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

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Feb 19 2021

JEC Turns 75

The Committee was created on February 20, 1946.

Washington, DC—On February, 20, 1946, President Harry S. Truman signed the Employment Act of 1946, which, among other things, created two sister organizations—the U.S. Congress Joint Economic Committee (JEC), which analyzes economic conditions and advises Congress on economic policy, and the Council of Economic Advisers, which does the same for the White House.

Today, Congressman Don Beyer (D-VA) released the following statement in honor of JEC’s 75th anniversary:

“Seventy-five years ago this Saturday, President Harry S. Truman signed the Employment Act of 1946 into law, which established the Joint Economic Committee. Congress passed this legislation, which also created the Council of Economic Advisers, to address massive fluctuations in national employment rates as the nation demobilized following World War II with the Great Depression still very fresh in the national consciousness.

“Congress intended the Joint Economic Committee to play a major role in shaping U.S. economic policy, which it has, thanks in large part to the brilliant economists who have staffed it over the years. Today, once again, its role as a think tank for Congress amid a historic economic crisis is as essential as it has ever been. Millions are out of work, wondering how they are going to keep a roof over their heads and food on the table—and policymakers looking to alleviate their suffering should once again avail themselves of the counsel of the best economic minds in the country.

“From the beginning of the pandemic, I have held weekly conversations to bring together Members of Congress and the leading economists in the nation. We have heard again and again that the danger is not doing too much, it is doing too little. I look forward to working with my colleagues on the Joint Economic Committee to ensure that Congress does as much as possible to get our economy back on track. Anything less would be a disservice to the American people, as well as the legacy of this committee.”

Feb 09 2021

Vice Chair Beyer on Tanden’s First Confirmation Hearing: She Understands that Federal Budgets Can Be a Force for Good Because She Has Lived It

Washington, DC—Today, Congressman Don Beyer (D-VA) released the following statement in response to the confirmation hearing testimony of Neera Tanden, Director-designate for the Office of Management and Budget (OMB), who appeared this morning before the Senate Committee on Homeland Security and Government Affairs. If confirmed, Tanden, who is Indian American, would become the first woman of color and first South Asian American to lead OMB.

Today’s hearing was the first of two for Tanden. She testifies before the Senate Budget Committee on Thursday.

“Neera has spent her career putting the Affordable Care Act and other big, bold policies into practice for working families. She has the experience and expertise to lead the Office of Management and Budget in a way that moves our country and economy forward.

“She understands that the federal budget can be a force for good that lifts people out of poverty and helps them achieve their dreams. She understands this because she has lived it. She also understands that the federal budget must address the many crises before us—the coronavirus and the related recession as well as climate change, racial equity, immigration and health care.

“During the worst pandemic in more than 100 years, it is important to have one of the chief architects of the Affordable Care Act leading the federal agency responsible for making sure that government delivers programs and services as efficiently and effectively as possible, which includes testing, vaccinations and insuring the uninsured.

“I commend Neera on a job well done at the first of two confirmation hearings and look forward to the next. It was easy to see why we would be so lucky to have her brilliance and barrier breaking leadership at OMB.”

Feb 05 2021

Beyer on January Jobs Report: “Job Growth Continues to be Shaky and Slow”

Washington, DC—Today, Congressman Don Beyer (D-VA) released the following statement after the Bureau of Labor Statistics (BLS) reported that nonfarm payroll employment increased by 49,000 in January and the unemployment fell to 6.3%. The unemployment rate was 9.2% for Black workers and 8.6% for Hispanic workers.

The number of long-term unemployed, who have been jobless for 27 weeks or more, remained at 4 million and accounts for almost 40% of unemployed workers. 

“Almost a year into the pandemic, and job growth continues to be shaky and slow—resulting in a U.S. economy that has 9.9 million fewer jobs than in February and an unemployment rate that is almost double what it was then. 

“Behind these numbers are millions of Americans who are wondering if they are ever going to return to work and how they are supposed to take care of their families until they do. This is why Congress must provide the American people with robust relief now—right now, and why such relief should continue until the pandemic is over.

“If Congress can pass President Biden’s American Rescue Plan with bipartisan support, great. But, if not, we must do what is needed to rescue millions of Americans who are on the verge of hunger and homelessness—as well as businesses and state and local governments that are struggling to stay afloat too.

“According to CBO, if Congress does not pass additional relief, the U.S. will not return to pre-pandemic employment levels until 2024. There is no reason to put the American people through that sort of pain when relief is right at our fingertips.”

Jan 28 2021

Beyer on Q4 and 2020 GDP: “The Previous President Left Americans in A Lot of Pain”

Washington, D.C.—Today, Congressman Don Beyer (D-VA) released the following statement after the Bureau of Economic Analysis (BEA) reported its initial estimate of fourth quarter gross domestic product (GDP), showing that real GDP grew at an annual rate of 4.0%.

Overall, real GDP decreased by 3.5% in 2020—the first year since 2009 that the U.S. experienced negative economic growth.

“That our economy is smaller than it was a year ago—a first in over a decade—means that theWashington, D.C.—Today, Congressman Don Beyer (D-VA) released the following statement after the Bureau of Economic Analysis (BEA) reported its initial estimate of fourth quarter gross domestic product (GDP), showing that real GDP grew at an annual rate of 4.0%.

Overall, real GDP decreased by 3.5% in 2020—the first year since 2009 that the U.S. experienced negative economic growth.

“That our economy is smaller than it was a year ago—a first in over a decade—means that the previous president left Americans in a lot of pain. But you do not have to look any further than the local movie theater, gym or restaurant to know that the economy President Biden inherited is weak.

“In addition to producing less goods and services in 2020 than we did in 2019, we have almost 10 million fewer jobs than we had a year ago and nearly a million people filing for unemployment each week. It will take years to climb out of this economic hole that the previous president put us in.

“To bring about a strong, inclusive recovery we need to meet current challenges with big, bold action. This means making sure families, workers, businesses and state and local governments have the support they need to survive the health and economic impacts of the pandemic. The good news is that President Biden understands this and has, through his American Rescue Plan, proposed big, bold action to build our economy back better.” previous president left Americans in a lot of pain. But you do not have to look any further than the local movie theater, gym or restaurant to know that the economy President Biden inherited is weak.

“In addition to producing less goods and services in 2020 than we did in 2019, we have almost 10 million fewer jobs than we had a year ago and nearly a million people filing for unemployment each week. It will take years to climb out of this economic hole that the previous president put us in.

“To bring about a strong, inclusive recovery we need to meet current challenges with big, bold action. This means making sure families, workers, businesses and state and local governments have the support they need to survive the health and economic impacts of the pandemic. The good news is that President Biden understands this and has, through his American Rescue Plan, proposed big, bold action to build our economy back better.”

Jan 28 2021

Beyer on Rouse Confirmation Hearing: She Understands that Economic Policy Must Go Where the Pain Is

Washington, D.C.—Today, Congressman Don Beyer (D-VA) released the following statement in response to the confirmation hearing testimony of Cecilia Rouse, the Chair-designate for the Council of Economic Advisers (CEA), who appeared today before the Senate Banking Committee. If confirmed, Dr. Rouse will become just the fourth woman and the first African-American Chair of the CEA in the 74 years of its existence.

Along with the U.S. Congress Joint Economic Committee, the CEA was created when Congress passed the Employment Act of 1946. The primary purpose of the CEA is to advise the president on economic policy.

“Cecilia Rouse is among a long list of barrier breaking Biden nominees and after listening to her testimony today it is not hard to see why.

“A leading labor economist and a national expert on the economics of education, Dr. Rouse understands that when it comes to the economy, policy must go where the pain is, and there is a lot of pain across the country right now—especially among the millions of Americans who are out of work. She also understands that the pain Americans are in is not being experienced equally—women, people of color, low-wage workers and others are bearing the brunt.

“During one of the worst jobs crises since the Great Depression, I can think of no one better to lead the Council of Economic Advisers. In addition to her previous service as a member of the CEA during the Obama-Biden administration, Dr. Rouse has spent her career studying the reasons why our economy loses jobs, how people can increase their job prospects, and ways we can break through barriers to job growth. I look forward to working with the CEA under Dr. Rouse’s leadership.”

Jan 25 2021

Beyer on Yellen Confirmation Vote: It’s Important to Have a "Crisis-Tested Trailblazer" Like Yellen Leading Treasury

Washington, D.C.—Today, Congressman Don Beyer (D-VA) released the following statement after the Senate voted (84 to 15) to confirm Janet Yellen as Treasury Secretary.

Secretary Yellen previously served as Chair of the Federal Reserve and Chair of the Council of Economic Advisers (CEA). She is the first woman to serve as Treasury Secretary, and the first person to lead CEA, the Federal Reserve and Treasury.

“During these tough economic times, it is so important to have a crisis-tested trailblazer like Secretary Yellen leading the Treasury Department. The country will be counting on her insights, expertise and unmatched experience to help us recover from this crisis.

“Secretary Yellen has made it clear that she will use government as a force for good in the lives of all Americans, including women, people of color, low-wage workers and others who have been disproportionately harmed by the coronavirus. She also indicated in her testimony that she will ensure the Treasury Department brings its resources to bear in the fight against climate change, a priority I applaud.

“Secretary Yellen has demonstrated her willingness to take bold, decisive, and prudent action to help the U.S. economy, and that is what we need now. I congratulate Secretary Yellen on her confirmation, and look forward to working with her on the economic challenges before us.”

Jan 22 2021

Beyer Hails Biden’s Executive Orders On Economy And Federal Workforce, Including Swift Elimination Of Schedule F

January 22, 2021 (Washington, D.C.) – Rep. Don Beyer (D-VA), who is expected to serve as the next Chair of Congress’ Joint Economic Committee and represents the largest number of federal workers of any U.S. Representative, issued the following statement today on President Biden’s executive actions on the economy and the federal workforce:

“President Biden’s orders to help the economy and support the federal workforce will do so much good for the country, and for Northern Virginia.

“Restoring collective bargaining protections and working to boost wages for the lowest income federal employees are beneficial changes that will go a long way to restoring fair treatment and boosting morale in a workforce that has been a punching bag for four years. I am particularly happy to see the end of Schedule F, an executive order intended to politicize the civil service that could have done a great deal of harm.

“My colleagues and I spent the past four years fighting against attacks on the federal workforce, and it is deeply gratifying to finally have an administration that values civil servants and clearly takes their interests – and the national interest they serve – to heart.”

“Shielding workers from having to choose between unemployment benefits and unsafe working conditions is a long overdue step that is just the right thing to do. Boosting nutrition programs to feed the hungry and pushing the federal government to accelerate equitable distribution of direct payments will provide the swift relief that people hit hardest by this pandemic desperately need.

“It is important to remember that American families and the U.S. economy need significantly more from Congress to weather this crisis, which underscores the need for fast action on the President’s American Rescue Plan.”

Jan 19 2021

Beyer on Yellen Confirmation Hearing: Her Testimony was “Music to My Ears”

Washington, D.C.—Today, Congressman Don Beyer (D-VA) released the following statement in response to Treasury Secretary-designate Janet Yellen’s confirmation hearing testimony.

Dr. Yellen previously served as Chair of the Federal Reserve and Chair of the Council of Economic Advisers (CEA). If confirmed, she would be the first woman to serve as Treasury Secretary, and the first person to lead CEA, the Federal Reserve and Treasury.

“Janet Yellen’s testimony was music to my ears—and I am sure millions of Americans struggling to make ends meet would say the same.

“She said everything you would want a Treasury Secretary nominee to say during this troubling time for the U.S. economy: most importantly, that in order to rebuild and recover we must first control the coronavirus, and that we need to provide robust relief to families, unemployed workers and small businesses until we do.

“As Dr. Yellen mentioned, one of the critical components of this relief is unemployment insurance (UI). I look forward to supporting the Yellen Treasury’s efforts on this front, especially in light of her past support for tying UI to economic conditions.

“In addition, one day after celebrating Martin Luther King Jr. Day, I was particularly pleased to hear her address an issue that this committee plans to focus on—economic inequality. The coronavirus has made the ‘K-shaped’ economy she mentioned crystal clear, and the Joint Economic Committee plans to examine policy interventions that will eliminate economic inequality from root to branch.

“I was also particularly pleased to hear Dr. Yellen address the ‘existential threat’ of climate change—another issue this Committee plans to focus on. Putting a price on carbon and other policy interventions in this area are not only good for the planet, they are good for the economy.”

Jan 15 2021

Beyer on Biden's Economic Relief Plan: "Soon We Will Have a President Who Understands…that Rent and Food are Not Going to Trickle Down to Millions of Unemployed Americans"

Washington, DC—Today, Congressman Don Beyer (D-VA) released the following statement in response to President-elect Joe Biden's American Rescue Plan, a plan that will help the country recover and rebuild from the pandemic.

"Watching Joe Biden speak last night about his robust relief plan was a breath of fresh air.

"Soon we will have a president in the White House, and Democratic leaders controlling Congress, who understand what economists have told us from the beginning—that in order to recover and rebuild from this pandemic you must first control the coronavirus and that rent and food are not going to trickle down to millions of unemployed Americans.

"Republicans who say the plan is too costly are the same Republicans who have spent the past year trying to penny-pinch the American people during a pandemic. We need to vaccinate every person in the country, get all school-age children back in school, get millions of unemployed workers back to work, and help restaurants, bars, movie theaters, gyms, shopping centers and other businesses reopen, among other monumental missions. You cannot do any of this on the cheap, and, if you care about the country, you should not want to.

“President-elect Biden’s plan is a bold blueprint for building back better; it is also comprehensive and smart and will ensure we are able to address the health and economic challenges before us. It accelerates our testing and vaccination efforts, supports workers and families who have borne the brunt of the economic hits during the pandemic, and puts our economy on a path to recovery. I look forward to working with my colleagues to turn this plan into law."

Jan 15 2021

Game-Changer: Top House Democrats On Biden Support For Automatic Triggers

January 14, 2021 (Washington, DC) – Today Rep. Don Beyer (D-VA), incoming Chair of the Joint Economic Committee, and New Democrat Coalition (NDC) Chair Suzan DelBene (D-WA) and NDC Chair-Emeritus Reps. Derek Kilmer (D-WA), expressed their delight at President-elect Biden’s game-changing support for automatic stabilizers, tying unemployment benefits to pandemic and economic conditions.

In the summer of 2020, Beyer and New Democrat Coalition leaders put forth a legislative proposal to automatically trigger continued and adjusted enhanced unemployment benefits through the COVID-19 public health and economic crisis. Over 100 House Democrats signed onto a letter asking House leaders to consider the proposal.

The New Dem Leaders said:

“The incoming Biden-Harris Administration’s economic plan is a bold vision that will take aggressive steps to end the pandemic and save the American economy. We support the President-elect’s proposal to tie enhanced federal unemployment benefits to health and economic conditions. Twice in 2020 these benefits lapsed because of political fights, and millions of Americans were cut off of aid they desperately needed. We have long argued for automatic triggers to prevent these harmful lapses and make sure people get the assistance they need for as long as they need it. The incoming Administration’s support is critical – having an ally in the White House will make an enormous difference as we make the argument for this policy to our colleagues. We look forward to a renewed push to build support for automatic triggers, which are already popular across the political spectrum, in Congress.”

President-elect Biden’s American Rescue Plan proposes “to extend these emergency unemployment insurance programs through September 2021,” after which Biden says he “will work with Congress on ways to automatically adjust the length and amount of relief depending on health and economic conditions so future legislative delay doesn’t undermine the recovery and families’ access to benefits they need.” Beyer and New Democrat Coalition leaders, along with Senators Jack Reed (D-RI) and Michael Bennet (D-CO), initially introduced their framework for automatic stabilizer legislation, the Worker Relief and Security Act, last May, and followed up with a full bill in July. Some of the economists and policy thinkers who helped their legislative push with advice and advocacy have since been named to prominent economic posts by the President-elect.