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

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Apr 14 2015

Joint Economic Committee Releases National Report Gauging Economic Challenges Facing the African American Community

Report Observes Broadening and Persistent Inequities in Employment, Income and Wealth Among Blacks

WASHINGTON – African Americans face an unemployment rate double that of white workers and are nearly three times as likely as white Americans to live in poverty, according to a new report by the U.S. Congress Joint Economic Committee (JEC) released today by Congresswoman Carolyn B. Maloney (D-N.Y.), Ranking Democrat on the JEC, and Congressman G. K. Butterfield (D-N.C.), Chairman of the Congressional Black Caucus (CBC).

The report reveals that African Americans continue to confront a range of economic challenges, including disproportionately high rates of poverty, unemployment and long-term unemployment as well as significantly lower incomes and slower wealth accumulation than white households.  When examining various measures to determine economic well-being, the report finds black Americans lag far behind the white population.    

Among the report’s key findings:

  • The median income of African American households is $34,600—nearly $24,000 less than the median income of white households ($58,300).
  • The median net worth of white households is 13 times the level for black households.
  • Black Americans are almost three times more likely to live in poverty than white Americans.
  • At 10.1 percent, the current unemployment rate for black Americans is double the rate for white Americans.
  • Black Americans currently face an unemployment rate that is higher than the national unemployment rate ever reached during the recent recession.

“The numbers are stark, they are troubling and they are unacceptable,” said Congresswoman Maloney, Ranking Democrat on the Joint Economic Committee.  “What’s especially concerning is that the already-large racial gap in household wealth has grown even wider since the recession. This report is a powerful, sobering reminder that policymakers must do more to open doors of opportunity for African Americans.”  

“Today’s report detailing the disparities that African Americans face comes as no surprise to those who experience the reality of such inequities in their daily lives,” said Congressman Butterfield.  “Much of the country has experienced an economic recovery over the last six years, but there is still much work that remains and nowhere is this more evident than in the African American community.  This report sheds light not only on the state of affairs for blacks in America but on the country as a whole and the divide that has persisted for generations due in large part to our country’s history of racial divide, oppression and lack of access.  The JEC report brings about a renewed focus on our work in Congress and what lawmakers must do in order to level the playing field so all Americans can have a fair shot and an opportunity to achieve the American dream.”      

“Every member of Congress should read this shocking report, which shines a spotlight on the overwhelming economic challenges facing African-Americans,” said Congressman John K. Delaney (D-Md.) “The report makes it clear that many of our fellow citizens are struggling, including in Maryland where the African-American unemployment rate is nearly twice that of whites and the median household income is barely half. I hope that this report is a call to action that fundamentally changes our future policies, so that all Americans have equal access to economic prosperity.”

"This report documents persistent economic barriers African Americans face, even as the rest of the country recovers from the worst financial downturn since the Great Depression,” said Congressman Don Beyer (D-Va.) “If we are to meet the challenge of the promise of equality in America we need to address these inequities in employment, income, wealth, housing and education through policies designed for inclusive prosperity." 

The collapse in home values during the recession hit black households especially hard, since a high proportion of African American wealth is comprised of homeowner equity.  While housing has rebounded in recent years, the recovery has not kept pace with the returns in the stock market, leading to a slower recovery in black household wealth than for whites.

Education helps to boost employment and earnings prospects, but college-educated African American workers continue to face lower earnings and higher unemployment compared to white college-educated workers.  Black workers with a bachelor’s degree earn over $12,000 less annually than white workers with a bachelor’s degree.  The unemployment rate for black workers with at least a bachelor’s degree is more than two percentage points higher than for white workers with the same education level.

The report includes state-by-state data comparing the unemployment rate, poverty rate and median household income levels for African Americans and white Americans.

Apr 14 2015

Maloney Says Equal Pay is a Family Issue

WASHINGTON – Congresswoman Carolyn B. Maloney (D-N.Y.), Ranking Democrat on the U.S. Congress Joint Economic Committee, issued the following statement in recognition of Equal Pay Day:

“The participation of women in the economy has grown enormously since the Equal Pay Act of 1963 was enacted, but a lingering pay gap continues to impact the contribution women can make to their families’ economic well being.

“Half of all jobs are now held by women and two-thirds of all families rely on women’s salaries to make ends meet. The gender wage gap, it turns out, is not just a women's issue — it's a family issue, affecting the well-being of every family member well into the future.

“At the rate we’re going, the gap between men’s and women’s wages won’t close until 2058. It’s time to pick up the pace.”

Apr 01 2015

Labor Market Gains in February

JEC Releases State-by-State Economic Snapshots

2015 Data through February Shows Broad-based Labor Market Recovery

WASHINGTON, DC—The labor market recovery from the Great Recession is showing encouraging gains, with 35 states and the District of Columbia adding private-sector jobs in February, according to new economic data.

A state-by-state report issued today by the U.S. Congress Joint Economic Committee (JEC) found that more than half of all states are reporting a drop in their unemployment rates for February.

“As this state-by-state data confirms, momentum in the labor market is continuing,” said Congresswoman Carolyn B. Maloney (D-NY), Ranking Democrat on the JEC. “However, there is clearly more work to be done to make sure everyone shares in our recent economic gains. Unemployment remains a significant challenge for many states. That’s why Congress’s number one priority needs to be creating jobs and growing the middle class, through smart tax reform combined with investments in infrastructure, education, research and more.”

Key statistics from the report include:

  • Private-sector jobs were up in 35 states and the District of Columbia in February; private-sector positions have increased over the past 12 months in all 50 states and the District of Columbia.
  • Unemployment rates declined in 26 states in February, with Oregon (-0.5 percentage point) and Michigan (-0.4 percentage point) reporting the largest decreases.
  • The District of Columbia had the highest unemployment rate (7.8 percent) and Nebraska had the lowest (2.7 percent) for the month.
  • Construction jobs were added in two-thirds of states in February, with California (11,200), Colorado and North Carolina (3,900) reporting the largest increases.
  • Home prices increased in all but two states (Maryland and Vermont) over the year ending in the fourth quarter of 2014.

The report, entitled “Understanding the Economy: State Economic Snapshots,” provides new state-level data for February, based on information from the Bureau of Labor Statistics released in March. The data provide information about how the economic recovery is unfolding in all 50 states, including state-specific data on employment, housing prices, housing starts, household income and exports.

To read the executive summary of the report, click here.

To see individual state snapshots, click here.

Mar 25 2015

Maloney Calls House Republican Budget “Fundamentally Dishonest”

WASHINGTON – Congresswoman Carolyn B. Maloney (D-NY), Ranking Democrat of the U.S. Congress Joint Economic Committee (JEC), today blasted the House Republican budget proposal as a “fundamentally dishonest” document which relies on accounting gimmickry.

In a speech on the floor of the U.S. House of Representatives, Maloney said the Republican budget would dismantle Medicare, add tens of billions of dollars to what Republicans themselves have called a “slush fund” for defense and fail to achieve the balanced budget it claims to reach.

“This budget is a fiasco,” said Maloney. “The numbers don’t add up.”

In addition to gutting programs that low- and middle income Americans count on, the Republican blueprint repeals the Affordable Care Act, taking away health insurance from more than 16 million Americans who have gained it through the law.

“How will the Republican budget make up the $1 trillion it loses in revenues by repealing the ACA?” Maloney asked. “We have no idea because their blueprint doesn’t tell us. It counts the $1 trillion in savings even while it abolishes the law. This isn’t shoddy math—it’s dishonest.”

The Republican budget also would replace Medicare with a voucher program—giving senior citizens a coupon to help defray the cost of private insurance. Maloney said that “demolishing Medicare is a radical proposition. My guess is that if Republicans try to take apart Medicare, millions of Americans will storm Capitol Hill.”

The Republican budget slashes investments in education, devastates investments in research and innovation, ignores the nation’s crumbling infrastructure and would likely destroy up to 2.9 million jobs in 2017.

“This is not general belt-tightening—it’s the wholesale strangling of the dreams and opportunities of those who are already struggling,” continued Maloney. “The Republican budget would fairly be called a plan to ‘soak the poor.’ Poor and working families would be hit especially hard by proposals to allow critical provisions of the Earned Income Tax Credit and the Child Tax Credit to expire at the end of 2017.”

Maloney said that the country needs to continue the economic policies that have led to the creation of 200,000 jobs for 12 straight months—the first time that has happened since 1977. She noted that Democratic policies have produced an economy that has been growing steadily, with low inflation, a strong dollar, cheap gas, a deficit that has shrunk by two-thirds and a Dow Jones Index that has tripled.

 

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Mar 19 2015

Maloney Highlights Economic Progress, Calls for Strengthened Family Leave Policies in JEC Hearing

At Hearing, CEA Chairman Says Recovering from Great Recession Like Recovering from Economic Heart Attack

WASHINGTON, D.C. – Congresswoman Carolyn B. Maloney (D-NY), Ranking Democrat of the U.S. Congress Joint Economic Committee (JEC), highlighted recent economic progress today at a JEC hearing with Council of Economic Advisers Chairman Jason Furman.

Furman appeared before the Joint Economic Committee to discuss the Economic Report of the President (ERP), which was released on February 19.  As required by the Employment Act of 1946, the Joint Economic Committee provides a formal response to the ERP.  This response was filed yesterday and it includes the views of both Chairman Dan Coats (D-IN) and from Ranking Member Maloney.

The ERP reviews recent economic developments and details policies to accelerate growth and support the middle class.  The report underscores the need to raise labor force participation, boost productivity growth and reduce income inequality in order to achieve higher living standards for all Americans. 

“As Dr. Furman spelled out at today’s hearing, the United States has made significant economic progress since the dark days of the recession,” Maloney said.  “GDP has grown in 20 of the past 22 quarters.  Businesses have added jobs for 60 straight months.  The stock market has doubled.  But we need to ensure that the momentum continues and the recovery reaches all Americans.”

CEA Chairman Furman reported that the economy is “accelerating and increasingly strong.”  He attributed the strong economic performance compared to other advanced economies to the United States’ “vigorous” and sustained response to the Great Recession, including the Recovery Act, the auto rescue and unprecedented actions taken by the Federal Reserve.  He likened recovering from the Great Recession to recovering from an economic “heart attack.”

“The recent economic news is very encouraging, but our work is not done,” continued Maloney.  “The ERP states, ‘It is essential that a broad range of households share in the United States’ resurgent growth.’  That’s exactly right.”

Maloney noted that policies which raise the incomes of the middle class are effective ways to promote economic growth.  She also emphasized that paid leave policies are good for the economy and good for workers, pointing out that, “paid leaves boosts employee retention, lifts worker morale and can increase participation in the workforce.”

In January of this year, Maloney re-introduced the Federal Employee Paid Parental Leave Act which would provide six weeks of paid leave for the birth of a child to all federal employees. The legislation passed with strong bipartisan support in the 111th Congress and is budget-neutral.  President Obama called for passage of the legislation and flagged the need for paid-leave policies during his State of the Union speech.

Mar 18 2015

Joint Economic Committee Ranking Democrat Carolyn B. Maloney Statement on House Republican Budget

Washington DC – In reaction to the recently released House Republican budget proposal, Congresswoman Carolyn B. Maloney (D-NY), Ranking Democrat on the Joint Economic Committee, released the following statement:                                                                                                 

“Just as the American economy set another record in February with 60-straight months of private-sector job growth, House Republicans have proposed a budget that would march us backward by making draconian cuts to the very investments and programs that have lifted our economy out of the Great Recession and helped millions of people get back to work.  Those Republican cuts will cost jobs and that’s something our country can’t afford right now.

“We’ve seen this movie before.  The new Republican budget looks a lot like previous ones, and unsurprisingly, the sequel is even worse.  It would harm the middle class and slow the recovery.  The GOP blueprint provides tax breaks to wealthy people who don’t need them while slashing programs that middle-class families count on.  If Republicans have their way, more than 16 million people would lose their health care coverage and Medicare as we know it would no longer exist.

“Instead of reversing our progress, we need a budget that builds on the 12 million private-sector jobs created in the last five years by working to expand the middle class, raise incomes and improve our communities, which is what President Obama has proposed and is what the Congress should be working on.

Background:

The Republican budget proposal would make $5.5 trillion in spending cuts, including

 

  • End Medicare as we know it by turning it into a voucher program:
  • Repeal the Affordable Care Act – stripping over 16 million people of their health care insurance
  • Block grant Medicaid, cutting resources for Medicaid and the Children’s Health Insurance Program by more than $900 billion
  • Cut 35,000 children from Head Start
  • Cut $1.2 billion in Title I education funding, which will lead to bigger class sizes and fewer teachers
  • Cut four million workers out of job training and employment services programs
  • Cut the Supplemental Nutrition Assistance Program by $140 billion
  • Cut affordable housing vouchers for 133,000 families

Entirely missing from the Republican budget are proposals needed to address problems left over from the Great Recession:

  • Major Investments in our crumbling infrastructure
  • Low-cost proposals to promote a more family friendly workplace – like family leave
  • Raising the minimum wage
  • More help with the rising cost of higher education

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Mar 16 2015

Op-ed: How the Stimulus Pulled us out of a Death Spiral (The Hill)

By Rep. Carolyn B. Maloney

Tomorrow, the chairman of President Obama’s Council of Economic Advisers, Jason Furman, will testify before the Joint Economic Committee about the state of the U.S. economy. Nearly six years ago, one of his predecessors stated at a similar hearing that by some measures, the economic and financial shocks we experienced during the most recent recession were even worse than the Great Depression. Tomorrow, fortunately, we’ll hear a different story.

Since Obama took office more than six years ago, the U.S. economy has expanded at a faster pace than nearly all other advanced economies; GDP has grown in 20 of the past 22 quarters, and we’ve had a record 60 straight months of private sector job growth.

We didn’t get here by accident. Our economy rebounded because Obama and Democrats in Congress, along with the Federal Reserve, took action to turn things around in the darkest days of the Great Recession — often over vehement opposition from House and Senate Republicans.

When Obama took office on Jan. 20, 2009, our economy was losing 800,000 jobs a month. GDP had shrunk by a staggering 8.2 percent during the last three months of 2008. Lending was at a virtual standstill, housing prices were plummeting and retirement account balances were tanking.

The number of job seekers per job opening skyrocketed to almost seven unemployed workers for every opening. As a result, consumers spent less, businesses sold less and the private sector created even fewer jobs, putting additional pressure on American families. Our country was facing an economic “death spiral.”

To combat what The Wall Street Journal called the “Worst Crisis Since ’30s, With No End Yet in Sight,” Obama and Democrats in Congress moved quickly to pass the American Recovery and Reinvestment Act. The legislation cut taxes for middle-class families, increased tax credits for the working poor and directed federal funds to states and municipalities so they could keep police officers on the beat, firemen on the job and teachers in the classroom. It invested nearly $50 billion to repair some of the nation’s failing transportation infrastructure.

Democrats in Congress also passed the HIRE Act to reduce the cost of hiring workers. We passed legislation to save 140,000 teaching jobs and keep class sizes down. We passed temporary payroll tax cuts to give average Americans more money to spend and we expanded emergency unemployment insurance so that those looking for work could support their families. These measures prevented additional human suffering and gave a further boost to the economy.

Thanks to these policies and aggressive actions by the Federal Reserve, we reversed the economic free-fall. More than 8.5 million private-sector jobs have been added in the last six years. The unemployment rate has dropped from a high of 10 percent in late 2009 to 5.5 percent last month. The economy has grown at an average annual rate of 2.2 percent since Obama took office, faster than nearly all other advanced economies during the same period. Inflation remains below 2 percent, the Federal Reserve’s longer-term target.

The lesson is clear — when markets freeze and an economy begins a steep downward spiral, governments must do what the private sector cannot: invest aggressively. That’s exactly what Obama and the Democratic Congress did when we passed the American Recovery and Reinvestment Act. It put a halt to the rapidly escalating job losses, helped states and municipalities maintain critical public services and set the stage for a recovery from the worst recession since the Great Depression. History shows it was the right thing to do.

Maloney has represented congressional districts in New York City since 1993. She sits on the Financial Services and the Oversight and Government Reform committees. She is also the ranking Democrat on Congress’s Joint Economic Committee.

Click here to see other op-eds.

Mar 16 2015

How the stimulus helped us pull out of a 'death spiral'

(As published in The Hill)

By Rep. Carolyn B. Maloney

March 16, 2015

Tomorrow, the chairman of President Obama’s Council of Economic Advisers, Jason Furman, will testify before the Joint Economic Committee about the state of the U.S. economy. Nearly six years ago, one of his predecessors stated at a similar hearing that by some measures, the economic and financial shocks we experienced during the most recent recession were even worse than the Great Depression. Tomorrow, fortunately, we’ll hear a different story.

 

Since Obama took office more than six years ago, the U.S. economy has expanded at a faster pace than nearly all other advanced economies; GDP has grown in 20 of the past 22 quarters, and we’ve had a record 60 straight months of private

sector job growth.

 

We didn’t get here by accident. Our economy rebounded because Obama and Democrats in Congress, along with the Federal Reserve, took action to turn things around in the darkest days of the Great Recession — often over vehement opposition from House and Senate Republicans.

 

When Obama took office on Jan. 20, 2009, our economy was losing 800,000 jobs a month. GDP had shrunk by a staggering 8.2 percent during the last three months of 2008. Lending was at a virtual standstill, housing prices were plummeting and retirement account balances were tanking.


The number of job seekers per job opening skyrocketed to almost seven unemployed workers for every opening. As a result, consumers spent less, businesses sold less and the private sector created even fewer jobs, putting additional pressure on American families. Our country was facing an economic “death spiral.”

 

To combat what The Wall Street Journal called the “Worst Crisis Since ’30s, With No End Yet in Sight,” Obama and Democrats in Congress moved quickly to pass the American Recovery and Reinvestment Act. The legislation cut taxes for middle-class families, increased tax credits for the working poor and directed federal funds to states and municipalities so they could keep police officers on the beat, firemen on the job and teachers in the classroom. It invested nearly

$50 billion to repair some of the nation’s failing transportation infrastructure.

 

Democrats in Congress also passed the HIRE Act to reduce the cost of hiring workers. We passed legislation to save 140,000 teaching jobs and keep class sizes down. We passed temporary payroll tax cuts to give average Americans more money to spend and we expanded emergency unemployment insurance so that those looking for work could support their families. These measures prevented additional human suffering and gave a further boost to the economy.

 

Thanks to these policies and aggressive actions by the Federal Reserve, we reversed the economic free-fall. More than 8.5 million private-sector jobs have been added in the last six years. The unemployment rate has dropped from a high of 10 percent in late 2009 to 5.5 percent last month. The economy has grown at an average annual rate of 2.2 percent since Obama took office, faster than nearly all other advanced economies during the same period. Inflation remains below 2 percent, the Federal Reserve’s longer-term target.

 

The lesson is clear — when markets freeze and an economy begins a steep downward spiral, governments must do what the private sector cannot: invest aggressively. That’s exactly what Obama and the Democratic Congress did when we passed the American Recovery and Reinvestment Act. It put a halt to the rapidly escalating job losses, helped states and municipalities maintain critical public services and set the stage for a recovery from the worst recession since the Great Depression. History shows it was the right thing to do.

 

Maloney has represented congressional districts in New York City since 1993. She sits on the Financial Services and the Oversight and Government Reform committees. She is also the ranking Democrat on Congress’s Joint Economic Committee.

Click here to see other op-eds.

Mar 06 2015

Joint Economic Committee Ranking Democrat Carolyn B. Maloney Statement on February Employment Report

JEC Ranking Democrat Maloney Statement on Jobs Report

Economy adds 295,000 nonfarm jobs in February

WASHINGTON, D.C. – Congresswoman Carolyn B. Maloney (D-NY), Ranking Democrat on the U.S. Congress Joint Economic Committee (JEC), today released the following statement after the Department of Labor announced that the economy added 295,000 nonfarm jobs in February and the unemployment rate declined to 5.5 percent.  February marked the 60th consecutive month of private-sector job growth, the longest streak on record.

 "This was another very strong jobs report.  We now have 60 straight months – or five years – of private-sector job growth.  Businesses have added more than 12 million jobs during this time.  While we should be building on this progress to ensure that the recovery reaches all Americans, the Republicans swerve from one distraction to the next – from trying to repeal the ACA one moment to playing politics with our national security the next.  It’s time that this Congress focuses on a middle-class agenda – job creation, higher wages, stronger education and better infrastructure.

 "As we prepare to celebrate International Women's Day this Sunday, we must remember that America succeeds when our women succeed.  But the stark reality is that while women are nearly half the workforce, we hold just 19 percent of the board seats.  And while women are breadwinners in about two-thirds of America's families, on average, we earn just 77 cents for every dollar men take home.  It's long past time for Congress to address these inequities, by passing the Paycheck Fairness Act and putting in place family-friendly workplace polices – once and for all, giving women the tools they need to thrive today and for generations to come."

Maloney is the Ranking Democrat on the Joint Economic Committee for the 114th Congress.

Feb 06 2015

Joint Economic Committee Ranking Democrat Carolyn B. Maloney Statement on January Employment Report

Economy adds 257,000 nonfarm jobs in January

WASHINGTON, D.C. – Congresswoman Carolyn B. Maloney (D-NY), Ranking Democrat of the U.S. Congress Joint Economic Committee (JEC), today released the following statement after the Department of Labor announced that the economy added 257,000 nonfarm jobs in January and the unemployment rate is at 5.7 percent. January marked the 59th consecutive month of private-sector job growth, the longest streak on record.

 "2015 is off to a very good start. January marks the 59th straight month of private sector job growth and today’s employment report is another strong sign that our economy has turned the corner. But too many people are being left behind.  We must continue to push for a middle-class agenda like the one outlined by the President in his budget – one that invests in education, rebuilds our infrastructure, accelerates job growth and provides tax relief for the middle class.

 “This week Republicans attempted for the 56th time to repeal the Affordable Care Act and to strip millions of its protections. Americans are tired of this political posturing and want us to get to work on a middle-class agenda. I couldn’t agree more.”

 Maloney is the Ranking Democrat on the Joint Economic Committee for the 114th Congress. During the 111th Congress, she was the first woman to Chair the Committee.