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Joint Economic Committee Democrats

Publications

Sep 04 2018

Growth is Increasingly Concentrated at the Top

Growth in Gross Domestic Product (GDP) is often held up as the primary measure for the health of the economy. But with widening income gaps, it is increasingly less representative of what most American households are experiencing. For example, between 2003 and 2005, real GDP growth was 3 percent or greater each year. But during that span, average income for half of Americans fell. To better measure what households are actually experiencing, Senator Martin Heinrich, JEC Ranking Member, joined Democratic Leader Chuck Schumer to introduce a bill that would require the Bureau of Economic Analysis to report on how income is growing across the economic ladder.

Aug 29 2018

Soaring Living Costs Outweigh Wage Gains

Most American workers are still waiting on the $4,000 pay hike they were promised from the Republican tax bill. Eight months since the tax cuts were enacted, wage growth for the average worker remains minimal, while the cost of living continues to grow and eat into family pocketbooks. In fact, recent data from the Bureau of Labor Statistics shows that after accounting for inflation, wages for most Americans have actually fallen for the third month in a row.

Aug 27 2018

Bank Profits Are At All-Time Highs Following Tax Cuts

Bank profits have never been higher. The FDIC reported last week that profits at the commercial banks and savings institutions that it insures have ballooned since the tax cuts. In the second quarter of the year, FDIC-insured institutions earned $60 billion. The reduction in their effective tax rate due to the Republican law added $6.4 billion to banks’ bottom lines.

Aug 24 2018

Republican Sabotage Pushes Premiums Higher

In a few months, millions of Americans will choose their health insurance for next year. As they make their decisions, rising premiums—driven by sabotage from Congressional Republicans and the Trump administration—may put health care out of reach for many working families.

Aug 21 2018

Consumer Corner: Trump Administration Continues Anti-Education Agenda

As another school year begins, college students across the nation will invest in their educations and apply for student loans. Recent numbers put total U.S. student debt at an all-time high of more than $1.5 trillion, debt that has more than doubled in the last decade and now surpasses credit card debt. But unlike credit card debt, student loan debt is nearly impossible to discharge in bankruptcy. Instead of taking action to address this growing crisis, the Trump administration has undermined student borrower protections at every turn.

Aug 20 2018

Corporate Profits are Growing Much Faster Than Employee Compensation

Corporate profits have grown substantially faster than employee compensation in recent decades. While the two measures tracked closely for most of the 20th century, workers have shared less of the gains more recently. Since 2000, employee compensation has increased 28 percent after inflation and corporate profits have increased 107 percent. Compounding this problem for many families, the gap between top earners and the average worker at corporations has also grown. In 1965, a CEO at one of the largest 350 companies in America made 20 times as much as the average worker in their industry. Today CEOs at the largest 350 firms average 312 times more, earning an average of nearly $19 million last year.