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

Publications

Aug 13 2018

Real Average Hourly Wages Declined in July

The average hourly wage for production and nonsupervisory workers—our best measure of the median workers’ take home pay—was lower in July 2018 than it was in July 2017, after adjusting for inflation. This is the third straight month of year-to-year declines in real wages. Seven months since the Republican tax law took effect, it’s not clear how much longer American workers are supposed to wait before they see the raises President Trump promised them.

Jul 31 2018

July Economic Snapshot of the States

Although the U.S. economy overall continues its expansion following the Great Recession and associated financial crisis, the recovery can look very different from state to state. The lion’s share of economic gains are not only concentrated at the top of the income and wealth distribution, but also in a small share of regions. While some parts of the country have surged ahead, millions of Americans in urban and rural communities are still waiting for their wages to start rising again and struggling to make ends meet.

Jul 30 2018

Revoking Protections for Pre-existing Conditions Would Affect People of All Ages

New rules from the Trump administration are expected to allow states to weaken protections that prevent insurers from discriminating based on pre-existing conditions. This would potentially expose half of nonelderly Americans, 133 million in total, to denial of coverage or unaffordable premiums because of pre-existing conditions. This would affect Americans of all ages, including 17 million children, although it would disproportionately impact older Americans, who often suffer from more chronic health issues.

Jul 27 2018

Medicare: Protecting Seniors and Families

Medicare is one of the success stories of the last half century. Since its passage in 1965, Medicare has facilitated the near-universal health coverage of the elderly population in America and the dramatic decline in their poverty rate. With Medicare’s help, seniors are able
to access the high-quality care they need while minimizing strain on their pocketbooks. Today, more than 58 million seniors and people with disabilities are able to live longer, healthier, and more financially secure lives.

Jul 27 2018

Tax Cuts Benefit the Wealthy, Leave Workers Behind

In the wake of today’s Gross Domestic Product (GDP) release, it is important to remember that large gains for a small group can keep total income growing, even while many or even most Americans see their incomes stagnate or shrink. Republicans will likely trumpet this as a sign that the tax cuts are working to improve the economy for all Americans. But it is important to think about what it actually does, and doesn’t, tell us about the economy. GDP is a measure of the total income generated in a year by the U.S. economy, but the whole doesn't always tell us enough about the parts.

Jul 23 2018

Benefits of Republican Pass-Through Deductions Go Mostly to Wealthy

This week, House Republicans plan to reveal their Tax Cut 2.0 plan. It is widely expected that the plan will make the temporary provisions of the new tax law permanent, including the 20 percent deduction on qualifying pass-through income. The benefits of the deduction flow mostly to the wealthiest Americans, such as those that own large hedge funds, law firms, and real estate companies. While just 2 percent of the benefits in 2018 will go to households earning under $50,000 a year, 44 percent will go to households earning more than $1 million.

Jul 19 2018

Innovation Spotlight: Rural Broadband in Minnesota

Americans living in remote, rural, and tribal communities tend to have less access to high-speed broadband than their urban counterparts. Today, more than 23 million rural residents lack access to broadband, which prevents them from tapping into better medical care, online education, job training, and other services that fuel local economic growth. In all, broadband internet accounts for more than $30 billion in annual consumer benefits.

Jul 18 2018

Why the Fed Matters

The Federal Reserve (Fed) plays a critical, but largely hidden, role in the day-to-day life of every family in America. When you fill up your gas tank and stock up on groceries for the week, the prices you see are in part shaped by the Fed’s policies. When you cut your landlord a rent check each month, the Fed’s payment services help ensure your check clears on time. And when you’re finally ready to buy your first home, the Fed influences the mortgage rates you’re offered and even whether you’re likely to have a steady and well-paying job to afford that mortgage. From our most basic daily transactions to our most important financial decisions, the Fed has a tremendous impact on the economic livelihoods of Main Street and Wall Street alike.