The American Rescue Plan, Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020, and the Coronavirus Response and Relief Supplemental Appropriations Act (CRRSA) of 2021 provided critical support for the child care industry and, by extension, all parents and guardians who rely on it. However much of this funding is expiring at the end of September 2023. Additional long-term funding is needed to increase the wages paid to child care workers, increase the number of child care staff, ensure sufficient child care availability, and reduce the high cost of care for parents who work.
The rapid rise of artificial intelligence (AI) tools has the potential to alter nearly all aspects of society with large but uncertain impacts on the economy and labor market. Generative AI has progressed quickly in the last few years, in particular with the release of ChatGPT, prompting governments to grapple with ways to encourage AI development within the bounds of ethical and national security concerns. AI tools may disrupt several industries from the music industry and copywriting to manufacturing and human resources. Many questions remain around AI, including inaccurate decision-making and algorithmic bias (e.g., facial recognition doing a worse job of identifying black female faces); lack of interpretability; information provenance (e.g., privacy concerns, deep fakes, and misinformation); and supply chain issues. AI may also increase inequality as AI tools consolidate the wealth and dominance of particular companies and individuals.
Sep 11 2023
Economic Update - September 11, 2023
Sep 05 2023
Economic Update - September 5, 2023
Sep 05 2023
The Economic Costs of a Republican Shutdown
A Republican-led government shutdown would have serious impacts on the U.S. economy. It would reduce economic output and harm consumer confidence as many important government functions would shut down due to lack of funds. Americans would face disruptions to important benefits, many private businesses would have to alter their operations, and federal workers across the country would be furloughed and go unpaid. Congress must act to prevent this avoidable harm to the U.S. economy.
Aug 18 2023
State by State Fact Sheets: July 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 July, were released on August 18, 2023. The latest national data were released on August 4, 2023.
As we approach the one-year anniversary of the Inflation Reduction Act, the law is already lowering costs for families, growing the middle class, jumpstarting clean energy development, and creating a fairer tax system. The Inflation Reduction Act’s impacts will only grow in future years as more investments flow through the economy and additional climate and health care provisions take effect to help American families.
Below are a series of resources that highlight the impacts of the law at the national and state level one year later, and a separate piece describing the recent progress made on inflation.
Below are a series of resources that highlight the impacts of the law at the national and state level one year later, and a separate piece describing the recent progress made on inflation.
Aug 10 2023
The Mounting Costs of Extreme Heat
Record-breaking high temperatures have made headlines across the globe this summer, drawing attention to one of the most salient and alarming effects of climate change. As global average temperatures rise, extreme high temperatures are expected to increase at an even more rapid rate. The week of July 3rd 2023 contained two of the hottest days in recorded history, with millions of Americans exposed to dangerously high temperatures representing a dramatic threat to human health and the economy.
Ensuring Americans’ access to quality higher education is a critical piece of the U.S. economy’s success. A higher education is one important pathway to the middle class and making it available to more Americans leads to a strong, diverse, and globally competitive workforce. Yet, student loan debt can act as a barrier to entry into the middle class, denying many borrowers the ability to build wealth, save for retirement, and support a family.
Recognizing these challenges, the Biden-Harris administration has overhauled the income-driven repayment (IDR) system to give millions of middle-class borrowers the relief they need to pay back their loans in a sustainable way. The administration’s actions will give full credit for the payments borrowers have already made, while also introducing the Saving on a Valuable Education (SAVE) plan to reduce IDR payments going forward.
Recognizing these challenges, the Biden-Harris administration has overhauled the income-driven repayment (IDR) system to give millions of middle-class borrowers the relief they need to pay back their loans in a sustainable way. The administration’s actions will give full credit for the payments borrowers have already made, while also introducing the Saving on a Valuable Education (SAVE) plan to reduce IDR payments going forward.
