Washington, D.C.—This week, Senator Martin Heinrich (D-NM), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the annual response to the Economic Report of the President (the Report).
Per statute, the JEC provides an annual response and recommendations in response to the Report, which is prepared and released each year by the Council of Economic Advisers (CEA). We welcome the opportunity to respond to this year’s Report, which was published by the Biden administration in March 2023.
Despite the economic headwinds the United States has faced in recent years, there are clear signs we are headed in the right direction—including the addition of 13.2 million jobs and 29 consecutive months of job growth. Investments from the Inflation Reduction Act, the Bipartisan Infrastructure Law, and the bipartisan CHIPS and Science Act are continuing to create new jobs in infrastructure, clean energy, and manufacturing.
The response details opportunities for investments and future policy changes that could build upon these successes, laying the foundation for a resilient economy that will open new doors to economic opportunity for American families, workers, and small businesses.
Chairman Heinrich issued the following statement:
“A successful economy is one in which parents can afford to provide opportunities for their children to thrive, entrepreneurs can start new businesses, and workers can pursue jobs they can build a family on and allow them to retire with peace of mind.
“We have the opportunity - and the responsibility - to pass smart economic policy that invests in American families, workers, and businesses. We must seize that opportunity.”
The annual response to the Report includes six chapters:
Chapter 1: Economic Outlook
Chapter 2: Improving Childhood Well-Being
Chapter 3: Building on the Jobs Recovery to Strengthen the U.S. Labor Market
Chapter 4: Ensuring Financial Stability and Economic Freedom
Chapter 5: Economic and Health Risks Posed by Climate Change
Chapter 6: Strengthening State and Local Economies
The JEC Democrats response to the Report and the full committee response to the Report can be found below.
About Chairman Martin Heinrich
U.S. Senator Martin Heinrich has served the people of New Mexico in the United States Senate since 2012. In addition to his role as Chairman-Designate of the U.S. Congress Joint Economic Committee, Heinrich also serves as Chairman of the Subcommittee on Agriculture, Rural Development, and Food and Drug Administration on the Senate Appropriations Committee, and as a member of the Senate Energy and Natural Resources Committee and the Senate Select Committee on Intelligence. Prior to his election to the U.S. Senate, Heinrich served two terms in the U.S. House of Representatives, four years as an Albuquerque City Councilor, as New Mexico’s Natural Resources Trustee, and in AmeriCorps with the U.S. Fish and Wildlife Service.
About the U.S. Congress Joint Economic Committee
The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President's Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress.