WASHINGTON—Congresswoman Carolyn B. Maloney (NY-12), Vice Chair of the U.S. Congress Joint Economic Committee (JEC), issued the following statement about the JEC Democratic response to the 2019 Economic Report of the President. The JEC is required by law to submit findings and recommendations in response to the Report, which is prepared and released each year by the White House’s Council of Economic Advisers. This year’s Report came out in March.
“I am pleased to share our response to the 2019 Economic Report of the President. We worked hard to set the record straight after President Trump’s Report misconstrued facts, cherry-picked data, promoted theories rejected by most economists and claimed credit for conditions he inherited. Our work draws on solid data and careful research, whereas the White House Report prioritizes politics over serious economic assessment.”
“Not only does the Report promote overly optimistic economic forecasts and exaggerate the impact of GOP tax cuts, but it almost entirely ignores the economic effects of climate change and makes light of poverty levels. It also gives only cursory consideration to Millennials, who make up the largest generation in the workforce, and overlooks the risks inherent in the White House’s weakening of financial regulations and consumer protections. And it takes a premature victory lap on prescription drug prices, where the administration has failed to propose a comprehensive solution.”
“While the Democratic response to the Report is by no means exhaustive, it offers a serious and revealing look at issues that we must better understand in order to strengthen our economy and promote income equality.”
The Democratic response to the Economic Report of the President runs 151 pages. It features an introductory statement by Vice Chair Maloney and is divided into the following chapters: