In the wake of the Republican tax cuts, taxes on corporate profits are at historic lows. Congressional Republicans and the Trump administration promised that this historic tax cut would lead to large wage gains for working families. In June, though, the average hourly wage was unchanged from a year prior, after adjusting for inflation. For production and nonsupervisory workers (a good proxy for the median worker), wages were actually lower in June than a year prior. Meanwhile, U.S. public companies announced $437 billion in share buybacks in the second quarter, shattering the record they set in the first quarter.
In the January edition of Consumer Corner, we detailed Republican efforts to undermine the Consumer Financial Protection Bureau (CFPB), the sole watchdog in financial markets for American consumers. Since then, Mick Mulvaney, the bureau’s interim director, has doubled down on these efforts, accelerating changes that weaken critical consumer protections and lighten oversight of banks and other financial institutions.
Jul 09 2018
People Who Did Not Qualify for Premium Tax Credits Dropped Coverage as Health Premiums Spiked
Jul 09 2018
People Who Did Not Qualify for Premium Tax Credits Dropped Coverage as Health Premiums Spiked
The consequences of Republicans’ sabotage of the Affordable Care Act marketplaces continue to pile up. In just the latest example, about 1 million Americans were priced out of the individual health insurance market last year. Average monthly enrollment among people who did not receive advance premium tax credit (APTC) subsidies fell by 20 percent between 2016 and 2017, just as average monthly premiums increased by 21 percent. By contrast, individual plan enrollment among individuals who qualified for APTC subsidies fell by 3 percent. While the administration concludes that the spike in premiums drove people out of the market, President Trump and congressional Republicans are doubling down on efforts to further destabilize markets, raise premiums, and eliminate coverage for millions of Americans.
Jul 06 2018
President Trump Job Tracker June 2018
Many rural communities continue to struggle with the aftermath of the Great Recession. Total employment in nonmetro areas is still below its prerecession level. Last week, the Joint Economic Committee Democrats released a report examining the challenges and opportunities that rural America faces. After a year and a half of Trump administration actions that have hurt rural Americans, the report proposes a policy agenda that would lead to rural economic progress.
Jun 21 2018
Separating Families Has Lasting Consequences
When provided the opportunity, refugees become key contributors to the nation’s economic vitality. International research has shown that refugees enter the workforce, boost native-born workers’ wages, and increase job opportunities. Instead of welcoming these new American families into the social and economic fabric of our nation, the Trump administration is tearing them apart.
Jun 21 2018
JEC Dems Call for Investments in Rural America
Yesterday, Joint Economic Committee Democrats, under the leadership of Ranking Member Senator Martin Heinrich (D-N.M.), unveiled a new report that takes an extensive look at “Investing in Rural America,” and proposes policies to revitalize these communities that have not yet recovered from the Great Recession. Here is a look at some of the report’s coverage:
Jun 20 2018
Investing in Rural America
Rural Americans make up 14 percent of those living in the United States, while 72 percent of the nation’s total land areas are considered rural. These 46 million residents play an essential role in the overall economy, starting new businesses, and supplying many of our agricultural products.
