future.

America's school, roads, bridges, and water systems are in disrepair and this is creating a drag on economic growth.

Our plan also supports working families by providing a $1,000 ‘Making Work Pay’ tax cut for 95 percent of workers and their families. These families will go out and spend the money, not save it, and help jumpstart local economies right away.

 Now is the time to put aside the differences we might have in economic theories and put the needs of our country first. Now is the time to save our economy, not defend the failed policies of the past. We need to stand together for the good of our nation.

President Obama and the Democrats are ready to embark on a bold, common sense plan to turn this economy around, to address the fierce urgency of now, and to get this country back on its feet. Today’s numbers underline the need to act, and to act now.

The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.
 www.jec.senate.gov
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Jan 30 2009

4TH Quarter GDP Falls; Rep. Maloney Calls For Immediate Action

4TH QUARTER GDP FALLS; REP. MALONEY CALLS FOR IMMEDIATE ACTION

2nd Straight Quarter of Contraction

Economy Needs Recovery Plan Now

Washington, D.C. – Statement of Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee, responding to today’s announcement by the Bureau of Economic Analysis that GDP fell by 3.8 percent in the last quarter of 2008:

“Today’s announcement that economic activity in the U.S. fell 3.8 percent last quarter confirms what Democrats have been saying for months – the economy is fundamentally unsound and it will only get worse unless a fiscal stimulus package is implemented immediately.  The U.S. has not seen a quarterly decline in economic activity this large since 1982.   Mass layoffs announced in January by big companies are foreshadowing a dismal first quarter this year.  The American Recovery and Reinvestment Act, which passed the House of Representatives this week, makes critical investments in infrastructure and new technology, and provides tax rebates for middle class families who will spend the money quickly.  Our plan will not only boost growth and job creation, but it will also help to restore confidence and put us on the road to economic revitalization.”

Some quick facts from the 4th Quarter GDP Report from the Bureau of Economic Analysis:

• The largest contributors to the decline in GDP from the 3rd Quarter to the 4th were a downturn in exports and investment in equipment and software.  The most notable offset was a much larger decrease in imports.

• Consumer spending, which typically comprises more than two-thirds of GDP growth, declined 3.5 percent after falling 3.8 percent in the third quarter.  Reduced spending – on both durable and nondurable goods – subtracted 2.5 percentage points from GDP.

• Residential Fixed Investment fell 23.6 percent in the fourth quarter, a much larger decline than in the second or third quarters, indicating that the decline in the housing sector is snowballing as constrained mortgage lending and distressed home sales push prices below 2004 levels.

The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.
 www.jec.senate.gov
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Jan 28 2009

Rep. Maloney Proudly Supports Bold and Targeted Plan to Stimulate Economy

REP. MALONEY PROUDLY SUPPORTS BOLD AND TARGETED PLAN TO STIMULATE ECONOMY

Today’s Vote is an Important Step in Getting Economy Back on Track

Washington, D.C. – Today, to aid the ailing economy, the House passed the American Recovery and Reinvestment Act by a margin of 244 to 188.   Rep. Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC), made the following statement after the vote:

“Today we took an important step forward in getting the economy back on track,” said Rep. Carolyn B. Maloney, Chair of the JEC.  “The American Recovery and Reinvestment Act is a bold and targeted plan that puts people back to work by creating or saving about 4 million jobs, jump starts our economy and makes critical investments for the 21st century.  After record job losses under the Bush administration, the American people understand that the failed policies of the last eight years don’t work.  It’s hard to believe, but the Republicans showed today that they still don’t get it.”

The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.
 www.jec.senate.gov
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Jan 22 2009

Rep. Maloney: "New Numbers Show We Must Act Swiftly to Pass a Recovery Package that Puts New Yorkers Back to Work Fast"

REP. MALONEY: “NEW NUMBERS SHOW WE MUST ACT SWIFTLY TO PASS A RECOVERY PACKAGE THAT PUTS NEW YORKERS BACK TO WORK FAST”

New York State Unemployment Spikes to 7.0 Percent, a Full Percent Higher than Last Month

Washington, D.C. – Rep. Carolyn B. Maloney (D-NY), Chair of the Joint Economic Committee, issued the following statement regarding the New York State Labor Department’s December 2008 state employment data. The data show that the New York State unemployment rate jumped to 7.0 percent in December and that private sector employers shed 49,300 jobs last month, the largest one-month decline since October 2001.

 “We need an economic recovery package that puts people back to work and gets our economy back on track,” said Rep. Maloney.  “The December unemployment numbers for the state of New York are staggering.  We must act swiftly to pass an economic recovery package that puts New Yorkers back to work fast. Our stimulus package creates jobs, invests in America’s future and cuts taxes for the Middle Class because one thing is clear: New York State’s unemployed need stimulus now.”

Highlights from the December 2008 state and metropolitan area employment release:
• Unemployment is on the rise.  New York State’s unemployment rate rose a full percentage point in December to 7.0 percent, up from 4.6 percent a year ago. Compared to a year ago, there are 229,300 more people unemployed in New York State compared to a year ago, an increase of 51.9 percent.

• Job losses are mounting. Over the past year, New York State employers have shed a total of 121,400 jobs.   Leaving aside the 800 jobs created in government, job losses in the private sector totaled 122,200 over the past year, with nearly 103,000 jobs lost in the past 3 months.

• Job losses are widespread.    The largest losses in this recession have been in trade, transportation, and utilities; professional and business services; financial activities; and manufacturing.  Over the past twelve months, New York employers have cut 34,600 jobs in trade, transportation, and utilities; 32,100 jobs in professional and business services; and roughly 20,000 jobs in both financial activities and manufacturing.  Employers in the construction, information, and leisure and hospitality industries also have shed jobs over the past year.  However, employers in industries related to education and health services and government continue to add jobs.

• Over 173,000 New Yorkers applied for unemployment insurance in December. In all, more than 1.2 million New Yorkers filed for unemployment insurance in 2008, and more than 244,000 have filed for extended benefits made available in the Emergency Unemployment Compensation Act of 2008.

• Unemployment in New York City grew especially rapidly, possibly fueled by job losses in the financial services sector. The unemployment rate in New York City jumped from 6.3 percent in November to 7.4 percent in December, and is now higher than the national unemployment rate of 7.2 percent. This was a faster rate of growth than in areas of the state outside New York City, where unemployment went from 5.9 percent in November to 6.6 percent in December.


The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.

 www.jec.senate.gov

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Jan 22 2009

Rep. Carolyn Maloney Takes Helm of Joint Economic Committee

REP. CAROLYN MALONEY TAKES HELM OF JOINT ECONOMIC COMMITTEE

Maloney Becomes the First Woman to Chair the JEC

Committee Will Continue Aggressive Push to Address Serious Economic Crisis

Washington, D. C. – Last night Speaker Nancy Pelosi appointed Congresswoman Carolyn B. Maloney (D-NY) to chair the Joint Economic Committee (JEC).  Congresswoman Maloney served as the Vice Chair of the JEC during the 110th Congress.  Former Chair, Senator Charles E. Schumer (D-NY), is now the Vice Chairman.   The JEC is a bicameral Congressional Committee established by the Employment Act of 1946, the same legislation that created the President's Council of Economic Advisers.  The chairmanship transfers between the Senate and House with every new Congress.

Congresswoman Maloney said, "I am honored that Speaker Pelosi has appointed me the Chair of the Joint Economic Committee (JEC) in the 111th Congress.  In such an historic year, I am pleased that our first woman Speaker has asked me to be the first woman to Chair the JEC.  I look forward to working closely with President Obama's economic team and to continuing to work with Sen. Chuck Schumer as Vice Chairman on long-term solutions to the grim economic situation facing our country-- and putting the needs and concerns of America's working families front-and-center in Washington."

Sen. Schumer said, “Carolyn Maloney has been a great partner over the last two years as the JEC examined serious problems affecting middle class families and offered up real solutions to help those families and our economy as a whole.  From the exorbitant costs of the war in Iraq, to the fallout from the subprime mortgage crisis, to the benefits of increased energy efficiency, the JEC has covered a lot of ground over the last two years.   I know that Rep. Maloney will direct the committee to continue to look out for middle class families and promote the ideas and policies that benefit them and our overall economy during these difficult times.”

In the 111th Congress, the Committee will focus on the economic crisis and recession as they unfold, and will be actively involved with crafting our path to recovery.  The Committee will scrutinize the relationship between the economic crisis and the labor market, housing market, healthcare reform, consumer spending and credit, as well as economic recovery and stimulus measures and the reform of the financial regulation system. In addition, the Committee will examine how to improve Congressional oversight of economic policy by enhancing the quality of government statistics and exposing fragmented administrative responsibilities.

Congresswoman Maloney, working with Sen. Schumer, has drawn attention to the failed economic policies of the Bush Administration that have contributed to our current economic woes: the mortgage and credit crisis, the enormous cost of the war in Iraq, high gas and food prices, rising unemployment, record-setting public debt, and widening income disparities. 

The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.

 www.jec.senate.gov

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