Rep. Kevin Brady (R-TX), Chairman of the Joint Economic Committee, commented on today’s release of the Economic Report of the President together with the Annual Report of the Council of Economic Advisers 2014:
“Our economy suffers from a large “Growth Gap” between the current recovery and an average post-1960 recovery. This recovery has produced $1.3 trillion less in real GDP, 5.5 million fewer private payroll jobs, and $3,850 less in real disposable income per capita than an average post-1960 recovery would have produced."
The Honorable Jason Furman, Chairman of the Council of the Economic Advisers (CEA), will testify at a hearing before the Joint Economic Committee on the Economic Report of the President at 2:30 p.m. on Thursday, March 13, 2014 in 1100 Longworth House Office Building.
“The Council of Economic Advisers attributes this weak performance to (1) a long-term reduction in the potential of our economy to grow and (2) various ‘headwinds’. Moreover, the CEA proclaims, “The pace of growth of business fixed investment is puzzling because of interest rates are low and internal funds available for investment are high.’ This should not be surprising. The President’s policies of higher taxes, Obamacare, and new regulations are keeping businesses on Main Streets across America on the sidelines.”
“CEA Chairman Jason Furman will testify at the hearing on Thursday. I look forward to his ideas as to what can be done to accelerate economic growth and job creation.”