The study, issued by the U.S. Congress Joint Economic Committee, explores a part of the jobs-and-education landscape that's risen sharply on the public's radar in the last few years: the vast array of jobs that require more than a high school diploma and less than a bachelor's degree. Those "middle-skill" jobs account for 48 percent of U.S. employment, according to researchers.
Sen. Martin Heinrich (D-NM), ranking member of the Joint Economic Committee, remarked in a statement, “Despite inheriting a strong and resilient economy, the president and Republicans in Congress decided to do absolutely nothing to improve the lives of working Americans in 2017.”
The universal preschool movement hit peak momentum under the Obama administration but has been virtually unaddressed by President Donald Trump. Instead, Trump’s daughter and adviser Ivanka Trump has dabbled with policies aimed at tackling child care costs. A report by Democrats on the Joint Economic Committee in Congress this year indicated that less than half of the nation’s 3- and 4-year-olds were in a pre-K program, ranging from 75 percent in Washington, D.C., to just 30 percent in Idaho. The programs vary in quality and structure, with some offering just a few hours a week of learning sessions and others that are more similar to a full school day.
Democrats on the Joint Economic Committee — led by Sen. Martin Heinrich (D-N.M.) — are releasing a report detailing Republicans' "worst" of their first year under a unified GOP government. "This year was marked by complete failure by Republicans in Congress to help the working Americans who need it the most. Instead, Republicans and the Trump administration have made partisan moves to endanger the economic security of families across this country," Heinrich said.
There is another way the bill would impact New Mexico: Elimination of the state and local tax (SALT) deduction. This deduction allows tax filers to deduct the taxes they pay in state and local taxes, which primarily impacts states like California and New York with higher incomes and higher amounts of progressivity in their tax structure. A report by the Democrats on the Senate Joint Economic Committee found that would reduce school funding by $94 million.
In six years, according to Sen. Martin Heinrich (D-N.M.) of Congress’ Joint Economic Committee, the CFPB has responded to more than 1 million consumer complaints, reduced consumer debts by nearly $8 billion, provided protections from mortgage service and credit card fees, barred excessive interest rate hikes and limited predatory sales practices aimed at young consumers. Its enforcement action led to a $100 million penalty against Wells Fargo, whose employees were given incentives for opening phony accounts for customers without their knowledge.
“I’m not opposed to a more competitive corporate tax system, but not one financed on the backs of middle-class families,” Heinrich, the ranking member of the congressional Joint Economic Committee, told the Journal. “The GOP plan takes away family tax deductions and exemptions and uses that money to cut corporate rates. I think they ought to find savings within the corporate tax code in order to finance corporate rate reduction, instead of their current plan that raises taxes on working families to do it.”
Under the current Senate bill, an individual in Ohio earning about $25,000 a year could get a tax cut of about $340. But, according to the nonpartisan Joint Economic Committee, a 27-year-old in Ohio, earning about $25,000 a year, would see their health insurance premiums increase by $395 a year. So, they are getting $340 in tax cuts. But paying $395 more for health insurance. They are now $55 in the hole. And for a family of four in Ohio earning $60,000 a year, they could expect a $630 tax cut under this bill. But the Joint Economic Committee says they are going to pay $1,431 more in health insurance premiums under this bill. So they are in the hole $800.
Meanwhile a Nov. 15 Joint Economic Committee Democrats’ report faults the House tax package (H.R. 1) for putting an estimated 4.5 million jobs at risk over next 10 years by eliminating Private Activity Bonds, the New Markets Tax Credits, and the Historic Tax Credit Program.
A report released by Democratic members of the Joint Economic Committee highlights causes of the increasing cost of college for many Americans. It identifies, among those, declining state support for public institutions, incentives for institutions at odds with keeping programs affordable, and failures in the regulatory system to hold programs failing students accountable.