Congresswoman Carolyn B. Maloney (NY-12), Vice Chair of the U.S. Congress Joint Economic Committee, issued the following statement to accompany publication of Retirement Insecurity, a report written at her request by the Democratic staff of the committee. The release of the report coincides with the 84th anniversary of the Social Security Act.

“Since President Franklin D. Roosevelt signed the legislation into law on this day in 1935, Social Security has prevented millions of Americans from falling into poverty and has become a pillar of retirement security in our country.”

“Despite Social Security’s success, the other two major components of our nation’s retirement system – private savings and pensions – are failing hardworking Americans. As a result, roughly half of Americans are at risk of losing their current standard of living in retirement.”

“Americans find it increasingly hard to save for retirement amid stagnant wages and the rising cost of housing, health care and college. Meanwhile the share of workers who receive pensions has almost fallen in half since the late 1980s. And only about half of middle-income workers and less than 10 percent of the poorest Americans have defined-contribution accounts like 401(k)s.”

“These problems are particularly acute for women, minorities and people with low earnings or less education. Women, African Americans and Hispanics on average have less saved for retirement and less retirement income. Women, in particular African American and Hispanic women, are at greater risk of outliving their retirement savings.”

“As a result, it is particularly important to protect and strengthen Social Security, while recognizing that the rest of our retirement system is in crisis.”

Press contact:
Randy Woods
Randy_Woods@jec.senate.gov
(202) 224-2599

Congresswoman Carolyn B. Maloney (NY-12), Vice Chair of the U.S. Congress Joint Economic Committee, issued the following statement after the Bureau of Labor Statistics reported that nonfarm payroll employment grew by 164,000 in July and the unemployment rate was 3.7 percent. Average hourly earnings increased 3.2 percent from the prior year.

“I am pleased to see that employers continue to hire at a solid pace as part of the longest U.S. economic recovery on record. The economy has withstood President Trump’s erratic policies, including trade disputes with China and some of our closest allies that have contributed to a slowdown in global manufacturing.”

“Today’s report reveals persistent inequalities that show not everyone is benefiting from the recovery. Black and Hispanic unemployment rates remain higher than those for whites and Asians, while the share of women working or seeking work hasn’t fully recovered from the last downturn.”

“That is why I urge Congress to approve legislation that would require the Bureau of Economic Analysis to report economic growth by income decile and the top 1 percent. That would help us measure inequality and implement programs and policies to ensure that everyone in this country can achieve the American dream.”

Congresswoman Maloney introduced the Measuring Real Income Growth Act (H.R. 707) this Congress and in the 115th Congress. The legislation would require the Bureau of Economic Analysis to publish distributional analyses of gross domestic product.

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 initial estimate of second-quarter gross domestic product (GDP). The report showed that GDP grew at an annual rate of 2.1 percent in the second three months of 2019 following a 3.1 percent increase in the previous quarter.

 “Today’s GDP report was somewhat underwhelming, considering this administration passed $1.9 trillion in tax cuts on the promise they would lead to a sustainable increase in growth. Private investment, which was supposed to benefit from the tax law, dropped considerably. While one quarterly GDP reading doesn’t constitute a trend, it’s worth remembering that the Congressional Budget Office, Federal Reserve and International Monetary Fund all forecast growth will start slowing this year.”

“It is becoming clear that the 2017 GOP tax law was a boon to the fortunate few that will worsen income inequality and make it harder for the federal government to stimulate growth in the next recession. Meanwhile, the Trump Administration continues to impose policies that undermine our economy such as massive tariffs while engaging in reckless behavior that creates uncertainty among businesses.”

 “Today’s report shows consumer spending accelerated while private investment contracted. Manufacturing has shown signs of slowing in recent months as Trump’s tariffs raise the cost of imports and a global economic slowdown reduces demand for American exports. In light of the growing risks to our economy, we should focus on rebuilding our crumbling infrastructure, better educating our children and improving health care services.”

“We also need to improve our understanding of who benefits and loses out in our economy. We don’t know how growth is distributed across incomes, though trends would suggest those at the top are reaping most of the advantages.”

“That is why I urge BEA to move quickly to prepare distributional analyses of income growth. This information will provide policymakers a fuller understanding of whom the economy is working for, enabling us to create programs that increase opportunity and reduce inequality.”

Congresswoman Maloney introduced the Measuring Real Income Growth Act (H.R. 707) this Congress and also in the 115th Congress. The bill would require BEA to analyze GDP by each decile of income earners and the top 1 percent. It would also require the agency to report this data in quarterly and annual reports, beginning in 2020.

Press contact
Randy Woods
Randy_Woods@jec.senate.gov
(202) 224-2599

WASHINGTON— Congresswoman Carolyn B. Maloney (NY-12), Vice Chair of the U.S. Congress Joint Economic Committee, issued the following statement following news reports that Monica Crowley spread conspiracy theories and racist comments about former President Barack Obama. Crowley is the Assistant Treasury Secretary for Public Affairs.

“While my Democratic colleagues and I already had major misgivings about Ms. Crowley’s appointment last week, today’s reports are cause for even greater concern. Treasury should immediately investigate the reports and fire Ms. Crowley if they are found to be true.”

“These reports are especially outrageous after President Trump made racist remarks about four of my congressional colleagues. I hope Treasury Secretary Steven Mnuchin stands up to his boss and shows that racist behavior has no place in his Department—or the United States of America, for that matter.”

Congresswoman Maloney is Vice Chair of the Joint Economic Committee and a senior member of both the House Financial Services Committee (where she serves as Chair of the Subcommittee on Capital Markets) and the House Oversight and Government Reform Committee.

Press contact
Randy Woods
Randy_Woods@jec.senate.gov
(202) 224-2599

WASHINGTON— Congresswoman Carolyn B. Maloney (NY-12), Vice Chair of the U.S. Congress Joint Economic Committee and original cosponsor of H.R. 582: Raise the Wage Act, issued the following statement on the importance of raising the federal minimum wage.

“Today, I was proud to vote to pass the Raise the Wage Act to raise the minimum wage to $15 by 2025. Millions of working families who earn the minimum wage and who have seen their wages frozen for the past decade need this raise, and they need it now.”

“I spoke today and earlier this week on the House Floor on the need to give these hardworking Americans this long-overdue and much-deserved pay increase.”

“Someone earning the federal minimum wage only takes home about $1,250 a month, which is below the poverty line and less than half of what the average family needs to make ends meet. It’s not even enough to cover the cost of rent. That is completely unacceptable. No one working a full-time job should be struggling to put food on the table.”

“Studies have shown that lifting the minimum wage to $15 an hour would give 33 million people a raise, including 14 percent of workers in New York. More than half of those who would benefit from the increase are older than 25, and a disproportionate number are women. That means the pay raise would benefit millions of families and help close the gender pay gap.”

“I’m proud that today the House took a stand for hardworking Americans and I urge my Senate colleagues to do the same by supporting the Raise the Wage Act.”

Related documents
Vice Chair Maloney's speech on the minimum wage in the House of Representatives
JEC issue brief on the federal minimum wage

Press contact:
Randy Woods
Randy_Woods@jec.senate.gov
(202) 224-2599

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:

1)      Macroeconomic Overview
2)      Economic Inequality
3)      Millennials
4)      Consumer Financial Protection
5)      Prescription Drug Prices
6)      Climate Crisis

For a copy of the full report, which is compiled with the JEC Republican staff report (Democratic report comes second), click here. For a copy of just the Democratic response, click here.

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 Labor Statistics reported nonfarm payroll employment grew by 224,000 in June and the unemployment rate ticked up to 3.7 percent. Average hourly earnings increased 3.1 percent from the prior year.

“I am happy to see that American businesses continue to generate jobs at a solid rate a decade after the Great Recession ended. The economy has proven resilient to self-inflicted wounds imposed by the Trump administration including erratic trade policies that punish American consumers and some of our closest allies.”

“Despite these gains, a closer look at today’s jobs report reveals persistent inequalities that prevent too many people from achieving the American Dream. Black and Hispanic unemployment rates are still higher than those for whites and Asians, while 4.3 million people who wanted full-time work had to work only part-time last month. The share of women working or seeking work hasn’t fully recovered from the last recession, as day care costs and insufficient paid family leave policies make it hard for mothers to keep their jobs.”

“That is why I have been pushing so hard for Congress to pass a law that would allow federal workers to care for a child or sick family member without facing financial hardship. The U.S. government should be a model employer and pave the way for workers throughout the country to win the right to paid family leave. I also urge Congress to approve legislation that would require the Bureau of Economic Analysis to report economic growth by income decile and the top 1 percent. This would help us measure inequality and implement programs and policies to ensure all Americans benefit from our nation’s economic progress.”

Congresswoman Maloney, author of the Federal Employee Paid Leave Act (H.R. 1534), introduced the bill as an amendment to the National Defense Authorization Act (NDAA) in June along with Congresswoman Chrissy Houlahan (D-PA) and House Armed Services Committee Chairman Adam Smith (D-WA). The legislation would provide 12 weeks of paid leave to federal employees to care for themselves and family members. Congresswoman Maloney also introduced the Measuring Real Income Growth Act (H.R. 707) this Congress and in the 115th Congress. The legislation would require the Bureau of Economic Analysis to publish distributional analyses of gross domestic product.

Press contact: Randy Woods; Randy_Woods@jec.senate.gov; (202) 224-2599

WASHINGTON— Congresswoman Carolyn B. Maloney (NY-12), Vice Chair of the U.S. Congress Joint Economic Committee, issued the following statement after the Justice Department confirmed the government would print the 2020 census forms without a citizenship question.

“Moving forward on the 2020 census without the citizenship question is a major win for democracy. It brings us closer to getting a full and accurate count of the population.”

“It's also good news for U.S. businesses that rely on information provided by the decennial census to plan investments, determine where to locate or expand operations and where to open new stores and distribution centers. Businesses depend on reliable, accurate federal data.”

“Census data are an essential building block or benchmark for most nationally representative surveys—public and private, helping us to understand the economy, our workforce and opportunities for growth. Today we all should feel more confident about the data we can expect to get from the 2020 census.”

Congresswoman Maloney is co-chair of the House Census Caucus and introduced the Census IDEA Act in this Congress, which mandates at least a three-year review process for each question proposed to the decennial census. Earlier on July 2, the Congresswoman sent a letter to Commerce Secretary Wilbur Ross urging him to print the census forms without the citizenship question.

WASHINGTON— Congresswoman Carolyn B. Maloney (NY-12), Vice Chair of the U.S. Congress Joint Economic Committee, issued the following statement after the Supreme Court ruled on Department of Commerce v. New York.

“I am extremely happy that the Supreme Court has prevented the Trump administration from introducing the citizenship question in the 2020 Census. The ruling confirms Commerce Secretary Wilbur Ross was completely dishonest when he claimed the administration needed a citizenship question to better enforce the Voting Rights Act.”

“But the administration still has time to present new reasoning and to get the question approved by the lower courts. That would be a big mistake and harmful to our economy, and I will keep fighting to preserve the integrity of the 2020 Census.”

“Studies show the citizenship question would result in an undercount of millions of people because immigrants, newly naturalized Americans and their families would be hesitant to take part in a survey they believe could be used against them. That could deprive those communities of congressional representation and billions in federal funding for infrastructure and essential services.”

“An undercount of that magnitude would make the 2020 Census less accurate, which would hurt our economy. Economists rely on information provided by the decennial census to help calculate everything from GDP to unemployment, while businesses draw on census-based data to plan investments. Without an accurate count, companies and policymakers would be forced to make major decisions without accurate data for a decade to come.”

“In fact, more than a dozen companies made that point to the Supreme Court in amicus briefs. Companies from Lyft to Levi Strauss said they rely on census data to determine where to build new locations and how to market products. Market research firm Nielsen said the citizenship question would have ‘a lasting and negative impact’ on some of America’s largest consumer product manufacturers, retailers and media companies. I am pleased the justices made a decision that will stop the administration from undermining data that are essential to our economic vitality, and I will keep working to keep the question off the census.”

Congresswoman Maloney is co-chair of the House Census Caucus and introduced the Census IDEA Act in this Congress, which mandates at least a three-year review process for each question proposed to the decennial census.

Press contact: Randy Woods; Randy_Woods@jec.senate.gov; (202) 224-2599

WASHINGTON—Congresswoman Carolyn B. Maloney (NY-12), Vice Chair of the U.S. Congress Joint Economic Committee, issued the following statement after the Federal Reserve’s Federal Open Market Committee (FOMC) completed its June meetings and reported that its median growth projection is 2.1 percent for 2019 and 2 percent for 2020.

“The FOMC’s median forecast of an economic deceleration this year and next is roughly in line with projections made by the Congressional Budget Office, the International Monetary Fund and many independent economists in the private sector. This is further evidence that the Republican tax law created only a short-term pickup in the economy and will not provide the sustained growth needed to pay for itself that was promised by the president and congressional Republicans.”

“Today’s meeting also serves as a reminder of the importance of an independent Federal Reserve, as the central bank should be left free to assess the economy and implement monetary policy in order to fulfill its congressional mandates. Unfortunately, President Trump is now trying to strong-arm the Fed into lowering interest rates by threatening to demote or even fire Chairman Jerome Powell. That is entirely inappropriate and puts at risk the Fed’s credibility, which is a pillar of America’s economic strength. I urge my Republican colleagues to join me in condemning the Trump administration’s repeated efforts to politicize the Federal Reserve.”

Press contact
Randy Woods
Randy_Woods@jec.senate.gov
(202) 224-2599