The President has threatened to close the border between the United States and Mexico this week. As with the President’s trade war with China, an abrupt halt to commerce at the Mexican border would cause substantial harm to both countries. In the United States, a closure would disrupt supply chains, drive up consumer prices and lower business profits. One study found that completely stopping trade with Mexico could cost five million Americans their jobs in the long run.
Apr 02 2019
Equal Pay Day 2019
There is a substantial difference between men’s and women’s earnings. The median woman (in the middle of the income range) working full time, year-round is paid just 80 cents for every dollar paid to the median man.
One way to express this disparity is to measure the number of extra days women must work to make up the difference from the previous year. This year, the typical woman must work an extra three months – until “Equal Pay Day” on April 2nd – to catch up. That means that the typical woman would have to work all of last year, plus January, February and March of this year, to make the same amount that the typical man made last year.
Read more about the gender pay gap, factors contributing to the gap, the broader impact and possible solutions.
The 2017 Tax Act, passed by the Republican majority in Congress and signed into law by President Trump, has had a number of unintended consequences as well as strongly negative effects that weren’t clearly articulated at the time of passage. In particular, the nonprofit sector has been hit hard by financial and administrative burdens that have interfered with the ability of the charities to pursue their missions in the fields of health care, education and other human, religious and cultural services.
The Tax Act decreased incentives to donate to nonprofits because of the large increase in the standard deduction, while increasing administrative costs, imposing new taxes on nonprofit employee fringe benefits and excluding nonprofits from the new family and medical leave tax credit.
While the stated intent of some recent legislation has been to level the playing field between nonprofits and for-profit entities, the outcome of the Tax Act is that new burdens are placed on resource-strapped service providers. If Congress does not undo these harms, many nonprofits will be forced to cut back staff and services, and some may have to cease operating. The full effect on the sick, disabled, young and disadvantaged who depend on nonprofit services is incalculable, but this report outlines the dimensions of the new obstacles that have been placed in the way of Americans devoting their lives to keeping their neighbors healthy and whole.
Mar 12 2019
Budget Views and Estimates
Assessment of Economy as it Pertains to the Federal Budget
The Budget Act of 1974 instructs the Joint Economic Committee to provide recommendations to the Budget Committee “as to the fiscal policy appropriate to the goals of the Employment Act of 1946.” The goals set forth in the Employment Act are to ensure that there are jobs available to all who are “able, willing and seeking to work” and to “promote maximum employment, production and purchasing power.” Below are the recommendations of the Democratic staff of the Joint Economic Committee in accordance with these goals.
Feb 22 2019
The Economic Impact of the Fashion Industry
Fashion is a highly sophisticated, $2.5 trillion global industry. In the United States alone, consumers spent nearly $380 billion on apparel and footwear in 2017. The industry, which encompasses everything from textile and apparel brands to wholesalers, importers and retailers, employs more than 1.8 million people in the United States.
The U.S. fashion industry has evolved from its roots in manufacturing to new high-value design and other creative jobs. As with many industries in the manufacturing sector, the United States now concentrates on the high-value parts of the apparel global supply chain: research and development (R&D), design and marketing.
The twin forces of technology and globalization have had enormous ripple effects in the fashion industry, similar to many other industries, and has created new trends, challenges and opportunities. The impacts of social media, new business models, advanced manufacturing, and changing demographics are leading to significant changes in all aspects of the fashion industry with the potential to reshape it for years to come.
Feb 22 2019
The Economic Impact of the Fashion Industry
Fashion is a highly sophisticated, $2.5 trillion global industry. In the United States alone, consumers spent nearly $380 billion on apparel and footwear in 2017. The industry, which encompasses everything from textile and apparel brands to wholesalers, importers and retailers, employs more than 1.8 million people in the United States.
When President Trump gives his State of the Union speech tonight, the strong U.S. economy will be a central theme. The President frequently claims credit, but in fact, he inherited a strong economy from President Obama, who helped pull the United States out of the worst recession since the Great Depression. He repeatedly has cited economic statistics that have been widely debunked, keeping legions of fact checkers fully employed. The following is a short economic guide to the President’s State of the Union address.
Jan 25 2019
Congresswoman Carolyn Maloney named Vice Chair Designate of the Joint Economic Committee
I am pleased to have been named Vice Chair Designate of the Joint Economic Committee for the 116th Congress. I look forward to working with members of our committee, from the House and the Senate and from both parties, to analyze the economy and to provide economic information to our colleagues and the public.
There are major economic challenges facing the country – from stagnant wages and a stubborn gender pay gap to rising prescription drug prices and the growing costs of climate change. Our job at the JEC is to promote greater understanding and awareness of these and other economic issues. I’m excited to lead the Democratic Congress in this important work.
Rep. Carolyn B. Maloney
In the more than 50 years since Dr. Martin Luther King, Jr. laid out his dream for our nation, black Americans have made substantial economic progress. They have seen significant gains in incomes and wealth, and currently benefit from the decade-long economic recovery from the Great Recession. However, black Americans still lag far behind in key measures of economic well-being. Although progress is evident, the United States still falls short of Dr. King’s vision of a nation in which race does not determine one’s economic destiny.
Dec 19 2018
The National Cannabis Economy
The legalization of cannabis has significant implications for state economies, as well as the national economy. The industry totaled more than $8 billion in sales in 2017, with sales estimated to reach $11 billion this year and $23 billion by 2022. There were more than 9,000 active licenses for cannabis businesses in the U.S. in 2017, with the industry employing more than 120,000 people.
