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.
