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

Press Center

Feb 02 2015

Maloney: President’s Budget Puts Middle Class First

WASHINGTON – Congresswoman Carolyn B. Maloney, Ranking Democrat of the U.S. Congress Joint Economic Committee, today released the following statement in reaction to the release of President Obama’s Fiscal Year 2016 Budget proposal:

“President Obama’s budget is tailor-made to boost the middle class by focusing on the real world needs of average American families and building on the solid economic growth we’ve already seen under his watch.

“Month after month, the data is showing that our economy has turned a corner. Last year was the strongest year for job growth since 1997. The inflation rate is low, gas is cheap, the economy is growing and both household and business optimism is on the rise. But we have to take advantage of this opportunity and make sure that everyone shares in the gains of our economy. With investments in child care, early childhood education, research and infrastructure, expanded job training and aid to make a college education more affordable, the President has given us the right ingredients to make sure we do just that.”

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

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Jan 30 2015

Maloney Statement on Gross Domestic Product Announcement

With fourth quarter GDP growth at 2.6 percent, economy has grown in 14 of past 15 quarters

WASHINGTON, D.C. – Congresswoman Carolyn B. Maloney (D-NY), Ranking Democrat of the U.S. Congress Joint Economic Committee, today released the following statement after the Department of Commerce announced that the U.S. economy grew at a 2.6 percent annual rate in the fourth quarter, an above-trend pace.

“With the economy showing signs of steady growth, now is the time for us to work together to kick our economy into high gear. Congress should pass the President’s middle-class agenda and give America a raise. We need to make sure the gains in our economy are broadly shared. We can start by investing in infrastructure, strengthening leave policies, and making education more affordable.”

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

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Jan 20 2015

Op-ed: A Tough Day for the Prophets of Economic Doom (The Huffington Post)

By Rep. Carolyn B. Maloney

Throughout the six years President Obama has been in office, many on the right predicted that his policies would lead to economic catastrophe. But as we prepare to hear the president’s 2015 State of the Union address, it’s clear that the prophets of doom were dead wrong.

The president’s critics were not only wrong about the future; they were wrong about the past. They conveniently forget that when President Obama took office, our country was in the midst of the worst recession since the Great Depression, shedding jobs at a rate of about 750,000 jobs per month. In the last quarter of George W. Bush’s presidency, real GDP shrank 8.2 percent. The banking system teetered on the brink; millions of homeowners were “underwater” and facing foreclosure. The United States was facing the possibility of a second Great Depression.

Immediately after he was inaugurated six years ago today, President Obama started passing measures to help revive the economy — over Republican opposition: the Recovery Act, the auto rescue, and significant investments in our education system. His opponents and their allies predicted that his policies would lead to further economic disaster, but they were wrong.

Rather, by almost any measure, the state of our economy is far stronger than it was six years ago. The economy has grown in 13 of the last 14 quarters, and GDP growth in the most recent two quarters was the strongest in more than a decade. The growth is driving job creation.

We added 252,000 jobs in December, wrapping up what was a banner year for job growth. 2014 was the strongest year for private-sector job creation since 1997. The unemployment rate fell to 5.6 percent, down from a high of 10 percent in October 2009. The number of unemployed persons per job opening is near its pre-recession level. Household and business optimism has risen sharply over the last year. The stock market has nearly tripled and is near its record high.

The federal budget deficit has declined from just under 10 percent of GDP in 2009 to under 3 percent last year. The Congressional Budget Office attributes much of that improvement in the deficit picture to the growing economy, just as Democrats had projected.

Inflation is tame, gas prices are low, banks are lending, and the economy is growing.
My Republican colleagues have tried to claim credit for recent improvements in the economy. But evidence clearly shows that the economy improved in spite of them. In fact, Republicans opposed much of what President Obama and congressional Democrats did to jumpstart America’s economy. Republicans even shut down the United States government and nearly forced us to default on our debt.

The big question now is: With Republicans in charge of both chambers of Congress, will they work across the aisle and with the president to move our economy forward?

Unfortunately, the first few weeks have not been encouraging. We have spent hours debating whether or not to build a pipeline that will create only 35 permanent jobs, according to the State Department. We are now preparing to debate legislation that will put the government in between a woman and her doctor, restricting her right to choose. Republicans say that jobs are their number-one priority, but this bill won’t create a single job.

If Republicans are serious about their desire to create jobs and boost our economy, they need to work with the president on some of the common-sense policies he has put forward. We should work together to find common ground on closing unfair loopholes in our tax code, fixing our broken immigration system, and investing in our nation’s aging infrastructure.

It’s time for the prophets of doom to admit that they were dead wrong. And it’s time for those who have opposed the president’s policies to stop the obstructionism and start working to make sure we don’t squander this opportunity.

Jan 09 2015

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

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 252,000 nonfarm jobs in December and the unemployment rate dropped to 5.6 percent. December marked the 58th consecutive month of private-sector job growth.

"Today’s job report caps a banner year for job growth in our strengthening economy. The addition of 240,000 private-sector jobs in December boosts the total number created last year to 2,861,000, making 2014 the strongest year since 1997. Our economy has now added private-sector jobs for 58 straight months, the longest stretch on record. 

“The pace of job creation is strong, inflation remains tame, gasoline prices are low, and the deficit is falling. Now is the time for Congress to take the necessary measures to kick our economic recovery into high gear and ensure the gains are broadly shared across America. We can achieve that by working together to pass legislation that raises wages for middle-class families, expands opportunities for the long-term unemployed to return to work, and ensures fairness in the workplace for all Americans. If, however, we waste our time playing political games that result in more gridlock, we will squander a golden opportunity.

“Our economy has grown faster than most other advanced economies over the past year. The stock market has continued to grow at a double-digit pace and home values are rising. With continued strengthening in employment and income, U.S. consumers and businesses are poised to bolster overall economic growth in coming years. As lawmakers, our responsibility is to ensure that happens.”

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

Dec 30 2014

Klobuchar Releases Report on Economic Prospects for Millennials

Analysis looks at how the economic situation has changed for young workers – ages 18 to 34 – from before the recent recession and throughout the recovery

Report lays out steps to help support economic opportunities for young workers, including reducing the burden of student debt, improving workforce training, and making housing more affordable

WASHINGTON, D.C. – U.S. Senator Amy Klobuchar, Senate Chair of the U.S. Congress Joint Economic Committee, today released a report examining the current economic outlook of Millennials. Klobuchar’s analysis looks at how the economic status has changed for young workers – those ages 18 to 34 – from before the recent recession and throughout the recovery. The report found that young people who enter the workforce at a time of high unemployment and stagnant wage growth often experience persistently lower earnings and savings for much of their careers relative to workers who enter the labor force during stronger economic times.

The report lays out steps Congress can take to help further support young workers, including reducing the burden of student debt, improving workforce training, and making housing more affordable.

“The success of our younger generations is critical to our country’s future. Millennials are the most-educated generation in history, but many of them still face challenges because they entered the workforce during the worst economic downturn since the Great Depression,” said Klobuchar. “By working together on common-sense policies – from making college more affordable to making sure students have the skills they need to get good jobs and compete in the global economy – we can make sure Millennials help drive our nation’s economic growth for decades to come.”

Klobuchar’s report found:

  • Annual real median income for households headed by a 25- to 34-year-old is down by more than 10 percent from its peak in 2000, though it did tick upward last year after five consecutive years of declines.

 

  • The spread between the unemployment rates for young workers and workers ages 35 to 54 widened during the recession – increasing from an average of 3.4 percentage points over the prerecession period to nearly five percentage points in 2009. This spread remains at more than four percentage points.

 

  • Nearly 17 percent of Millennials are underemployed, down from a peak of nearly 22 percent of young adults ages 18 to 34 in 2010, but still well above the roughly 12 percent rate that prevailed on average in the years leading up to the recession.

 

  • One sign of the recession’s impact on Millennials is the declining rate at which young people are starting households and buying homes. To some extent, this is a result of longer-term trends. But research shows a substantial portion can be attributed to recent economic conditions as well.

 

  • Millennials have a higher rate of college education than previous generations. Sixty-three percent of Millennials ages 25 to 34 have at least some college education, compared with 52 percent of people in this age bracket in 1994.

 

  • The amount of student loan debt carried by Millennials may have a significant impact on our economy. Record levels of student debt can restrict career choice for Millennials, lead them to delay major purchases, and generally restrain consumer spending.

The full report can be found here.

The Joint Economic Committee (JEC) is a bicameral Congressional Committee composed of ten members from each the Senate and the House of Representatives. There are ten Democrats and ten Republicans on the Committee. The main purpose of the JEC, which was established by the Employment Act of 1946, is to continually study matters relating to the U.S. economy. The Committee holds hearings, performs research and advises Members of Congress.

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Dec 17 2014

After Congress Approves Short-Term Tax Extenders Package, Klobuchar Releases JEC Report Highlighting Need for Long-Term Investment in Research and Development to Help Spur Innovation, Economic Growth

Report: America’s economic competitors South Korea, Japan and Germany all devote a higher share of GDP to research and development, and both South Korea and China are increasing spending as a share of GDP at a faster rate than the United States 

Klobuchar: I fought for and wanted a longer-term solution than the short-term tax extenders package, and I will continue to push to make permanent the research and development tax credit and keep America competitive in the global economy 

WASHINGTON, D.C. – After Congress approved a short-term package extending the research and development (R&D) tax credit, U.S. Senator Amy Klobuchar, Senate Chair of the U.S. Congress Joint Economic Committee, today released a report highlighting the need for long-term investment in research and development to help spur innovation and economic growth. The report found that America’s economic competitors South Korea, Japan and Germany all devote a higher share of GDP to research and development, and both South Korea and China are increasing spending as a share of GDP at a faster rate than the United States. Klobuchar said she fought for and wanted a longer-term solution and called on Congress to make permanent the research and development tax credit and keep America competitive in the global economy.

“Minnesota has long been a national leader in innovation, providing a critical boost for our economy. However, as a nation the U.S. has lost some ground in recent years, and that’s simply unacceptable. To remain competitive in the global economy, we must rededicate ourselves to fostering research and development. While Congress passed a short-term extension of the critical research and development tax credit, I fought for and wanted a longer-term solution and will continue to push to make this provision permanent and keep America competitive,” said Klobuchar.

Klobuchar’s report highlighted:

  • The United States (2.85 percent) ranks tenth in the world in R&D spending as a share of GDP. A decade ago, the U.S. ranked sixth.
  • South Korea (4.03 percent), Japan (3.39 percent) and Germany (2.88 percent) are among the countries that devote a higher share of GDP to research and development, and both South Korea and China are increasing spending as a share of GDP at a faster rate than the United States.
  • The manufacturing sector accounts for about 70 percent of all industry research and development spending, about two-thirds of which is in the computer and electronic products industry and the chemical industry.
  • Minnesota is in the upper half of states in terms of total R&D spending as a share of state GDP (2.6 percent), ranking 17th nationally.
  • Klobuchar’s report lays out a number of steps that should be taken to support investments in research and development and help the United States remain a world leader in innovation. The report urges Congress to make permanent the research and development tax credit that will expire at the end of 2014. Bolstering this credit and allowing new businesses to access it can further encourage private-sector research and development. The report also calls for robust, stable federal funding for R&D, reviewing regulations to cut unnecessary red tape that could harm innovation, and building a strong innovation workforce through STEM education and immigration reform.
  • The full report can be found here.
  • The Joint Economic Committee (JEC) is a bicameral Congressional Committee composed of ten members from each the Senate and the House of Representatives. There are ten Democrats and ten Republicans on the Committee. The main purpose of the JEC, which was established by the Employment Act of 1946, is to continually study matters relating to the U.S. economy. The Committee holds hearings, performs research and advises Members of Congress.

 

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Dec 10 2014

Joint Economic Committee Senate Chair Klobuchar Releases Report on Economic Benefits of Early Childhood Education

Report finds that children who attend high-quality early education programs are more likely to graduate from high school, enroll in college and have higher lifetime earnings

 

With America investing less in early education as a share of its economy than most advanced economies, Klobuchar lays out policy proposals to bolster early childhood education

 

WASHINGTON, D.C. – U.S. Senator Amy Klobuchar, Senate Chair of the U.S. Congress Joint Economic Committee, today released a report that laid out the economic benefits of investing in early childhood education. Klobuchar’s report found that investing in early childhood education results in a large return on investment. The report finds that children who attend high-quality early education programs are more likely to graduate from high school, enroll in college and have higher lifetime earnings. They are less likely to be in remedial education classes or be juvenile offenders. The benefits extend into adulthood, with higher employment rates, lower crime rates and lower rates of reliance on public assistance.

 

“Every child, in Minnesota and across the country, deserves access to high-quality early education,” said Klobuchar. “My report makes clear that investing in our young people is not just the right thing to do, it pays dividends for our nation’s prosperity, reduces inequality and helps us compete in the global economy. This is one of many issues on which Republicans and Democrats can and should find common ground to move our country forward.”    

Klobuchar’s report discusses several policy steps Congress can take to help provide high-quality early education to more American children. One is the Klobuchar-backed Strong Start for America’s Children Act, which would establish a formula grant program for states to provide universal, voluntary prekindergarten. Grant amounts would be based on the share of four-year-olds in a state living at or below 200 percent of the poverty line.   

 

To maximize the gains from improving access to high-quality early education, the report also highlights the need to strengthen programs across the spectrum of child development and education. This includes prenatal programs for expecting mothers, infant nutrition programs, child care programs, Head Start and Early Head Start.

 

Additional findings from Klobuchar’s report include:

 

  •      The share of three- to five-year-olds in the United States enrolled in early education programs rose from just 27 percent in the mid-1960s to 64 percent in 2000, but there has been little progress since. Per-child spending for state-funded pre-kindergarten programs declined by more than $1,000 over the course of the last decade. Three-year-olds in the European Union are about twice as likely as American three-year-olds to be enrolled in early education.

  

  •    The likelihood that a child raised in one income group will move to a different group as an adult is lower in the United States than most advanced economies. Investing in early education can be particularly effective at increasing opportunity. Research shows that differences in investment in education—with higher-income families investing more and lower-income families investing less—account for approximately one-half of the lack of economic mobility across generations.

 

  • By the time they enter kindergarten, many children from low- and moderate-income families are already struggling to keep up. According to one study, children in families at or above 200 percent of the poverty level—who are more likely to attend prekindergarten programs—score 38 percent higher on math exams and 30 percent higher on reading exams than children who live in poverty.

 The full report can be found here.

 The Joint Economic Committee (JEC) is a bicameral Congressional Committee composed of ten members from each the Senate and the House of Representatives. There are ten Democrats and ten Republicans on the Committee. The main purpose of the JEC, which was established by the Employment Act of 1946, is to continually study matters relating to the U.S. economy. The Committee holds hearings, performs research and advises Members of Congress.

 

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Dec 05 2014

Joint Economic Committee Senate Chair Klobuchar Statement on November Employment Report

WASHINGTON, D.C.– U.S. Senator Amy Klobuchar (D-MN), Senate Chair of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the Bureau of Labor Statistics released its November 2014 employment report, which showed that the U.S. economy added 321,000 total nonfarm jobs and the unemployment rate was unchanged at 5.8 percent.

"The November employment report is the latest sign that our economy is continuing to gain strength. The addition of 321,000 jobs was the largest monthly gain in nearly three years. Democrats and Republicans must work together on policies that will help continue this momentum, and I will continue to work to find common ground and move our economy forward.” 

Klobuchar became Senate Chair of the Joint Economic Committee (JEC) at the beginning of the 113th Congress. The JEC is a bicameral Congressional Committee composed of ten members from each the Senate and the House of Representatives. There are ten Democrats and ten Republicans on the Committee. The main purpose of the JEC, which was established by the Employment Act of 1946, is to continually study matters relating to the US economy. The Committee performs a variety of activities, including holding hearings, performing research and advising Members of Congress.

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Nov 10 2014

Ahead of Veterans Day, Klobuchar Releases Report on Employment Prospects for Veterans

Unemployment rate for veterans averaged 5.6 percent over recent 12-month period, down from peak of nearly 9 percent four years ago 

Klobuchar lays out a number of actions Congress can take to improve transitions for returning servicemembers 

WASHINGTON, D.C. – U.S. Senator Amy Klobuchar, Senate Chair of the U.S. Congress Joint Economic Committee, today released a report on the employment status of our nation’s veterans. Klobuchar’s report revealed some progress, with the recent 12-month average unemployment rate for all veterans at 5.6 percent, down from its peak of nearly 9 percent four years ago. However, the study also found that the recent average unemployment rate for post-9/11 veterans is still elevated at 7.6 percent, and even higher for female post-9/11 veterans at 8.3 percent.

“As our economy continues to improve, we have seen some progress in reducing the number of our veterans who are unemployed, but we still have a lot of work to do,” said Klobuchar. “This Veterans Day, we should not just thank veterans for their service, but recommit to putting in place policies that make it easier for veterans to find good-paying jobs.”

Klobuchar’s report also found:

  • In 2013, Minnesota veterans overall had an unemployment rate of 5 percent. When just post-9/11 veterans were considered, the unemployment rate was 8.8 percent. In 2012, the unemployment rates for all Minnesota veterans and post-9/11 Minnesota veterans were 6.8 percent and 14.1 percent, respectively.  
  • In 2013, African American and Hispanic veterans had unemployment rates of 8.2 percent and 7.5 percent, respectively. Both were higher than the unemployment rate for all veterans.
  • The recent 12-month average unemployment rate for female post-9/11 veterans was 8.3 percent, down from the 2013 average of 9.6 percent and from the 2012 average of 12.5 percent.
  • The youngest veterans who have served in the post-9/11 era have had a particularly difficult time securing employment. Last year, 21.4 percent of veterans ages 18-24 were unemployed.

Klobuchar’s report laid out policy proposals that should be enacted to improve transitions to the workplace for returning veterans. One proposal is bipartisan legislation Klobuchar introduced with Senator Mike Enzi (R-WY), the Veterans to Paramedics Transition Act, which would streamline the process for veterans with medical training to get in-demand paramedic jobs. Other proposals recommended in the report include: strengthening and expanding tax credits for employers that hire unemployed veterans; promoting higher education and training opportunities for returning veterans; and providing assistance to help veterans through the challenges of transitioning from active duty to civilian life.

The full report can be found here.

Klobuchar became Senate Chair of the Joint Economic Committee (JEC) at the beginning of the 113th Congress. The JEC is a bicameral Congressional Committee composed of ten members from each the Senate and the House of Representatives. There are ten Democrats and ten Republicans on the Committee. The main purpose of the JEC, which was established by the Employment Act of 1946, is to continually study matters relating to the U.S. economy. The Committee holds hearings, performs research and advises Members of Congress.

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Nov 07 2014

Joint Economic Committee Senate Chair Klobuchar Statement on October Employment Report

U.S. Senator Amy Klobuchar (D-MN), Senate Chair of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the Bureau of Labor Statistics released its October 2014 employment report, which showed that the U.S. economy added 214,000 total nonfarm jobs and the unemployment rate dropped to 5.8 percent.