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

Press Center

Feb 04 2010

JEC to Hold Hearing on Job Creation and Economic Growth on Feb. 9

 Joint Economic Committee to Hold Hearing on Job Creation and Economic Growth on Feb. 9

Washington, D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC), will hold a hearing to discuss ways to promote job creation, as well as discuss the short-term outlook for employment and economic growth.  The hearing entitled, “The Road to Economic Recovery: Policies to Create Jobs and Continue Growth,” will take place Tuesday, February 9, 2010 at 10 a.m. in room 210 of the Cannon House Office Building.

The JEC will hear from expert witnesses regarding: the short-term outlook for employment and GDP, including some recent CBO forecasts; best practices to create jobs in the private sector, including the design of an employer tax credit; and forecasts of growing sectors of the economy and the regional employment implications of that growth.
                                                                                                                                              
WHAT:                 Hearing on “The Road to Economic Recovery: Policies to Create Jobs and Continue Growth”

WHEN:                 10:00 a.m., Tuesday, February 9, 2010

WHERE:               210 Cannon House Office Building

WHO:                   Panel I
                                The Honorable Douglas W. Elmendorf, Director,
                                Congressional Budget Office
                                Washington, DC     

                                The Honorable Alan Blinder, Gordon S. Rentschler Memorial Professor of Economics and Public Affairs
                                Co-Director of Center for Economic Policy Studies
                                Princeton University
                                Princeton, NJ
                
                                Dr. Lawrence Katz, Elisabeth Allison Professor of Economics and Research Associate of the NBER
                                Harvard University
                                Boston, MA        
                                
                                Panel II
                                The Honorable Roger C. Altman, Founder and Chairman
                                Evercore Partners
                                New York, NY

                                Dr. Mark Zandi, Chief Economist
                                Moody’s Economy.com
                                Philadelphia, PA

                                Mr. Jeffrey Joerres, CEO
                                Manpower Inc.
                                Milwaukee, WI

Additional witnesses may be added.


The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.

www.jec.senate.gov

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Jan 29 2010

JEC Chair Maloney on 4th Quarter GDP Report

Rep. Maloney's Statement on 4th Quarter GDP Report

Washington D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee released the following statement on the announcement that the real gross domestic product (GDP) increased at a rate of 5.7% in the fourth quarter of 2009:

“Today’s GDP number shows that the recovery which began in the third quarter of 2009 accelerated in the fourth quarter.  The economy has now grown for the past six months, providing fresh evidence that the Recovery Act, which Congress passed in February 2009, is working.   

“After four quarters of the economy contracting, we now have two quarters of growth and continued signs that the economy is on an upward path.   We need to be vigilant that this increase in GDP translates into an immediate increase in jobs.  In Congress, we need to continue to focus on creating good jobs that lift employment levels, boost consumer spending, and strengthen our economy.”  

GDP

The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.

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Jan 27 2010

Joint Economic Committee Releases New State-by-State Report

Washington, D.C. – A new report released today by the Joint Economic Committee (JEC) provides a snapshot of the current economic climate in each state, offering policy makers easy access to the major economic indicators in all 50 states and the District of Columbia in the areas of jobs, unemployment, personal earnings and housing.  

“Understanding the Economy: State-by-State Snapshots” offers a gauge of the economic landscape of each state, allowing for quick comparisons with other states and to the overall U.S. economy.

“We believe the state reports are a useful resource for Members of Congress and other policy makers as well as interested individuals who want access to fresh, reliable, state-specific data without having to dig around for it,” said Chair of the Joint Economic Committee (JEC) Congresswoman Carolyn Maloney.  “These state pages offer a guide to the state of local economies across the country, helping us to better understand the specific impacts of the Great Recession and also to see where growth and recovery have begun to take hold."
Report
Major indicators in the state reports include:

•    Private sector job creation or job loss since the start of recession;
•    Jobs saved or created by the Recovery Act;
•    Unemployment rate;
•    Per capita earnings;
•    Condition of the housing sector.

The United States economy has begun to improve since the beginning of 2009, when 741,000 jobs were lost in the month of January alone and real gross domestic product (GDP) fell by 6.4 percent in the first three months of the year.  The magnitude of job losses diminished throughout 2009, with the average quarterly job loss declining from 691,000 in the first quarter to 69,000 in the fourth quarter.

JEC Chair Maloney added, “Families across the country have faced the worst economy since the Great Depression, marked by a housing crisis, credit crunch, massive job losses and significant wealth destruction.   But in recent months, we have begun to turn the tide.  The Recovery Act has helped to get GDP growing again and lifted employment by 2 million jobs.  As we continue to work in Congress to create more jobs, boost growth and bring down unemployment, the JEC state reports will provide an effective way to track the progress we are making.”

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Jan 13 2010

New GAO Study Provides Deeper Understanding of Recession

Washington, D.C. – Today, the Government Accountability Office released a report, entitled “Loan Performance and Negative Home Equity in the Nonprime Mortgage Market.”  The report provides a detailed understanding of the state of the housing market at the end of June 2009. The Chair of the Joint Economic Committee (JEC), Congresswoman Carolyn Maloney, requested the report in an effort to further understand the depth of the recession.

 

“This recession is different from past recessions because we are dealing with a credit crunch, housing price bust, and an equity collapse,” Maloney said.  “Today’s report helps further our understanding of this recession’s complexities, especially as it relates to what was happening in the nonprime housing market up until the end of June 2009.”

 

Foreclosures create a vicious cycle of housing price declines, diminished household wealth and reduced consumer spending.  The decline in spending reduces employment and triggers further foreclosures.  The report provides Delinquent Nonprime Loans By Congressional District As Of March 2009estimates for state and Congressional districts on the percentage of “seriously delinquent” nonprime loans – classified as mortgages in default or in the foreclosure process (see adjacent chart or click here).  It also shows the impact of falling housing prices, which have left many borrowers in a negative equity position where their mortgage balances exceed the current value of their homes.

 

“The report provides a sobering snapshot of the foreclosure crisis inherited by the Obama administration, revealing trends through the mid-point of 2009,” Maloney said.  “Since that time, Congress and the Administration have taken actions to stem the tide of foreclosures and keep families in their homes, which remains a top priority as my colleagues and I work to get the housing market and our economy back on stable footing and build a robust labor market.”

 

In response to the housing crisis, Congress and the Administration took a number of steps in 2009 to slow foreclosures and keep families in their homes.  The Administration’s efforts, under the Home Affordable Modification Program, intensified at the end of 2009. The Treasury Department has streamlined the application process for conversions, pressured the servicers to move more quickly to process modifications, and provided new Web Tools for borrowers -- all with the goal of speeding modifications and helping vulnerable families stay in their homes.  Congress has allocated money to counselors to help homeowners get the information they need to be able to modify their loans.

 

The Worker, Homeownership, and Business Assistance Act of 2009 provided additional support for the housing market and should mitigate the rate of foreclosures for all homeowners.  Finally, the House has passed a comprehensive financial regulatory reform proposal which will create a Consumer Financial Protection Agency to protect borrowers from predatory lending practices associated with many of these nonprime mortgages.

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Jan 08 2010

JEC Chair Maloney Statement on December Jobs Report

JEC Chair Maloney on December Jobs Report

Washington D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC) released the following statement on the Bureau of Labor Statistics’ December jobs report showing that the unemployment rate remained unchanged at 10 percent and 85,000 total nonfarm jobs were lost:

“Today's employment numbers show that although the U.S. economy is growing, employers are still reluctant to hire.  However, the good news is that in November, our country saw job gains for the first time in two years.  As today’s numbers show, the road to a full recovery is never smooth.  We remain even more determined in our goal to put Americans back to work.  In the coming months, Congress and the Administration must continue to be laser-focused on creating jobs and helping to build industries and sectors that can establish a stable foundation for our economy and spark a robust and prosperous labor market.

“It is critical that we engage private sector employers and ask them to share new ideas on how to help the economy grow in a way that will create new private sector jobs. Today I sent a survey to business leaders including the CEOs of Fortune 100 companies and leading small businesses across the country to elicit their ideas on how Congress can most effectively create jobs for the millions of Americans looking for work.  Employers are on the front lines of today’s economic challenge and I look forward to gaining their valuable insights.”

- Congresswoman Carolyn Maloney, Chair, Joint Economic Committee  


The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.
 www.jec.senate.gov

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Dec 09 2009

JEC Chair Maloney on Labor Markets

REP. MALONEY FLOOR STATEMENT ON LABOR MARKET

Washington D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC), gave the following speech on the floor of the U.S. House of Representatives.   

"Madam Speaker, while it’s a bit too early to draw conclusions about the health of the job market after  a single month– a look back at the trends over the past two years can provide some valuable perspective. This chart shows monthly job losses since the start of the recession. The losses began here – in January of 2008, one full year before President Obama took office (Point 1). In February 2008, the Joint Economic Committee issued a report in which we solemnly warned that the economy was on the brink (Point 2). This is September 2008, when the Republican candidate for President declared he thought that the fundamentals of our economy were sound, just before job losses accelerated (Point 3). Here is January of 2009 when President Obama took office, and things began to change (Point 4). Last month, for the first time in two years, job losses appear to have stabilized (Point 5). While one month does not constitute a trend, one election seems to have made quite a difference."

 Change in Labor Markets over Recession

The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.
 www.jec.senate.gov
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Dec 04 2009

JEC Chair Maloney Statement on November Jobs Report

JEC CHAIR MALONEY ON NOVEMBER JOBS REPORT


Washington D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee released the following statement on the Bureau of Labor Statistics November jobs report showing that employment was essentially unchanged and the unemployment rate edged down to 10.0 percent in November:

“After two years of unrelenting bad economic news, this morning’s employment report marks the first time since the recession began, that the labor market has stabilized.  Extraordinary times called for extraordinary measures; and those measures Congress and the administration took are clearly working. 

But there is still more work to do.  Until employers are hiring and Americans are working again, Congress will continue to work on initiatives to create good, private sector jobs.  We are examining a number of promising proposals to put unemployed Americans to work rebuilding our nation’s crumbling infrastructure, as well as targeted tax credits for job creation and additional investments in education, health care, and energy independence.

The road to full recovery will be long and bumpy, but it is clear we are headed in the right direction.”

- Congresswoman Carolyn Maloney, Chair, Joint Economic Committee  


The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.
 www.jec.senate.gov

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Nov 24 2009

PRESS RELEASE: MALONEY TO HOLD HEARING EXAMINING PROPOSALS TO REGULATE UNREGULATED FINANCIAL MARKETS

TIME DELAYED: THE HEARING WILL BEGIN AT 10:30 A.M. 

As Congress Debates Financial Regulatory Overhaul, JEC to Examine the Need to Close Regulatory Loopholes and Eliminate Perverse Incentives for Excessive Risk Taking

Washington D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC,) will convene a hearing to examine how the financial sector’s so-called “dark market,” the unregulated over-the-counter market, and lightly regulated mortgage markets nearly brought down the financial sector.  The hearing entitled, “Unregulated Markets:  How Regulatory Reform Will Shine A Light in the Financial Sector,” will take place on Wednesday, December 2, 2009 at 10:30 A.M. in Room 210 of the Cannon House Office Building.   Witnesses will discuss whether the proposed regulatory changes before Congress will eliminate existing regulatory loopholes to protect taxpayers and promote economy stability in the future. 

WHAT: JEC Hearing, “Unregulated Markets: How Regulatory Reform Will Shine a Light in the Financial Sector”
WHO:   The Honorable Brooksley Born, Former Chair of the Commodity Futures Trading Commission
Dr. Robert Litan, Senior Fellow in Economic Studies at the Brookings Institution, Vice President of Research and Policy at the Ewing Marion Kauffman Foundation, and member of the Task Force on Financial Reform
Mr. James Carr, Chief Operating Officer, National Community Reinvestment Coalition 
The Honorable Robert K. Steel, former Under Secretary for Domestic Finance of the United States Treasury, chairman of the board of The Aspen Institute and a member of the Task Force on Financial Reform
WHEN:  Wednesday, December 2, 2009 at 10:30 A.M.
WHERE: Room 210 Cannon House Office Building


The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.
 www.jec.senate.gov
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Oct 29 2009

JEC CHAIR MALONEY STATEMENT ON 3RD QUARTER GDP

Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC,) released the following statement following the announcement that GDP rose 3.5% in the third quarter of 2009. 

“Today’s GDP number provides concrete evidence of the wisdom of the Recovery Act and the positive effect it has had on the economy in just eight short months.  At today’s hearing of the Joint Economic Committee, leading economists agreed that without economic policies like the Recovery Act, the growth we are beginning to see would not yet be possible.  But we are not out of the woods quite yet.  The stimulus has helped Americans in need weather the storm, but we must do more to get people back to work.”

 

- Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee

Sep 10 2009

MALONEY STATEMENT ON BUSH ERA RISE IN NUMBER OF UNINSURED, DECLINE IN MEDIAN INCOME, AND RISE IN POVERTY

MALONEY STATEMENT ON BUSH ERA RISE IN NUMBER OF UNINSURED, DECLINE IN MEDIAN INCOME, AND RISE IN POVERTY 

Washington D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC) released the following statement on the release of the Census Bureau’s annual Income, Poverty, and Health Insurance study:

 “We now have a full accounting of the Bush administration’s economic record and it’s a record of increased poverty, lower household income, and even more Americans going without health insurance.  American families lost a decade due the failed economic policies of the Bush administration. Once again, the Census numbers underscore that the consequences of doing nothing are too great, and when it comes to health care and our economy the stakes are simply too high.  Along with President Obama, Democrats in Congress are committed to strengthening our economy, putting people back to work, and making sure that every American has access to secure and sustainable health care options.” 

-          Congresswoman Carolyn B. Maloney  

  The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy. www.jec.senate.gov#          #          #