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

Publications

Nov 02 2023

Cutting IRS Funding Makes It Easier for the Wealthy to Cheat on Their Taxes and Increases the Budget Deficit

The Inflation Reduction Act (IRA) provided the Internal Revenue Service (IRS) with funding to help the agency modernize tax collection and go after wealthy tax cheats. Already, the IRS has improved taxpayer customer service and increased tax enforcement against wealthy individuals and corporations, recouping $160 million in 2023 alone. Recent research shows that focusing tax enforcement on the wealthiest individuals yields substantial revenue, with as much as $12 in returns for every $1 dollar spent on audits of the wealthiest taxpayers. Additionally, the Congressional Budget Office has routinely found that cutting the IRS budget would actually increase the deficit in the long run.

Oct 20 2023

State by State Fact Sheets: September Employment Data

Each month, the Bureau of Labor Statistics (BLS) releases national and state-level data on U.S. employment, which provide useful information about the state of the labor market and progress toward building a better America. To highlight key trends in the monthly data, the Joint Economic Committee compiles state-by-state fact sheets for all 50 states, the District of Columbia, and Puerto Rico. The most recent state-level data, which cover the month of September, were released on October 20, 2023. The latest national data were released on October 6, 2023.

Oct 19 2023

Public lands improve public health

Our public lands are uniquely American. They sustain us, as individuals and communities. The data makes it clear: our public lands provide a space for outdoor recreation, safe drinking water, and peace of mind that all improve public health. While public lands and their related health benefits are widely available, more work is needed to make sure everyone has access to these vital public resources regardless of who they are or where they live. The significant health benefits of public lands, when paired with the related improvements in local economic development, make it clear that conserving our public lands is a sound investment in our country’s well-being.

Oct 19 2023

Public lands boost local, state, and national economies

Public lands provide substantial economic benefits at the local, state, and national levels. Counties in the United States with more public lands outperform similar places without public lands when it comes to economic opportunity, job growth, and overall growth. However, climate change threatens our ability to enjoy public lands as hikers, anglers, hunters or for other types of outdoor recreation, while also jeopardizing these lands’ broader economic and health benefits. This risk underscores how conserving and protecting public lands will benefit Americans’ finances, health, and future.

Oct 16 2023

Undermining the Consumer Financial Protection Bureau Would Harm Americans’ Financial Security

Established in the aftermath of the 2008 Financial Crisis, the Consumer Financial Protection Bureau (CFPB) protects Americans from predatory financial services while fighting discrimination in the financial sector. In its first twelve years, the CFPB has been able to return or restore over $17.5 billion to American consumers in compensation, cancelled debts, and other relief, and has filed over 4 million complaints against companies on behalf of consumers.

Recently, the U.S. Supreme Court heard oral arguments in CFPB v. CFSA. The case challenges the constitutionality of the CFPB’s independent funding structure. If the current funding structure is found to be unconstitutional, American consumers will be more vulnerable to exploitative financial practices. Below are just a few examples of the work CFPB does to protect consumers and the economy.

Oct 16 2023

Climate-exacerbated wildfires cost the U.S. between $394 to $893 billion each year in economic costs and damages

Wildfires represent a growing threat to the health and well-being of communities across the country. The United States has already seen a devastating string of catastrophic wildfires this year in places like Maui, the western United States, and Louisiana as these disasters become more and more damaging due to climate change. This continues a string of deadly wildfire years that make the threat of wildfires to people and the broader economy increasingly clear.

The total cost of wildfires in the United States is between $394 billion to $893 billion each year. This range was calculated by combining estimates from the existing research on the specific costs related to property damage, direct and indirect deaths and injuries, health impacts from wildfire smoke, income loss, watershed pollution, and a range of other factors. Each of these impacts on their own are very costly. Taken together, they represent disastrous consequences for the country.