We can’t wait any longer to do something about America’s infrastructure problem. Crumbling roads, unsafe bridges, contaminated drinking water and insufficient access to broadband are hurting U.S. competitiveness and slowing economic growth. President Trump promised action, but he hasn’t even lifted a finger on infrastructure.
The Congressional Budget Office has confirmed that the Republican healthcare bill will be as disastrous as we expected. 14 million will be uninsured by next year, and 24 million by 2026. The Republican plan would mean a school teacher pays more for their health care so that a hedge fund manager can get a six figure tax break. That’s unconscionable. Having an economy that works for all means making sure Americans get the affordable health care they deserve.
Today’s jobs numbers make clear what we have known for some time: President Trump did not inherit a mess, in fact he inherited one of the longest expansions in American history. The challenge before us is how to put that success within the reach of every hardworking American. We need to continue broaden this recovery and leave no corner of our country behind.
If we can’t trust the numbers coming out of the Bureau of Labor Statistics, we lose the ability to accurately measure and understand the economy. Many Americans are still waiting for the progress of the recovery to reach their wallets. That progress becomes much harder to achieve when we don’t know the true health of the economy.
A new report by the Democratic staff of the U.S. Congress Joint Economic Committee, produced at the request of Ranking Member-Designate Martin Heinrich (D-NM), outlines specific areas of the U.S. economic recovery under President Obama that are threatened by the stated policies and cabinet appointees.
Joint Economic Committee Ranking Member Carolyn Maloney (D-NY) today announced the release of Portrait of a Changing Economy, a new series of 12 charts that show how decades-long trends in the U.S. economy have led to less retirement security, an increase in income inequality and stagnant wages for many American workers.
WASHINGTON – Joint Economic Committee (JEC) Ranking Member Carolyn B. Maloney (D-NY) issued the following statement today after the Federal Reserve Open Market Committee announced that it would raise the benchmark interest rate by 0.25 percent:
“Today’s announcement shows confidence in the stability of our recovery from the Great Recession. This reflects the strength of our job market and signs that we are nearing full employment. President Obama is handing over a vastly improved economy to President-elect Trump.”
WASHINGTON – When Barack Obama became President, our nation had just experienced what former Federal Reserve Chairman Ben Bernanke called “the worst financial crisis in global history, including the Great Depression.” The State of the Economy – Then and Now captures the scope of the U.S. economy from that time until the near end of the Obama administration.
The facts highlighted in the document and charts demonstrate vast improvement over the past eight years. Unemployment has been reduced by more than half since its recession high. Real GDP is up 16.3 percent since the start of the Obama administration. Household wealth has increased more than $35 trillion. Over 15.6 million private sector jobs have been added in the recovery.
The short report, prepared by the Democratic staff of the U.S. Congress Joint Economic Committee (JEC) includes economic data that tracks key indicators in all 50 states, including private-sector job growth, unemployment and home prices.
“It’s easy to forget how far we’ve come,” said JEC Ranking Member Carolyn Maloney (D-NY). “The economy President Obama is handing off to President-elect Trump is far, far better than the economy he inherited from President Bush. The numbers speak for themselves. But as the recent election reminds us, we need to do more to make sure that the benefits of the recovery reach everyone.”
For additional information on all 50 states, see the JEC publication State Economic Snapshots.
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WASHINGTON – In response to misleading statements about the economy made by some public officials and others, the Democratic staff of Joint Economic Committee (JEC) has updated its report, Answering Misleading Claims about the Economy, to reflect the most recent economic data.
The report offers carefully researched and referenced answers to some of the most egregious statements made about the U.S. economy. For example, some have claimed that middle-class incomes are down under President Obama. The JEC report finds that real median household income is actually approximately $1,100 higher now than in President George W. Bush’s last year in office, and that it grew faster than any year on record in 2015. In response to the oft-repeated statement that the national debt has doubled under President Obama, the report finds that this is largely due to factors he inherited – the fallout from the Great Recession, the wars in Iraq and Afghanistan and the Bush tax cuts. Moreover, the national debt doubled under President Bush and it nearly tripled under President Reagan.
“Some of these claims are deliberately designed to mislead the public,” said JEC Ranking Member Carolyn Maloney (D-NY). “This does a disservice to the American people. Our report is an attempt to set the record straight.”
The JEC is making its report, Answering Misleading Claims about the Economy, available to the public and the media so those interested can have a reliable resource for evaluating statements made about the economy.
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~ Strong Job, GDP and Employment Growth Seen in Quarter ~
WASHINGTON – Rep. Carolyn Maloney (D-NY), Ranking Member of the U.S. Congress Joint Economic Committee (JEC), today released the Quarterly Economic Digest (QED) for the third quarter of 2016. This report, prepared by the Democratic staff of the JEC, analyzes job growth, GDP, personal income, housing and other economic indicators for the nation. The QED is a companion to State-by-State Economic Snapshots, which aggregates monthly statistics on jobs, unemployment and earnings in all 50 states and the District of Columbia.
The QED also provides perspective on new developments in the global economy and a look at recent trends in monetary and fiscal policy.
“The third quarter showed strong increases in employment and GDP across the U.S.,” Ranking Member Maloney said. “These numbers, along with the most recent jobs report, show how far our economy has come in the past eight years. Thanks to the economic policies of President Barack Obama and Congressional Democrats, the next President will be inheriting a far superior economy than what President Obama faced when he took office nearly eight years ago. Instead of being on the brink of another Great Depression, our country is now at near full-employment, with solid GDP growth. It is imperative that the incoming Trump Administration and Congressional Republicans do not take us back to the economic policies that led to the Great Recession in the first place.”Our economy averaged 186,000 new private sector jobs each month, unemployment fell to 4.6 percent in November and real GDP rose 3.2 percent at an annual rate in the quarter. These are all signs of an economy that is rebounding from the Great Recession.”
The QED is grouped into 10 sections, each outlining a different aspect of the U.S. economy. This quarter’s sections are:
- Job Growth and Openings: Job Growth Rebounds
- Employment: Trend Towards Full Employment Continues, But Some Slack Remains
- GDP Growth: Strong Growth Despite Slowing in Consumer Spending
- Private Investment: Business Investment Remains Virtually Unchanged
- Personal Income and Spending: Consumer Spending Slows, Still Solid
- Housing: Mixed Signals
- Global Economy: Uncertainties Continue to Put a Drag on Growth
- Financial Markets: Strong Post-Election Reaction
- Monetary Policy: A Rate Hike Appears to be Imminent
- Fiscal Policy: State and Local Government Spending Declines; Federal Spending Rises
The QED is distributed each quarter, following the release of major economic indicators. In August, the Democratic staff of the JEC released the QED for the second quarter of 2016.
Recent reports by the Democratic staff of the JEC include:
- U.S. Economy by the Numbers - an overview of key economic statistics, including economic growth, job creation and unemployment
- State-by-State Economic Snapshots - a detailed look at the economic picture of all 50 states and the District of Columbia, released monthly
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