“It’s time we legalize marijuana, but at the minimum, we must reduce the conflicts between federal and state laws so that the industry can continue to create jobs and bolster state economies,” said U.S. Senator Martin Heinrich, (D-N.M.), Ranking Member of the Joint Economic Committee. “This conflict hurts small businesses and constrains the economic benefits of legal cannabis—an industry that is estimated to reach $11 billion in sales this year and $23 billion by 2022. But in order to realize the benefits, we must act on legislation such as the STATES Act to help these businesses thrive.”
“Homeownership has always been a benchmark for financial stability. When young adults are unable to purchase homes, it makes it harder for them to accumulate wealth and build financial security,” said Senator Heinrich (D-N.M.), Ranking Member of the Joint Economic Committee. “We must address persistent problems like slow wage growth, lack of affordable housing, and high student loan debt. Without comprehensive solutions to these issues, millennials will continue to struggle in the housing market and will be blocked from putting down the kind of roots that strengthen communities and economies.”
“We must do everything we can in the next Congress to advocate for working families and ensure that we have an economy that works for everyone. We have to protect and improve the Affordable Care Act, Medicaid, Medicare, and Social Security. We must invest in education and clean energy. And we must pass policies that tackle income inequality and make sure working families, not just the wealthiest among us, are set up for economic success.”
“Climate change is one of the greatest threats the global community will face in the 21st century, and we are already feeling its disastrous effects,” said Senator Martin Heinrich (D-N.M.), Ranking Member of the Joint Economic Committee. “New Mexico and the Southwest face numerous economic challenges from climate change—including threats to crops, decreased water supplies and increased risk for wildfires. If we don’t act now on climate change, the financial threat to working families across this country will only grow. We must work to strengthen the thriving clean energy sector to mitigate the effects of climate change and create millions of jobs and economic opportunity.”
“It’s time we quit this partisan experimentation and tackle the real issues Americans care about, like addressing inadequate wage growth and the high costs of education and health care. We should be building on programs like Medicare, Medicaid, the Affordable Care Act, and Social Security, programs that nearly 40 percent of Americans depend on, not slashing them as my Republican colleagues have proposed.”
“Instead of working to find real solutions to the problems working Americans and their families face today, it is clear the Republican tax law only exacerbates current economic challenges in our country in more ways than one,” said Senator Heinrich (D-N.M.), Ranking Member of the Joint Economic Committee. “We’ve known that wages are stagnant and economic inequality is growing, but the Republican tax law gives massive tax breaks to the wealthy and corporations without the raises that working Americans were promised. Now we also know that there are 15.4 million American jobs that are potentially at risk of being offshored, and this tax law may only compound this issue. We cannot continue to ignore these challenges in the American economy. It’s time to find smart, forward-thinking policies that ensure everyone in this country has a fair shot at getting ahead.”
“Republicans continue to advance the same failed ideas from the past—cutting taxes for the wealthy while cutting key benefits for working Americans and seniors,” said Senator Martin Heinrich (D-N.M.), Ranking Member of the Joint Economic Committee. “In order to pay for a disastrous tax plan, Congressional Republicans and the Trump administration have decided to endanger the health and financial security of 130 million Americans. Democrats stand ready to build on these successful programs while tackling the issues Americans care about, such as stagnant wages, skyrocketing health care premiums, and the rising cost of prescription drugs.”
“The economy has been adding jobs since the economic expansion that began in 2010, but it’s clear we still need to address the real economic challenges working Americans face in their day-to-day lives. But instead, my Republican colleagues and the Trump administration have decided their priorities lie in heaping windfall gains on the wealthiest Americans and special interests under the guise of supposed tax cuts for the middle class."

U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the Joint Economic Committee, delivered the following statement at today’s hearing on American living standards. In his remarks, Senator Heinrich highlighted that the Republican tax law is doing little to improve working Americans’ wages or living standards. Senator Heinrich also highlighted the Measuring Real Income Growth Act (S.3440) he introduced which would provide better insight into how broadly economic progress is shared and whether living standards are improving.