Democrats on the Joint Economic Committee, which is comprised of members of the Senate and the House of Representatives, have issued a report detailing a bleak picture of the country’s retirement landscape. Retirement Security in Peril catalogues data from outside sources that will be familiar to industry stakeholders: Half of households near retirement have less than $12,000 in formal retirement savings; large employer sponsorship of defined benefit plans has plummeted over the decades; 30 percent of fulltime workers in the private sector don’t have access to a savings plan through their employers.
A new report by Congressional Joint Economic Committee Democrats warns that American retirement security could be in peril due to slow wage growth, skimpier pension plans, and insufficient access to workplace retirement savings plans. The report, released today, recommends that Congress raise the payroll tax cap (set right now at about $128,000) to fund Social Security, and establish tax credits for startups that offer retirement contribution plans, among other measures. Read it here.
Congress has to do a lot more to improve retirement security, said a report issued Wednesday by Democrats on the congressional Joint Economic Committee. In the report, Retirement Security in Peril, the members call for modernizing Social Security and by raising the payroll tax cap and expanding benefits for some people, expanding access to defined contribution plans by allowing more open multiple employer plans and offering start-up credits for small businesses to help motivate them to offer retirement plans, among other steps.
Feb 14 2018
JEC Dems Report: Retirement Security in Peril
Joint Economic Committee Democrats released today a report on the state of retirement in America. American workers are facing a crisis, the inability to retire with dignity after a life of hard work. Half of all American families near retirement have $12,000 or less in formal retirement savings. Congress should now focus on policies that broaden access to low cost, high-yield retirement savings options, strengthen Social Security, secure pension plans, and restore access to a stable and adequate retirement for an aging population.
The volume of commerce entering the country has more than tripled in the past 25 years, which has led to an increased flow of commercial traffic through ports of entry, according to the U.S. Congressional Joint Economic Committee.
Feb 08 2018
Public News Service - Bill Would Bump Up State Tax Credit to Help Families Pay for Child Care
Wood pointed to a recent report by Congress' Joint Economic Committee showing that improved access to affordable child care would lead to more women entering and staying in the workforce. And it could increase the national GDP by as much as $600 million annually. She added that access to high-quality early learning leads to improved health outcomes for children, and better wages as adults.
Child care costs in Colorado today are among the nation’s highest. A 2017 Democratic staff report from the U.S. Congress Joint Economic Committee found that typical infant care costs in the state — $14,950 a year — eat up nearly 19.5 percent of Colorado’s median family income — the third-most in the country, behind only California and New York.
Feb 02 2018
The Cullman Tribune – Opioids in Alabama
According to information from the U.S. Congressional Joint Economic Committee, Alabama saw a more than six-fold increase in opioid overdose deaths between 1999 and 2015 (the most recent year for which complete records are available), rising from fewer than one death per 100,000 population to just over six per 100,000. According to the Centers for Disease Control and Prevention (CDC), Alabama leads the nation in opioid prescriptions and opioid over-prescription.
Also, as a report by the Democratic staff of the Joint Economic Committee argued, relying on private investment is risky and can cost more than direct taxpayer funding, since investors expect a healthy return. In the past, some public-private partnerships have been poorly negotiated and shut out competition that would have resulted in better pricing and improved public services, the report said.
Feb 02 2018
Heinrich Statement on January Jobs Report
In a speech marked by divisiveness and broken promises, President Trump addressed the country this week and touted a rosy picture of the economic state of our country. What the president failed to note is that many families are still struggling to get on their feet post recovery.