Sep 07 2018
WASHINGTON, D.C. – U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the Joint Economic Committee, issued the following statement today after the Department of Labor announced 201,000 jobs were added in August:
“Our workforce continues to gain jobs, but many working families, particularly in rural areas, are still struggling to get by. Wages have been stagnant for years, yet corporations have amassed record growth and profits. Nearly 40 percent of American families struggle to meet a basic need, like food, housing, health care, and utilities. It is clear that too many Americans are being left behind in our economy."
“We need better measures of our full economic picture—ones that delve deeper than just gross domestic product (GDP) and instead provide insight into the experiences of all American families. Measures that tell us not only how much growth was achieved, but who benefited from that growth. That is why I have introduced the Measuring Real Income Growth Act of 2018. This legislation would require the Bureau of Economic Analysis to report on how economic growth is distributed along the income spectrum, and put GDP numbers in context.”
“With this new economic measure, we’ll be able to make well-informed policy decisions on how to combat the staggering income inequality in this country. It’s important that we ensure that every New Mexican—and every American—can succeed, not just corporations and the investor class.”
Read more about Senator Martin Heinrich and Senate Democratic Leader Chuck Schumer’s Measuring Real Income Growth Act here.
President Trump promised American families that they would see a $4,000 annual raise after the tax plan; so far, average weekly wages have increased $19.12.