WASHINGTON—Congresswoman Carolyn B. Maloney (NY-12), Vice Chair of the U.S. Congress Joint Economic Committee, issued the following statement Friday after the Department of Labor announced 196,000 nonfarm jobs were added in March.
“While there was some bounce back in March from the unusually low job gains in February, which is to be expected, job growth has slowed in the past 12 months. During the first three months of 2018, the economy added an average of 228,000 jobs per month. This year, the monthly average job growth during the same period fell to 180,000. And manufacturing jobs declined for the first time since mid-2017.
“The headwinds from the administration’s erratic behavior, from trade to government funding to threats against Mexico, have caused uncertainty that has put downward pressure on employment. More uncertainty or self-inflicted wounds are the last things our economy needs right now.
“It’s time for the president to work with Democrats in Congress on proven measures, such as rebuilding our infrastructure and lowering the price of prescription drugs, which will strengthen our economy and put more money back into people’s pockets.
Schumer, JEC Vice Chair Maloney and Heinrich Urge BEA to Provide Economic Income Data to Give Lawmakers and American Public More Accurate Picture of Americans’ Economic Reality
Mar 29 2019
Washington, D.C.— In light of the widening income inequality gap in the United States over the last 40 years, Senate Democratic Leader Chuck Schumer (D-NY), Vice Chair of the Joint Economic Committee Carolyn Maloney (D-NY) and Member of the Joint Economic Committee Martin Heinrich (D-NM) today sent a letter to the Bureau of Economic Analysis (BEA) urging it to prioritize the reporting of Income Growth Indicators to provide a more accurate assessment of the U.S. economic conditions for working Americans. The letter follows successful efforts to include report language in the 2019 appropriations bill directing BEA to conduct such analyses.
In the letter, the Members note the current practice of relying only on aggregate gross domestic product (GDP) not only overshadows important fiscal trends but also paints a rosier picture than the economic reality the vast majority of Americans actually experience. BEA’s production of Income Growth Indicators would provide more relevant data for having well-informed policy discussions and influencing policymakers’ decisions, particularly with respect to income growth for workers.
Furthermore, Democrats asked the BEA—on the day of the release of the latest GDP report—to regularly report Income Growth Indicators alongside national GDP reports to provide insight into how personal income is growing for all Americans, given that economic gains are increasingly concentrated among the wealthiest few.
Mar 28 2019
WASHINGTON—Congresswoman Carolyn B. Maloney (NY-12), Vice Chair of the U.S. Congress Joint Economic Committee, issued the following statement after the Bureau of Economic Analysis (BEA) released its third estimate of fourth quarter gross domestic product (GDP), showing that GDP grew at annual rate of 2.2 percent in the final quarter of 2018, down from an initial estimate of 2.6 percent. Overall, GDP grew 2.9 percent in 2018.
“As these numbers from the fourth quarter of last year make clear, the sugar high from the Republican tax cuts is over and our economy is now facing real headwinds thanks to the policies of the Trump Administration.
“Despite this data, the administration has continued to predict GDP growth of 3.2 percent this year, much higher than the Federal Reserve’s estimate of 2.1 percent, and out of line with the trends we are seeing in today’s data.
“Whether the economy grew by 2.6 percent or 2.2 percent in the fourth quarter, we still don’t know who is benefiting from that growth. That’s why I have introduced legislation that would require BEA to report growth by income decile and the top 1 percent. That way, we would know how the top 1 percent are doing compared to everyone else. We would be able to track in a timely way changes in economic inequality and then craft policies to address changes or the absence of progress.”
Maloney introduced the Measuring Real Income Growth Act (H.R. 707) this Congress and also in the 115th Congress. The legislation would require BEA to publish distributional analyses of gross domestic product. These new reports would give policymakers a clearer picture of how economic growth is distributed among Americans of all income levels, providing new perspective on economic inequality.
WASHINGTON—Congresswoman Carolyn B. Maloney (NY-12) has been elected Vice Chair of the U.S. Congress Joint Economic Committee (JEC) by the committee’s members.
“I am honored to be chosen by my colleagues to serve as Vice Chair of the Joint Economic Committee,” Maloney said. “There are major economic challenges facing our country – from growing inequality to wages that for some have barely moved in decades to infrastructure that has been neglected. I look forward to shining the JEC’s spotlight on these and other issues so Congress can craft solutions that help middle class families and lay the foundation for future economic growth.”
Speaker Nancy Pelosi recommended Maloney for the post earlier this year. Today, the recommendation was confirmed by a majority vote of members of the committee. Previously, Maloney served as Chair of the JEC in the 111th Congress—the first woman to do so—and as Ranking Member in the 114th Congress.
During the 114th Congress, Maloney spearheaded a report on gender pay inequality and its consequences for women, families and the economy. The report examined the factors that contribute to the gender pay gap, outlined how the pay gap contributes to income inequality and retirement insecurity and highlighted family-friendly workplace policies that would shrink the pay gap.
Under Chair Maloney in 2009-2010, the JEC closely monitored the employment situation and tracked its rebound from the Great Recession. The committee held close to 50 hearings and issued dozens of reports with an emphasis on creating jobs and reducing unemployment.
Rep. Maloney has a strong legislative record on economic and financial issues. Her Credit CARD Act, signed by President Obama in 2009, has been estimated to have saved consumers approximately $16 billion between 2011 and 2014. She also is the author of the Measuring Real Income Growth Act of 2019 (H.R. 707), which instructs the Bureau of Economic Analysis to provide distributional analyses of the Gross Domestic Product.
The JEC is a joint House-Senate committee that holds hearings and issues reports to help inform Congress’ actions on economic issues. Senator Mike Lee (R-UT) will serve as the Chairman of the committee in the 116th Congress. Senator Lee and Representative Maloney will be joined by nine Republican and nine Democratic members.
Democratic members are Sen. Martin Heinrich (D-NM), Sen. Amy Klobuchar (D-MN), Sen. Gary Peters (D-MI), Sen. Maggie Hassan (D-NH), Rep. Carolyn Maloney (D-NY), Rep. Don Beyer (D-VA), Rep. Denny Heck (D-WA), Rep. David Trone (D-MD), Rep. Joyce Beatty (D-OH) and Rep. Lois Frankel (D-FL).
Republican members are Sen. Mike Lee (R-UT), Sen. Tom Cotton (R-AR), Sen. Ben Sasse (R-NE), Sen. Rob Portman (R-OH), Sen. Bill Cassidy (R-LA), Sen. Ted Cruz (R-TX), Rep. David Schweikert (R-AZ), Rep. Darin LaHood (R-IL), Rep. Kenny Marchant (R-TX) and Rep. Jaime Herrera Beutler (R-WA).
Mar 20 2019
WASHINGTON—Congresswoman Carolyn B. Maloney (NY-12), Vice Chair Designate of the Joint Economic Committee, released the following statement after the Federal Reserve’s Federal Open Market Committee (FOMC) completed its March meeting and reported that the median 2019 growth projection from the committee has fallen to 2.1 percent.
“The Federal Reserve’s GDP growth projection is more proof that the White House’s numbers in its latest budget are wildly optimistic. Fed projections show that the sugar high from the GOP tax cuts is rapidly wearing off, and growth will slow this year and next. This forecast aligns with those from the Congressional Budget Office and independent, private sector analysts. It is yet another reason to dismiss the partisan projections in the president’s budget.
“Instead of tax cuts for special interests and giant corporations, American families would have been better off if that money had been spent on investments that actually grow the economy in the long run, like infrastructure, research and education. House Democrats’ For the People agenda will do exactly that.
WASHINGTON, DC—Congresswoman Carolyn B. Maloney (NY-12), Vice Chair Designate of the Joint Economic Committee, today released her Views and Estimates of the budget, which analyzes budget issues from a macroeconomic perspective. This follows the release of the president’s FY 2020 budget.
“The president’s budget is an economic ticking time bomb. Economic growth depends on making smart investments and smart projections about the future. This budget does neither. Instead, the president’s budget includes deep cuts to critical domestic investments, including Medicare, Medicaid, education and research, while at the same time making wildly optimistic projections about future growth. If this budget were ever to become law, it will knock our country’s economy off track, possibly into recession, and cause severe pain for families all across the nation.
“In order to continue the economic expansion that began under President Obama, we must make wise investments in our nation’s future. That means creating the infrastructure backbone for the economy of the future, educating our workforce, laying the groundwork for new technologies and fighting to mitigate the likely catastrophic effects of climate change. These are smart investments that will grow the economy and improve the quality of life for future generations. The president’s slash and burn budget will do the opposite, and Congress must reject it.”
Mar 08 2019
WASHINGTON—Congresswoman Carolyn B. Maloney (NY-12), Vice Chair Designate of the Joint Economic Committee, issued the following statement Friday after the Department of Labor announced 20,000 jobs were added in February. Her statement followed her introduction of legislation this week that could support long-term job growth.
“We’ve now had a record 101 straight months of job growth. During that time, the economy has added more than 20 million jobs. Again this month, wages moved higher. This is a strong labor market that is rewarding workers with stronger wage growth.
“Even with the labor market strengthening over the past decade, income inequality persists and labor force participation rates have not returned to earlier highs. For example, the share of prime-age women, aged 25-54, working or seeking work remains 1.4 percentage points below the peak reached in 2000. Male participation rates also lag previous highs.
“Passing family leave policies that allow workers to take paid leave after the birth or adoption of a child or to care for a family member with a serious health condition can boost participation rates, lower turnover and lead to higher incomes. There are positive impacts on productivity and economic growth. By using policy tools to help workers balance the demands of work and family, we can strengthen families and our economy.”
Earlier this week, Congresswoman Maloney introduced the Federal Employee Paid Leave Act (FEPLA) that would provide 12 weeks of paid family leave for federal workers. FEPLA would guarantee paid leave for all instances covered by the Family and Medical Leave Act, which currently guarantees only unpaid leave.