Skip to main content

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

Press Center

Jul 22 2016

Rep. Carolyn Maloney Sets the Record Straight on the U.S. Economy

WASHINGTON – Rep. Carolyn Maloney (D-NY), Ranking Member of the U.S. Congress Joint Economic Committee (JEC), held a press conference in New York City today to counter Republican criticisms of the economic recovery under President Barack Obama. The text of her remarks can be found at this link.

She also provided data showing that the economy has performed better under Democratic Presidents than under Republican presidents since World War II. Real GDP has grown 1.6 times faster under Democrats than under Republicans on average; private-sector job growth has been 2.5 times faster on average. The worst job growth during the same period was under President George W. Bush.

“I’m here to set the record straight. President Obama inherited from his predecessor the worst economic catastrophe since the Great Depression,” said Rep. Maloney. “Note how Republicans never even say the name George W. Bush – as if his administration never happened. That’s because his record was a disaster and President Obama largely has been successful in undoing the damage.”

The private sector lost 4.5 million jobs during the last year of the Bush administration; 14.8 million private jobs have been added in the last six and a half years. The Bush-era recession led to an unemployment rate that hit 10.0 percent; it has been cut in half under President Obama. Real GDP fell more than 4 percent during the Great Recession; it has increased nearly 15 percent since the start of the Obama administration.

“The New York City economy during the Obama administration has also improved significantly since the dark days of the Great Recession,” said Rep. Maloney. “Unemployment has also been cut in half; we’ve added nearly 640,000 jobs and GDP in the NYC metropolitan area has increased by nearly 12 percent.”

“Not only has the economy under Barack Obama vastly outperformed the economy under George W. Bush, but the economy under Democratic presidents has outperformed the economy under Republicans since World War II,” said Congresswoman Maloney. “It’s time to put to rest the myth that Republicans have a better record on the economy.

The data comparing Democratic and Republican administrations are presented in an issue brief by the Democratic staff of the JEC, based on research by Princeton economists Alan Blinder and Mark Watson. Their peer-reviewed paper finds that the economy has performed better under recent Democratic presidents “almost regardless of how one measures performance.”

NEW YORK DATA

  • Unemployment is 5.0%, down from a peak of 10.2% in late 2009
  • The New York City economy has added nearly 640,000 jobs since late 2009. There were more than 4.3 million jobs in New York City as of June.
  • Over the 2009-2014 period (most recent available data), real GDP in the NYC metro area increased by nearly 12 percent, with growth averaging about 2.2 percent per year

 

NATIONAL DATA

When President Bush left office:

  • We had just experienced "the worst financial crisis in global history, including the Great Depression,” according to former Fed Chairman Ben Bernanke.
  • The private sector lost more than 4.5 million jobs in the last year of the Bush presidency.
  • Real GDP fell by more than 4 percent during the Bush-era recession.
  • Average home prices fell by about 25 percent from their peaks and by twice as much in some areas.
  • More than $13 trillion in household wealth evaporated during the last 6 quarters of the Bush presidency.

Under President Obama:

  • Unemployment has been cut in half (from 10 percent to 4.9 percent) from its recession-era peak.
  • Unemployment has also dropped sharply for African Americans (16.8 percent to 8.6 percent) and Hispanics (13.0 percent to 5.8 percent).
  • Businesses have added 14.8 million jobs over the last 76 months.
  • Real GDP has increased by nearly 15 percent since the start of the Obama administration.
  • Average home prices have recovered from severe losses during the Bush-era recession.
  • Household wealth has increased by more than $33 trillion since President Obama took office.

Jul 22 2016

Key Data on Minimum Wage Released Ahead of Anniversary of Last Increase

WASHINGTON – Rep. Carolyn Maloney (D-NY), Ranking Member of the U.S. Congress Joint Economic Committee (JEC), today released a fact sheet on the federal minimum wage, just ahead of the seventh anniversary of the last minimum wage increase.

The fact sheet shows that the annual earnings of a full-time minimum wage worker in 2015 was only $15,080. For a single parent with two children, this is about $4,000 below the poverty line ($19,096).

Since the 2009 increase in the minimum wage, its real value has fallen by 9 percent—$1,580 for a full-time, year-round worker. Since its peak in 1968, the federal minimum wage has lost one-third of its value. A full-time minimum wage worker in 1968 earned $22,667 in 2015 dollars. If the value of the minimum wage had stayed the same, a minimum wage worker today would earn an additional $7,587. 

“A higher minimum wage would increase the pay of millions of low-wage workers and reduce poverty—without significant job losses,” said JEC Ranking Member Carolyn B. Maloney. “It’s long past time to give millions of workers a badly needed raise.”

The fact sheet provides a range of statistics on the characteristics of minimum wage workers and those who would benefit from an increase. It also provides information on the federal tipped minimum wage, which has not been increased since 1991 and stands at $2.13 an hour.

Jul 12 2016

JEC Hearing on Entrepreneurship Outlines Challenges Facing New Business Owners

WASHINGTON – At today’s hearing of the U.S. Congress Joint Economic Committee (JEC), members of Congress and expert witnesses presented wide-ranging and sometimes conflicting views of the pressures facing entrepreneurs and small businesses.

Ranking Democrat Carolyn B. Maloney (D-NY) stressed the need for a highly skilled and creative workforce and for public-private partnerships to lay the groundwork for innovation. She also pointed out that small businesses face intense competition from extremely large corporations that take advantage of their market power.

“Data show that new business formation in America has been slowly declining for decades,” Rep. Maloney said in her opening statement. “One reason for this is the enormous and growing power of extremely large corporations, many of which have swallowed their competitors…Another reason is that the middle class, which has long fueled entrepreneurship ‎in our country, has seen its economic foundation chipped away for decades…A third reason that entrepreneurs face a difficult environment is the fallout from the catastrophic financial crisis under President George W. Bush.”

Despite these challenges, recent indicators suggest there is reason for optimism. “Last year, the Kauffman Foundation’s Index of Growth Entrepreneurship posted its largest year-over-year increase in a decade,” Rep. Maloney added.

Rep. Maloney also expressed particular interest in the opportunities female and minority-owned small businesses present for the U.S. economy. “Between 2002 and 2012, the number of women-owned businesses grew more than two-and-a-half times faster than the national average,” Rep. Maloney said. “The number of businesses owned by women of color grew even faster than that. We need to build on this success and break down barriers so even more women can start and grow their own businesses.” 

Democratic and Republican Members expressed a range of opinions on the extent to which federal regulations are an impediment to entrepreneurship. Most agreed that it is important to streamline regulations, but as Rep. Maloney noted in her opening statement, “nine of the 20 counties with the strongest new business growth are in the ten states ranked by the Mercatus Center as having the most burdensome regulations. None of them are in the ten states ranked as having the least burdensome regulations.” 

Carla Harris, Chair of the National Women’s Business Council, focused much of her opening statement on the specific challenges that women and minorities face when starting new businesses. “Babson College has concluded the lack of sufficient capital funding for women entrepreneurs will cost the economy nearly six million jobs over the next five years,” she testified. “As of 2012, women-owned businesses comprised 36 percent… of the country’s privately-held businesses…In 2007 there were about 900 thousand Black women-owned businesses, now they stand strong at over 1.5 million...In 2007, there were fewer than 800 thousand Latina-owned firms; now there are nearly 1.5 million.”

                                                           

###

Jul 08 2016

Maloney: June Jobs Report “Fantastic News for our Economy”

WASHINGTON – Joint Economic Committee (JEC) Ranking Member Carolyn B. Maloney (D-NY) issued the following statement Friday after the Department of Labor (DOL) announced that the economy added 287,000 nonfarm jobs in June.

“The addition of 287,000 jobs in June is fantastic news for our economy. It is clear that we are on the right track and continue to recover from the Great Recession. The policies of President Obama and the Democratic leadership in Congress, along with the business community, are putting Americans back to work.

“But we should not be completely satisfied. There is still work that business and government leaders need to do. Wages need to rise further. All working Americans need to be able to enjoy economic stability. And the gender wage gap must be eliminated once and for all, so women can earn the same dollar that men do for the same work.

“We have seen that since World War II the economy has consistently performed better when a Democrat is in the White House. We are witnessing a great recovery from a terrible time. It is incumbent upon us to continue the policies that have created this recovery so that all may benefit.”

For more information, please go to the JEC Democratic homepage.

Jun 21 2016

New Democratic JEC Report Presents Detailed Economic Data on All 50 States for May

WASHINGTON – Rep. Carolyn Maloney (D-NY), Ranking Member of the Joint Economic Committee (JEC), today announced the release of a new report aggregating May statistics on jobs, unemployment and earnings. The State Economic Snapshots, prepared by the Democratic staff of the JEC, also includes detailed data on state GDP, housing prices, housing starts and exports for all 50 states and the District of Columbia.

The report allows for state-by-state comparisons across a variety of economic statistics. For example, the District of Columbia, South Dakota and Wisconsin saw the largest percentage gains in private-sector jobs in May, while Delaware, Connecticut and North Carolina enjoyed the largest earnings gains over the past year.

This month’s report also shows that home prices increased in all 50 states and the District of Columbia between the first quarter of 2015 and the first quarter of 2016. Real GDP increased in 39 states and the District of Columbia between the fourth quarter of 2014 and the fourth quarter of 2015.

“We are working our way out of the big economic hole President Obama inherited in 2009,” Rep. Maloney said. “The policies of the Obama Administration and Congressional Democrats, along with the dynamism of the American business community are aiding in the recovery from the worst economic crisis since the Great Depression.”

Highlights from the current State Economic Snapshots include:

                                                          

  • Private-sector employment increased in 16 states and the District of Columbia in May.
  • The unemployment rate fell in 21 states and the District of Columbia.
  • Average hourly earnings, adjusted for inflation, increased in 44 states and the District of Columbia over the past year.
  • Home prices increased in all 50 states and the District of Columbia over the year ending in the first quarter of 2016.
  • Real gross domestic product (GDP) increased in 39 states and the District of Columbia over the year between the fourth quarter of 2014 and the fourth quarter of 2015.

Click here to download the full report. To compare historic performances by states, previous months’ reports can be found by clicking here.

                                                                        ###

Jun 17 2016

New JEC Report Offers Deep Dive into Q1 U.S. Economy

WASHINGTON – U.S. Congress Joint Economic Committee (JEC) Ranking Member Carolyn Maloney (D-NY) today released the first issue of the Quarterly Economic Digest, a new publication analyzing job growth, GDP, personal income, housing and other economic indicators.

The QED also provides perspective on new developments in the global economy and a look at recent trends in monetary and fiscal policy. 

“This new report provides accurate, reliable economic data which are critical to crafting effective policies,” said Ranking Member Maloney. “It shows that the U.S. economy continues to grow at a moderate pace. Would we like growth to be stronger? Of course. To achieve stronger growth, we should invest in our nation’s infrastructure, raise the minimum wage and support basic research that will drive innovation.”

The QED will be distributed each quarter, following the release of major economic indicators.  This first issue covers the first quarter of 2016. In some areas, such as jobs and unemployment, newly released data are also analyzed. 

JEC Democrats will continue to distribute the U.S. Economy by the Numbers and State Economic Snapshots, publications that provide analysis of economic data at the national and state levels, in addition to a range of reports and briefs on other topics.

Jun 16 2016

10 Facts about Fathers and the U.S. Economy

WASHINGTON – To celebrate Father’s Day, Joint Economic Committee (JEC) Ranking Member Carolyn Maloney (D-NY) has released a list of 10 facts about fathers in the U.S., highlighting what they contribute to the U.S. economy and the challenges they face.

“The days of the dad who works 9 to 5 and only sees his children nights and weekends are gone,” Ranking Member Maloney said. “Today, fathers are taking a more active role in raising their children and keeping a home. We need policies, like paid family leave, that allow fathers to be more active in the lives of their children.”

Rep. Maloney is widely recognized as a leader in the U.S. House of Representatives on women’s and family issues. She has written bills to provide paid parental leave for federal employees for the birth or adoption of a child, authorize employees to ask for flexible work schedules to balance responsibilities at home and work and expand the Family and Medical Leave Act to cover more employees and better meet the needs of all American families.

For Mother’s Day in May, Rep. Maloney and the JEC Democratic staff released 10 facts about American mothers, including what they add to the U.S. economy, and the challenges they face. In April, the Democratic staff produced the report “Gender Pay Inequality – Consequences for Women, Families and the Economy.”

Jun 16 2016

Reps. Maloney and Beyer Hold Press Conference to Share Key Economic Facts about American Fathers

WASHINGTON -- Rep. Carolyn Maloney (D-NY), Ranking Member of the U.S. Congress Joint Economic Committee (JEC) and committee member Don Beyer (D-VA) held a press conference in front of the U.S. Capitol to celebrate Father's Day. They also released a list of 10 facts about American fathers, highlighting what they contribute to the U.S. economy and the challenges they face.

Ranking Member Maloney's statement at the press conference appears below:

Thank you all for coming out today, and especially now that it’s starting to rain. I know that my father, and I’m sure your fathers, would stand out in the rain for us so it’s only right we stand out in the rain for them. So thank you.

We’re getting a head start on Father’s Day, which as you all know is this Sunday. I hope your card to your dad is in the mail!

There are more than 70 million fathers in the United States, and I’m pleased to be standing here this morning with some outstanding ones.

To help kick off the celebration, my staff at the Joint Economic Committee put together 10 facts on fathers. These help to tell a story of the changing role of fathers – and mothers – in our society.

The days of the dad who works 9-5 and only sees his children nights and weekends are gone for many families.  And that’s a good thing.

Today, fathers are taking a more active role in raising their children and keeping a home.

Fathers now do twice as much as housework and childcare as back in 1967.

But, and this will come as no surprise to my female friends, it is still less than the time women spend on these same things. Still, it’s a step in the right direction.

While women are the primary caregivers for their children and aging parents, dads are more likely than in the past to stay at home to take care of their children.

And, like women, men are balancing their responsibilities at home with those at work.

The overwhelming majority of fathers with kids at home work full time. That was true 50 years ago – and it is true today.

In 2014, fathers earned roughly $2 trillion for their families.

But the unfortunate truth is—that number would be even larger if men’s median wages hadn’t been stagnant over the past several decades.

Many women entered the workforce, in part, to add to family earnings and to help make ends meet.

While wages have been stuck, the costs of child care, education and health care have increased. Most families need earnings from both mom and dad to pay the bills.

I want to close with a quick thought on paternity leave.

We know taking more paternity leave leads to greater involvement with children’s care down the road and to better outcomes for kids.

Ninety percent of fathers take some leave after the arrival of a child – that’s good. But only 13 percent are paid for this leave – that’s not good.

Part of that low number results from the expectation by employers that fathers should prioritize work over family. We need to change that.

But it’s also true that too many parents simply don’t have access to paid leave.

That’s why I have introduced the Federal Employees Paid Parental Leave Act  – legislation that would provide six weeks of paid leave to federal employees for the birth, adoption or foster placement of a child.

In fact, many of America’s most profitable and successful companies are providing paid leave – and others should learn from their example.

Let’s not just give our fathers a tie this Father’s Day – let’s give all American fathers what they really want and deserve -- family-friendly policies that allow them to balance work and home.

Jun 03 2016

Maloney Statement on May Jobs Report

WASHINGTON – Joint Economic Committee (JEC) Ranking Member Carolyn B. Maloney (D-NY) issued the following statement Friday after the Department of Labor announced that the economy added 38,000 nonfarm jobs in May, marking the 75th consecutive month of private-sector job growth, the longest streak on record. 

“The numbers are disappointing, but they should be seen in context. This is our 75th consecutive month of private-sector job growth, the longest streak on record. 

“We have come a long, long way from a devastating recession that crippled our economy and wreaked havoc on tens of millions of American families. The trends have been steadily upward. Since March of 2010, over 14.5 million private sector jobs have been added. The unemployment rate has been cut by more than half – from 9.9 percent to 4.7 percent. This is a testament to American businesses, workers, and steady leadership by the Obama administration.

“Some will celebrate the weaker-than-expected May results, as they struggle to find ways to tarnish the President’s record on the economy. We instead should remain focused on working to extend the successes we have achieved to date – striving to create more, well-paying jobs for all Americans.”

For more information, please go to the JEC Democratic homepage.

May 26 2016

JEC Hearing Offers Analysis, Proposals for Dealing with Robots and Automation in the Workplace

WASHINGTON – At today’s hearing of the U.S. Congress Joint Economic Committee (JEC), “The Transformative Impact of Robots and Automation,” Ranking Democrat Carolyn B. Maloney (D-NY) and three witnesses outlined the benefits and potential pitfalls of expanded automation and robotics in the workforce.

In her opening statement, Rep. Maloney said, “Throughout history, concerns have been voiced that new technologies would make human labor obsolete. It hasn’t happened. While there have been dramatic shifts in how people have earned their livings, the quantity of jobs has increased and the quality has improved.”

“We know that automation can boost productivity, lift aggregate demand, reduce consumer prices and improve our quality of life,” she added. “While all of these benefits are apparent in the long run, we also know that in the short run innovation can displace workers, causing severe economic pain to workers whose jobs are automated out of existence or whose wages are reduced dramatically.”

“Automation is a difficult thing to predict,” she continued. “We don’t know what’s going to happen. And we just don’t know how fast it’s going to happen or in which industries or what will be the exact consequences.” Rep. Maloney’s opening statement can be seen in full here.

While the witnesses were mostly optimistic about the effects that automation and robots have, and will have on the workplace there were concerns about how best to prepare for this new environment.

Dr. Andrew McAfee, Principal Research Scientist at the Massachusetts Institute of Technology, said in his opening statement, “I just keep humming the Old McDonald theme song to myself, because E-I-E-I-O tells me a great deal about where we need to make some changes. And for me that means Education, it means Immigration Reform, it means facilitating and encouraging more Entrepreneurship, it means doubling down on our Infrastructure which is in fairly unhealthy shape and then finally the O for me is Original Research.” His opening statement can been seen in full here.

Dr. Harry Holzer, Professor at the McCourt School of Public Policy at Georgetown University, cautioned in his opening statement, “Future automation should not be an excuse to avoid or eliminate a sensible, moderate set of worker supports and services to address the labor market problems that we’ve already seen… We need solutions on several fronts – the most important being the skill bias of technology. There’s a range of changes we need to make in our skill-producing institutions […]. I believe we need to support high road employers who invest in the skills and high performance and high compensation of their workers. […] If the labor market becomes more unstable, we do need to make sure that universal benefits are available and portable – health care, paid family leave, etc.” His opening statement can been seen in full here.

The hearing can be viewed in its entirety here.

                                                           

###