U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the Joint Economic Committee, delivered the following statement at today’s hearing on American living standards. In his remarks, Senator Heinrich highlighted that the Republican tax law is doing little to improve working Americans’ wages or living standards. Senator Heinrich also highlighted the Measuring Real Income Growth Act (S.3440) he introduced which would provide better insight into how broadly economic progress is shared and whether living standards are improving.
DeLauro requested a report on the effects of the Republican Tax Plan from the Democratic staff of the Joint Economic Committee in Congress. The six-page report focuses on changes made in tax policy that the Democrats claim would encourage companies to move factories and jobs overseas, where corporate profits are taxed at lower rates. The report claims about 199,200 Connecticut residents — including 75,200 in manufacturing jobs — are at risk of seeing their jobs moved overseas due to the tax changes, based on Department of Labor data on industries that have a track record of moving production to foreign countries. Another 22,700 jobs at risk are in the insurance industry, which has moved operations overseas 66 times in the last five years.
The Democrats on the Joint Economic Committee are out with a report today arguing that federal support for rebuilding the Puerto Rican electric grid is crucial to getting the island’s economy humming again. Failing to ensure reliable electricity will further harm the ability to attract businesses to Puerto Rico and could fuel ongoing population emigration. Given the high cost of fossil fuels on the island, accelerating the transition to renewable energies could also help promote economic growth, the report adds. “We must focus on supporting local efforts to rebuild the power grid and other important infrastructure so it is resilient against future disasters and helps jump-start economic recovery on the island,” Sen. Martin Heinrich, ranking member on the committee, said in a statement.
“Instead of slashing budgets and cutting benefits that support children and their families—as Congressional Republicans and the Trump administration have attempted to do to pay for their massive tax giveaway for the wealthy and corporate interests—we need to invest in the future of our economy and support our children,” said U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the Joint Economic Committee.
Sep 07 2018
Heinrich Statement on August Jobs Report
“Our workforce continues to gain jobs, but many working families, particularly in rural areas, are still struggling to get by. Wages have been stagnant for years, yet corporations have amassed record growth and profits. Nearly 40 percent of American families struggle to meet a basic need, like food, housing, health care, and utilities. It is clear that too many Americans are being left behind in our economy."
U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the Joint Economic Committee, delivered the following statement at today’s hearing on the impact of the Republican tax plan on the economy. In his remarks, Senator Heinrich highlighted that the Republican tax cuts are mostly benefiting the wealthy and doing little for working Americans.
Sep 04 2018
Op-ed: A thriving NM means supporting small businesses. Here's how. (Albuquerque Business First)
Our nation’s small businesses support the upward mobility and wealth building that are cornerstones of the American dream, while training future leaders and spreading American ingenuity all over the globe. New Mexican innovators are gritty, determined and doing everything they can to be competitive. We should put our full weight behind them, building on their successes, and continue to show that New Mexico small businesses refuse to be left behind.
Quite a lot, suggest Senators Chuck Schumer and Martin Heinrich. This week they introduced a bill that would direct the Bureau of Economic Analysis, which produces estimates of gross domestic product, to produce estimates telling us who benefits from growth — for example, how much is going to the middle class. This is a really good idea.
Aug 28 2018
Politicus USA - Senate Democrats Introduce Bill That Pops Trump’s Economic Propaganda Bubble
As Sen. Heinrich said, “Instead of focusing on one economic indicator closely watched by investors, we should be examining data that captures why many families are still struggling to make ends meet. Only looking at headline GDP growth numbers to assess the state of our economy simply does not paint the whole picture, and leaves out the reality that many Americans have not seen their wages rise for years. Our priority should be ensuring that every New Mexican – and every American – can succeed in today’s economy. This legislation would provide Congress with the information to take real steps needed to finally address income inequality and the economic needs of all Americans.”
Aug 28 2018
Vox - Senate Democrats want the government to say if GDP growth is helping the middle class
But those gaps don’t show up in official measurements like the GDP, which measures growth in the overall economy. Now Democratic Sens. Chuck Schumer and Martin Heinrich are trying to change that. On Tuesday they are introducing a new bill that seeks to shed light on how economic growth in the United States is shaking out for individual Americans.
The idea, they say, is to shed light on where economic prosperity is showing up across different income groups — and, potentially, where it’s not. The bill, the Measuring Real Income Growth Act of 2018, would require the Bureau of Economic Analysis (BEA), which releases quarterly GDP numbers, to also report how growth is distributed along the income scale. The bureau would have to put together distributional measures of economic growth to be released with quarterly and annual GDP reports starting in 2020, laying out how growth shows up across each decile of earners and the top 1 percent.
The idea, they say, is to shed light on where economic prosperity is showing up across different income groups — and, potentially, where it’s not. The bill, the Measuring Real Income Growth Act of 2018, would require the Bureau of Economic Analysis (BEA), which releases quarterly GDP numbers, to also report how growth is distributed along the income scale. The bureau would have to put together distributional measures of economic growth to be released with quarterly and annual GDP reports starting in 2020, laying out how growth shows up across each decile of earners and the top 1 percent.
