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Joint Economic Committee
JOINT ECONOMIC COMMITTEE DEMOCRATS Chairman - Rep. Don Beyer (D-VA)

Incoming JEC Chair on UI Claims: “…Robust Relief is Needed. It Is Long Past Time That Republicans Listen.”

Dec 10 2020

“These numbers are deeply disappointing—and, in the context of unemployment benefits expiring for millions on Christmas Eve, they are also deeply disturbing.

“The Chair of the Federal Reserve and economists across the political spectrum agree that robust relief is needed. It is long past time that Republicans listen to them. Millions of workers should not be worried about how to put food on the table or keep a roof over their heads, but they are because Republicans want to penny-pinch the American people during a pandemic.

“If Republicans refusing to extend unemployment benefits and other forms of relief are not convinced by the most recent unemployment numbers—19 million drawing unemployment benefits, 3.9 million long-term unemployed, 38 straight weeks of weekly unemployment claims greater than the worst week of the Great Recession—then nothing will convince them.

“The nation’s health and economy are going backwards, not forwards, because Republicans and the leader of their party have spent months doing the very opposite of what is needed to contain the coronavirus and responsibly rebuild and recover from this recession.”

About Congressman Beyer

Congressman Don Beyer is currently serving his third term in the U.S. House of Representatives, representing Northern Virginia suburbs of the nation’s capital. In addition to his role as Vice Chair of the JEC, Beyer serves on the House Committee on Ways and Means and the House Committee on Science, Space and Technology. Previously, Beyer served as the Lieutenant Governor of Virginia and Ambassador to Switzerland, and built a successful family business over the course of four decades.

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. Currently, Senator Mike Lee (R-UT) is the Chair. Congressman Don Beyer (D-VA) will be Chair in the 117th Congress.

Beyer Introduces First-Of-Its-Kind Legislation To Address The Cost Of Police Misconduct To Municipal Governments

Each year, cities and counties spend hundreds of millions of dollars on police misconduct judgements and settlements.

Dec 09 2020

Washington, D.C.—Today, Congressman Don Beyer (D-VA), the incoming Chair of the U.S. Congress Joint Economic Committee (JEC), introduced the Cost of Police Misconduct Act—legislation that would require federal, state and local law enforcement agencies to report to the Department of Justice how much they spend on judgements and settlements related to police misconduct. The first-of-its-kind legislation would increase transparency and accountability, saving taxpayer dollars and potentially lives.

Vice Chair Beyer:

“Most Americans have no idea how much the cities and counties they live in spend on police misconduct. You cannot manage what you do not measure. The purpose of this legislation is to measure the problem as much as possible so we can manage it in a way that not only saves lives—the most important goal—but also taxpayer dollars, which would be better spent on programs and policies that are proven to prevent crime.”

Every year cities and counties across the country spend hundreds of millions of dollars on judgments and settlements related to police misconduct—the costliest of which in many cases are civil rights violations (e.g. use of force) that result in the physical injury or death of residents.
Cities and counties typically pay for such judgements and settlements through liability insurance (typical of smaller cities), or from a general or dedicated municipal fund (typical of larger cities), or from issuing bonds. Bonds are particularly common for large judgements or settlements, which exceed insurer liabilities or the capacity of general or dedicated municipal funds, and often result in taxpayers paying nearly double the cost of the judgement or settlement because the city or county must pay fees to financial institutions and interest to investors.

One recent study found that from 2008-2017, residents of Chicago, Ill.(2010-2017), Cleveland, Ohio, Lake County, Ind., Los Angles, Calif., and Milwaukee, Wis., paid an estimated combined total of $1.73 billion in bonds ($837.8 million) and interest payments ($891 million) related to police misconduct. According to a recent NPR report, residents of Chicago alone have paid about a half billion dollars for police misconduct over the past decade. The Cost of Police Misconduct Act would create a source of comprehensive data on the size and nature of such payments to help policymakers, stakeholders, and the public understand the scope of the problem and the need for reform.

Mr. Hilary O Shelton, the Director of the NAACP Washington Bureau and the Senior Vice President for Policy and Advocacy:

“For too long, law enforcement agencies have paid out millions upon millions of dollars in taxpayer monies to compensate for misconduct charges against mistreated Americans. This payout comes without having to officially alert the taxpayers of our Nation of the damages, liabilities, harm or in some cases even unintentional, unreasonable and reckless use of force. In too many cases these deeply disturbing actions even result in permanent disability or even death. That stops with this legislation. By requiring police officers and units to report to the public the amount of money that is being spent defending and settling misconduct and liability charges, we will be incentivizing law enforcement agents to better serve and protect the American public in a manner befitting their uniform, as well as providing the people of our nation with a more transparent understanding of how their tax money is being misspent.”

Katherine Hawkins, Senior Legal Analyst with The Constitution Project at the Project On Government Oversight (POGO):

“Though the negative impact of police misconduct and racial injustice has been evident for a long time, recent tragedies like those involving George Floyd and Breonna Taylor have poignantly highlighted how much work we still have to do. Among a wide range of other reforms, it is critical that Congress enact policies that would result in a higher quantity and quality of data around how often instances of police misconduct occur and what the true costs are of that misconduct. It will be exceedingly difficult for us to ever make evidence-based decisions around policing reform without good data. It is important to remember that police misconduct, beyond the loss of life and of trust, can result in costly legal settlements that effectively defund other vital government services at a time when municipal budgets are under huge strain."

In general, the Cost of Police Misconduct Act would require:

  1. federal law enforcement agencies, and state and local law enforcement agencies that receive federal funds under the Edward Byrne Memorial Justice Assistance Grant Program (JAG), to report on a monthly basis allegations of misconduct by law enforcement officers and judgements or settlements related to such misconduct, and, for each allegation and judgement or settlement reported:
    • the race, ethnicity, sex, and age of each officer and civilian involved;
    • the year in which the alleged misconduct took place;
    • the year in which the alleged misconduct was reported;
    • the type of misconduct alleged, which may include a body camera violation (whether a failure to wear or record), use of force (including type of force), a collision, racial profiling, negligence, property damage, sexual harassment or assault, false testimony, wrongful death, and wrongful imprisonment;
    • any personnel action taken by the officer involved, which may include resignation or retirement;
    • any personnel action taken by the law enforcement agency involved, which may include termination, demotion or relocation of the officer;
    • the amount paid pursuant to a judgement or settlement (and related court fees) with respect to such allegation;
    • the source of money used (e.g. general operating budget, law enforcement agency budget, bond) to pay a judgement or settlement (and related court fees); and
    • the total amount spent on all such judgements and settlements (and related court fees).
  2. the Attorney General to create and maintain an online searchable database of the information reported. 
  3. the Comptroller General to conduct a study of the information reported to determine the leading cause of such judgements and settlements and what can be done to prevent them.
  4. the Attorney General to submit a report about the aforementioned study to Congress.
  5. the Attorney General to determine the number of federal agencies that have law enforcement authority and make this information publicly available, as well as update it when needed. (As a recent DOJ IG report explains, the federal government does not know the exact number of agencies that have law enforcement authority. In order to determine if these agencies are in compliance with this law and others, the federal government needs to know how many of them exist.)

 About Congressman Beyer

Congressman Don Beyer is currently serving his third term in the U.S. House of Representatives, representing Northern Virginia suburbs of the nation’s capital. In addition to his role as Vice Chair of the JEC, Beyer serves on the House Committee on Ways and Means and the House Committee on Science, Space and Technology. Previously, Beyer served as the Lieutenant Governor of Virginia and Ambassador to Switzerland, and built a successful family business over the course of four decades.

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. Currently, Senator Mike Lee (R-UT) is the Chair. Congressman Don Beyer (D-VA) will be Chair in the 117th Congress.

Incoming JEC Chair on November Jobs Report: “Job Growth Slowed Again Last Month and Our Economy is Still Unhealthy”

Dec 04 2020

Washington, D.C. – Today, Congressman Don Beyer (D-VA), the incoming Chair of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the Bureau of Labor Statistics (BLS) reported that nonfarm payroll employment increased by 245,000 in November and the unemployment rate dropped to 6.7%. The unemployment rate was 10.3% for Black workers and 8.4% for Hispanic workers.

The number of long-term unemployed, who have been jobless for 27 weeks or more, increased by 385,000 to 3.9 million. For many of these workers, their unemployment benefits have expired or will expire at the end of the year. Yet, since May, Senate Republicans have refused to pass a relief bill extending these benefits and others.

Currently, the American economy has 9.8 million fewer jobs than it had in February. When President Trump’s term ends in January, he will become the first president since World War II to leave office with fewer American jobs than when his administration started.

“Job growth slowed again last month and our economy is still unhealthy. In fact, with coronavirus cases, hospitalizations and deaths reaching record numbers across the country, we are heading into a situation that may be even worse than the spring. President Trump and Senate Republicans should be ashamed.

“Christmas is in three weeks, rent was due a few days ago and millions of Americans are on the verge of hunger and homelessness. However, instead of passing a relief bill that the Federal Reserve Chair and economists say is sorely needed, Senate Republicans have been confirming judge after judge—filling the federal bench while Americans fill hospitals across the country.

“The leader of their party has been doing even less than they have—sulking and seeking revenge for an election he lost definitively, while Americans pay with their lives and livelihoods.

“Workers and their families, as well as businesses and state and local governments, need relief now—especially as many federal relief programs are set to expire at the end of the year. They do not have time to wait for President Trump and Senate Republicans to do what anyone with a heart would do—protect people during a pandemic.”

About Congressman Beyer

Congressman Don Beyer is currently serving his third term in the U.S. House of Representatives, representing Northern Virginia suburbs of the nation’s capital. In addition to his role as Vice Chair of the JEC, Beyer serves on the House Committee on Ways and Means and the House Committee on Science, Space and Technology. Previously, Beyer served as the Lieutenant Governor of Virginia and Ambassador to Switzerland, and built a successful family business over the course of four decades.

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. Currently, Senator Mike Lee (R-UT) is the Chair and Congressman Don Beyer (D-VA) is Vice Chair.

Incoming JEC Chair Beyer on Biden Economic Team: “Our Economy Will Soon Be In Competent, Capable Hands.”

Nov 30 2020

Washington, DC — Today, Congressman Don Beyer (D-VA), who is set to take over as Chair of the U.S. Congress Joint Economic Committee (JEC) in January, released the following statement in response to President-elect Joe Biden’s selections for top economic posts:

“The women and men President-elect Biden has selected are among the best and brightest in the country, and most importantly they have the experience and expertise needed to build our economy back better. Every member of this team is battle-tested by past crises, and with these leaders in place our economy will soon be back in competent, capable hands.

“Janet Yellen is among the most accomplished economic leaders of our time, and will break ground as the first woman to serve as Treasury Secretary. Dr. Yellen brings unique experience to bear as former chair of both the Fed and the President’s Council of Economic Advisers. I consulted Dr. Yellen about unemployment policy while drafting automatic stabilizer legislation early in the pandemic, and know her to be a person of impressive acumen who is deeply committed to helping extend economic opportunity to all Americans. Along with Adewale Adeyemo, who will become the highest-ranking Black official in the history of the Treasury Department if confirmed, this team will provide historic, dependable leadership at Treasury.

“Cecilia Rouse is likewise highly accomplished, having previously served on the Council of Economic Advisers where she helped develop President Obama’s response to the Great Recession. Dr. Rouse will be the first Black woman to lead CEA, and I look forward to hearing her testimony before the Joint Economic Committee. Dr. Rouse will be joined by Heather Boushey and Jared Bernstein, who I know well as champions in the fight against inequality. Dr. Boushey and Dr. Bernstein both testified before the Joint Economic Committee earlier this year and their commitment to restoring full employment is appropriate and admirable.

“In Neera Tanden, the President-elect’s team gets another deeply experienced and historic nomination. Tanden would be the first woman of color to lead the Office of Management and Budget, and her policy experience and devotion to strengthening the middle class are beyond question.

“This economic team has the depth of knowledge and breadth of experience our country needs, and they know that our recovery must include people of color, women, low-wage workers, front line workers, the unemployed, young people, retirees and others who have felt the worst effects of this pandemic. Where required, they deserve and should receive a prompt and fair confirmation process.”

In July, Boushey and Bernstein testified at a Joint Economic Committee hearing led by Vice Chair Beyer, “Reducing Uncertainty and Restoring Confidence during the Coronavirus Recession.” Since March, Vice Chair Beyer has hosted nearly 40 hour-long calls with economists and other experts focused on the economic impact of the coronavirus, including Boushey. Some of those calls inspired his ambitious legislation to tie enhanced unemployment benefits to automatic stabilizers, which was developed in discussion with Yellen and other economists and policy leaders.

Beyer is expected to become Chair of Congress’ Joint Economic Committee, which advises Congress on the state of the economy and suggests policy solutions to economic problems, in January. The Joint Economic Committee holds separate annual hearings on the U.S. economy with the Chair of the President’s Council of Economic Advisers and the Chair of the Federal Reserve.

Incoming Joint Economic Committee Chair Warns GSA Administrator Of “Terrible Consequences” From Delayed Transition

Nov 23 2020

November 23, 2020 (Washington, D.C.) – Rep. Don Beyer (D-VA), who currently serves as Vice Chair of Congress’ Joint Economic Committee, today wrote to Administrator Emily Murphy of the General Services Administration (GSA) warning of “devastating repercussions” for American families if she continues to refuse to initiate a presidential transition. Beyer is set to take over as Chair of the Joint Economic Committee, which is responsible for informing Congress on the condition of the U.S. economy and making suggestions for its improvement, for the 117th Congress, amid a historic economic crisis as signs continue to point to a stalling recovery. Beyer previously led the Obama Administration’s transition at the Department of Commerce in 2008.

He wrote:

“During this time of great national peril, with COVID-19 cases skyrocketing and the economy at great risk, it is critical that the incoming administration is fully prepared to take action when President-elect Biden is inaugurated on January 20. Every day the transition is delayed will cause grievous harm to our nation.

“As Administrator of the General Services Administration (GSA), you are legally required, as detailed in the Presidential Transition Act, to begin transition activities as soon as you ascertain ‘the apparent successful candidates for the office of President and Vice President.’  With the lives and livelihoods of millions of Americans at stake, it is incomprehensible that you have refused to take this action.

…

“Over 20 million workers received unemployment benefits in the week ending October 31, the most recent week for which data are available.  At least 725,000 workers have continued to file regular initial unemployment claims every week for the past 35 consecutive weeks, with a peak of over 6.2 million in the week ending April 4.  More concerning, 12 million unemployed workers will see their benefits expire at the end of 2020 without additional congressional action.

“The hardships are felt especially by small businesses. More than 20% of small businesses nationwide remain closed as a result of the coronavirus.  It is estimated that 4 million businesses will close permanently this year.  Many small businesses have been sustained in part by federal support enacted under the CARES Act, but distribution of that critical assistance may face unnecessary disruptions if the transition continues to be delayed.


“At a time when families are struggling to put food on the table, pay rent and cope with the many daily stresses of the pandemic, blocking the transition’s access to key agencies may have devastating repercussions among those who most need government aid. For instance, states are receiving emergency supplemental funding for SNAP under disaster declarations. Millions of predominantly low-income families are still waiting for stimulus checks, and a delayed handoff at the Treasury Department could further impede the distribution of those funds. Eviction and foreclosure moratoria that are set to expire in the absence of additional government action threaten millions with loss of housing. Continued obstruction of transition planning for these emergency operations could have terrible consequences.”

Text of Beyer’s letter follows below, and a signed copy is available here.

 

###

The Honorable Emily W. Murphy

Administrator

General Services Administration

1800 F Street, N.W.

Washington, D.C. 20405

 

Dear Administrator Murphy:

I strongly urge you to begin transition activities so that the incoming Biden-Harris administration can use the time between now and January 20, 2021 as effectively as possible to serve the American people. During this time of great national peril, with COVID-19 cases skyrocketing and the economy at great risk, it is critical that the incoming administration is fully prepared to take action when President-elect Biden is inaugurated on January 20. Every day the transition is delayed will cause grievous harm to our nation.

As Administrator of the General Services Administration (GSA), you are legally required, as detailed in the Presidential Transition Act, to begin transition activities as soon as you ascertain “the apparent successful candidates for the office of President and Vice President.”[1] With the lives and livelihoods of millions of Americans at stake, it is incomprehensible that you have refused to take this action.


Despite losing the popular vote by nearly 3 million votes in 2016, President Trump’s 2016 winning margin in the Electoral College – 306 to 232 – was the same as President-elect Biden’s in 2020.[2] In the 2016 election, the GSA Administrator made the ascertainment determination the day after the election.[3]


It has now been more than two weeks since the nation’s leading news organizations declared President-elect Biden and Vice President-elect Harris the winners after they reached and surpassed the 270 electoral votes needed.[4] While votes continue to be counted, President-elect Biden has accumulated nearly 79.9 million votes, the most in U.S. history.[5] His winning margin is more than 6 million votes and climbing.


Prominent Republicans have begun to call on President Trump to acknowledge that he has lost and immediately begin the transition. After Georgia certified Joe Biden as the winner in the state on Friday and a federal judge dismissed on Saturday a Trump campaign lawsuit seeking to block certification of Pennsylvania’s election results, U.S. Senator Pat Toomey (R-PA) said that, “…President Trump should accept the outcome of the election and facilitate the presidential transition process.”[6] U.S. Senator Lisa Murkowski (R-AK) said Sunday in a statement that, “It is time to begin the full and formal transition process.”[7]


The business community agrees. Both the U.S. Chamber of Commerce and the National Association of Manufacturers have called for the transition of power to begin. U.S. Chamber of Commerce CEO Tom Donohue said that the administration, “should not delay the transition a moment longer.”[8] Over 160 chief executives are calling for President Trump to begin the transition, writing that, “withholding resources and vital information from an incoming administration puts the public and economic health and security of America at risk.”[9]


Your unwillingness to accept the election results and your decision to block the start of the transition hamstrings the incoming administration in multiple ways. It limits the incoming administration’s ability to respond to the pandemic that has already taken the lives of more than 250,000 Americans, infected more than 12 million and is now spiraling out of control.[10] It diminishes the incoming administration’s ability to address the severe economic challenges facing workers, families, small businesses and state and local governments. It slows key appointments and preparations necessary for the new administration to hit the ground running on January 20, 2021.


The challenges facing the country are substantial and multifaceted. The need to plan, to coordinate with the outgoing administration, and to prepare for future challenges is critical. Two central challenges are addressing the pandemic and mitigating the hardships experienced as a result of the recession caused by the coronavirus. Of course, the two are intertwined because the economy cannot fully recover until the virus is contained as has been emphasized by top economists since the beginning of the crisis. Failure, for example, to enable coordinated planning for vaccine distribution will cost additional American lives and slow economic recovery.


Federal Reserve Chairman Jerome Powell repeatedly has said, “until the public is confident that the disease is contained, a full recovery is unlikely.”[11] In March, prominent former officials from Democratic and Republican administrations, including two former Chairs of the Federal Reserve, four former Secretaries of the Treasury and five former Chairs of the Council of Economic Advisers, released a letter stating that the number one priority for the economy was to stop the spread of the virus.[12]


The economic situation is somewhat better than many feared six months ago, but still dire. In October, there were more than 10 million fewer jobs than there were in February.[13] The unemployment rate in October dropped to 6.9%—far below the 14.7% reached in April but still almost double the pre-pandemic unemployment rate of 3.5% in February.[14] Nearly one-third of the unemployed have been jobless for six months or more. The unemployment rate for Black workers in October was 10.8% and 8.8% for Hispanic workers.


Moreover, the 6.9% unemployment rate understates the hardship in the labor market. It does not account for the fact that since February more than 4 million unemployed workers had given up looking for a job.[15] Federal Reserve Chair Powell said in September that if those who had left the labor force since February were counted as unemployed, the unemployment rate probably would be 3 percentage points higher.[16]


Over 20 million workers received unemployment benefits in the week ending October 31, the most recent week for which data are available.[17] At least 725,000 workers have continued to file regular initial unemployment claims every week for the past 35 consecutive weeks, with a peak of over 6.2 million in the week ending April 4.[18] More concerning, 12 million unemployed workers will see their benefits expire at the end of 2020 without additional congressional action.[19]


The hardships are felt especially by small businesses. More than 20% of small businesses nationwide remain closed as a result of the coronavirus.[20] It is estimated that 4 million businesses will close permanently this year.[21] Many small businesses have been sustained in part by federal support enacted under the CARES Act, but distribution of that critical assistance may face unnecessary disruptions if the transition continues to be delayed.


At a time when families are struggling to put food on the table, pay rent and cope with the many daily stresses of the pandemic, blocking the transition’s access to key agencies may have devastating repercussions among those who most need government aid. For instance, states are receiving emergency supplemental funding for SNAP under disaster declarations. Millions of predominantly low-income families are still waiting for stimulus checks, and a delayed handoff at the Treasury Department could further impede the distribution of those funds. Eviction and foreclosure moratoria that are set to expire in the absence of additional government action threaten millions with loss of housing. Continued obstruction of transition planning for these emergency operations could have terrible consequences.


This is a moment when we need the incoming Biden-Harris administration in close consultation with those who have been running the executive branch for the past four years. It is time to facilitate an orderly transfer of power, enabling the transition planning that all Americans count on and deserve.

I implore you to put our nation’s interest first.


Sincerely,

 

DONALD S. BEYER JR.

Vice Chair, Joint Economic Committee


[1] Henry B. Hogue. “Presidential Transition Act: Provisions and Funding.” Congressional Research Service. November 13, 2020. https://crsreports.congress.gov/product/pdf/R/R46602

 

[2] Federal Election Commission. Federal Elections 2016. Election Results for the U.S. President, the U.S. Senate and the U.S. House of Representatives. December, 2017. https://www.fec.gov/resources/cms-content/documents/federalelections2016.pdf

 

[3] Michael D. Shear, Maggie Haberman and Michael Crowley. “Trump Appointee Stands Between Biden’s Team and a Smooth Transition.” The New York Times. November 9, 2020. https://www.nytimes.com/2020/11/09/us/politics/emily-murphy-trump-biden.html

 

[4] John Koblin, Michael M. Grynbaum and Tiffany Hsu. “Tension, Then Some Tears, as TV News Narrates a Moment for History.” The New York Times. November 7, 2020. https://www.nytimes.com/2020/11/07/business/media/presidential-election-tv-networks-call.html

 

[5] Cook Political Report, Popular Vote Tracker. Accessed November 23, 2020. https://cookpolitical.com/2020-national-popular-vote-tracker

[6] Statement from U.S. Senator Pat Toomey (R-PA). Toomey Statement on PA Federal Court Decision, Congratulates President-elect Biden. November 21, 2020. https://www.toomey.senate.gov/newsroom/press-releases/release-toomey-statement-on-pa-federal-court-decision-congratulates-president-elect-biden

[7] Statement from U.S. Senator Lisa Murkowski (R-AK). November 22, 2020. https://twitter.com/lisamurkowski/status/1330654366894870529

 

[8] Alex Gangitano. “Chamber of Commerce CEO: Trump ‘should not delay the transition a moment longer.’” The Hill. November 19, 2020. https://thehill.com/business-a-lobbying/526737-chamber-of-commerce-ceo-trump-should-not-delay-the-transition-a-moment

 

[9] Kate Kelly and Danny Hakim. “Business Leaders, Citing Damage to Country, Urge Trump to Begin Transition.” The New York Times. November 23, 2020. https://www.nytimes.com/2020/11/23/us/trump-biden-transition-business.html

 

[10] Johns Hopkins University School of Medicine. COVID-19 Dashboard. https://coronavirus.jhu.edu/map.html

 

[11] Chair Jerome H. Powell. “Semiannual Monetary Policy Report to the Congress.” June 16, 2020. https://www.federalreserve.gov/newsevents/testimony/powell20200616a.htm

 

[12] Economic Strategy Group. Economic Strategy Group Statement on COVID-19 Pandemic and Economic Crisis. March 25, 2020. https://www.economicstrategygroup.org/publication/economic-strategy-group-statement-covid19/

 

13 Federal Reserve Economic Data, Federal Reserve Bank of St. Louis. All Employees, Total Nonfarm. https://fred.stlouisfed.org/graph/?g=wxP6

[14] Bureau of Labor Statistics. “The Employment Situation – October 2020.” November 6, 2020. https://www.bls.gov/news.release/archives/empsit_11062020.pdf

15 JEC Democratic staff calculations using Federal Reserve Economic Data, Federal Reserve Bank of St. Louis. Labor Force Participation Rate. https://fred.stlouisfed.org/series/CIVPART and Bureau of Labor Statistics. Table  A-1. Employment status of the civilian population by sex and age. https://www.bls.gov/news.release/archives/empsit_11062020.pdf; Federal Reserve Economic Data, Federal Reserve Bank of St. Louis. Unemployment Rate. https://fred.stlouisfed.org/graph/?g=wXTj

16 Federal Reserve. Transcript of Chair Powell’s Press Conference. September 16, 2020. https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20200916.pdf

[17] Department of Labor. Unemployment Insurance Weekly Claims. November 19, 2020. https://oui.doleta.gov/press/2020/111920.pdf

18 Federal Reserve Economic Data, Federal Reserve Bank of St. Louis. All Employees, Initial Claims. https://fred.stlouisfed.org/series/ICNSA

[19] Elizabeth Pancotti and Andrew Stettner. “12 Million Workers Facing Jobless Benefit Cliff on December 26.” The Century Foundation. November 18, 2020. https://tcf.org/content/report/12-million-workers-facing-jobless-benefit-cliff-december-26/?agreed=1

 

[20] Ray Sandza. “Main Street health: How did businesses fare in August?” Homebase. September 1, 2020. https://joinhomebase.com/blog/main-street-health-how-did-businesses-fare-in-august/

 

[21] Andrew Van Dam. “As permanent economic damage piles up, the Covid Crisis is looking more like the Great Recession.” The Washington Post. August 25, 2020. https://www.washingtonpost.com/business/2020/08/25/permanent-economic-damage-piles-up-covid-crisis-is-looking-more-like-great-recession/

Vice Chair Beyer on October Jobs Report: “There is Never a Good Reason to Push People into Poverty”

Nov 06 2020

Washington, D.C.—Today, Congressman Don Beyer (D-VA), Vice Chair of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the Bureau of Labor Statistics (BLS) reported that nonfarm payroll employment increased by 638,000 in October and the unemployment rate fell to 6.9%. The unemployment rate was 10.8% for Black workers and 8.8% for Hispanic workers.

Though jobs were added to the economy last month and the unemployment rate dropped, the number of long-term unemployed, who have been jobless for 27 weeks or more, increased by 1.2 million.

“Americans are told to have three to six months of savings for a rainy day, but, for workers who have lost their jobs as a result of the coronavirus crisis, the last eight months have been a torrential downpour with no end in sight. The only thing standing between these workers and poverty is unemployment benefits, which, for millions of Americans, will expire at the end of this year without further congressional action.

“It is long past time that Senate Republicans join House Democrats in passing a bipartisan relief bill. There is never a good reason to push people into poverty.”

There are 10.1 million fewer jobs than in February, and, as the BLS report found, job growth has decelerated. Last week alone, according to the Department of Labor data released yesterday, more than 1.1 million workers filed new unemployment claims including 738,000 regular state claims.

About Congressman Beyer

Congressman Don Beyer is currently serving his third term in the U.S. House of Representatives, representing Northern Virginia suburbs of the nation’s capital. In addition to his role as Vice Chair of the JEC, Beyer serves on the House Committee on Ways and Means and the House Committee on Science, Space and Technology. Previously, Beyer served as the Lieutenant Governor of Virginia and Ambassador to Switzerland, and built a successful family business over the course of four decades.

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. Currently, Senator Mike Lee (R-UT) is the Chair and Congressman Don Beyer (D-VA) is Vice Chair.

Vice Chair Beyer on Third Quarter GDP: “President Trump…is trying to mislead the public by claiming an economic miracle.”

Oct 29 2020

Washington, D.C.—Today, Congressman Don Beyer (D-VA), Vice Chair of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the Bureau of Economic Analysis (BEA) reported its initial estimate of third quarter gross domestic product (GDP), showing that real GDP grew at an annual rate of 33.1%—after declining 31.4% in the second quarter, the worst quarterly decline in history.

Real GDP would have had to increase almost 46% just to make up for the loss in economic output suffered in the second quarter. To return to its pre-pandemic level, real GDP would have needed to increase by more than 53% in the third quarter. For additional context, see the JEC’s newest issue brief Third Quarter GDP Will Paint Misleading Picture of Recovery.

From Vice Chair Beyer:

“Leading economists have shown convincingly that record GDP growth this quarter does not mean much because it follows a record decline last quarter. We are nowhere near making up for the historic loss in economic output that we suffered a few months ago and to get there we would need to see a number that is at least 20 percentage points higher. President Trump knows this—it is being widely reported—but he is trying to mislead the public by claiming an economic miracle.

“Americans can believe what he says or they can believe their own eyes. Millions are unemployed—they know the economy is not booming. Almost one-third of adult Americans expect to lose their home to eviction or foreclosure and almost one-third say they are having difficulty paying for usual household expenses. More than one-third say they are experiencing anxiety or depression. Those Americans are not fooled when the president says he has worked magic with the economy.

“The only way for the economy to fully recover is to contain the coronavirus. Until that happens, we need to make sure families, businesses and state and local governments have the support they need to survive. Hopefully President Trump and Senate Republicans take action before it is too late.

“President Trump’s failure to use the power of the presidency to fight the coronavirus has cost tens of thousands of lives and has caused immense and lasting economic damage. This is his legacy.”

About Congressman Beyer

Congressman Don Beyer is currently serving his third term in the U.S. House of Representatives, representing Northern Virginia suburbs of the nation’s capital. In addition to his role as Vice Chair of the JEC, Beyer serves on the House Committee on Ways and Means and the House Committee on Science, Space and Technology. Previously, Beyer served as the Lieutenant Governor of Virginia and Ambassador to Switzerland, and built a successful family business over the course of four decades.

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. Currently, Senator Mike Lee (R-UT) is the Chair and Congressman Don Beyer (D-VA) is Vice Chair.

Vice Chair Beyer on Q3 GDP: “The President Has No Excuse for Misleading Americans about the State of the Economy”

Oct 28 2020

Washington, D.C.—Today, Congressman Don Beyer (D-VA), Vice Chair of the U.S. Congress Joint Economic Committee (JEC), released the following statement in response to widespread warnings by prominent economists that record-high GDP growth in the third quarter may paint a misleading picture of the state of the U.S. economy. The third quarter GDP report will be released by the U.S. Bureau of Economic Analysis (BEA) Thursday at 8:30 a.m.

“It has widely been shown that even record-breaking GDP growth as high as 35% would suggest a lackluster recovery. The figure will be extremely high only because last quarter it was extremely low. Total output will be much smaller than in the beginning of the year. The president could find this out with a simple Google search. He will have no excuse if he claims an economic miracle—it will be a calculated attempt to mislead.

“Americans should just look around—do they see a red-hot economy? Has the coronavirus been contained so businesses can hire and people can go back to work? Or is the virus spreading, putting their lives and livelihoods at risk?”

Today, Vice Chair Beyer released an issue brief explaining why the third quarter GDP numbers likely will make the U.S. economy look much stronger than it is. Prominent economists have reached similar conclusions, including economists Jay Shambaugh, Jason Furman, Jared Bernstein and Dean Baker, as well as national publications including The New York Times, Vox, Bloomberg News, NBC News, Politico and National Public Radio.

About Congressman Beyer

Congressman Don Beyer is currently serving his third term in the U.S. House of Representatives, representing Northern Virginia suburbs of the nation’s capital. In addition to his role as Vice Chair of the JEC, Beyer serves on the House Committee on Ways and Means and the House Committee on Science, Space and Technology. Previously, Beyer served as the Lieutenant Governor of Virginia and Ambassador to Switzerland, and built a successful family business over the course of four decades.

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. Currently, Senator Mike Lee (R-UT) is the Chair and Congressman Don Beyer (D-VA) is Vice Chair.

JEC Releases New Report on How the Coronavirus is Worsening America’s Mental Health Crisis

More than 1 in 3 of American adults report symptoms of depressive and/or anxiety disorder.

Oct 15 2020

Washington, D.C.—The U.S. Congress Joint Economic Committee—led by Vice Chair Don Beyer (D-VA)—today released a new report on how America's failure to contain the coronavirus is taking a toll on Americans’ mental health.

Thirty-seven percent of American adults reported symptoms of anxiety and/or depressive disorder—triple the percentage that reported such symptoms in 2019—according to a large recent survey by the U.S. Census Bureau. The increase was especially high among Latinos, who have the highest rates of any racial group, as well as Blacks, young people and essential workers.

The likely causes of this high rate are the public health crisis and the resulting recession. Sixty-five percent of Americans surveyed report that they fear that they or their loves ones will contract the coronavirus and 70% surveyed report that they fear that the coronavirus will negatively impact their household income.

Meanwhile, the substantial economic pressures that Americans are facing have yet to subside: 22 million jobs disappeared this spring, more than 12 million workers remain unemployed and another 5 million have given up and left the labor force. One-third of adult Americans surveyed report having trouble paying usual household expenses.

A June survey conducted by the CDC found that more than 1 in 10 U.S. adults (10.7%) had considered suicide in the past 30 days, more than double the share in 2019 (4.7%).

Vice Chair Beyer, Co-Chair of the Bipartisan House Suicide Prevention Task Force:

“Over 90 million Americans are reporting symptoms of anxiety and depression—likely the result of fears that they or their loved ones will get sick and die from the coronavirus or be unable to pay their bills because of the resulting recession. Many of these Americans and others have not seen their friends or family for months or have had to attend funerals via video conference. It is no surprise that we are seeing unprecedented rates of mental illness."

“Congress must do much more to help before it is too late. This means ensuring that mental health providers can keep their doors open and that access and affordability issues do not prevent those in need of their care from walking through those doors. In addition to their financial security, the health and wellbeing of Americans should be our top priority right now. If it is, then we will need a much stronger pandemic response. The country deserves nothing less.”

Congresswoman Anna Eshoo (D-CA), Chair of the Health Subcommittee of the House Committee on Energy and Commerce: 

“The isolation and stress of the coronavirus pandemic is taking a mental toll on our fellow Americans. While the Trump Administration has failed to handle the dual crises of COVID-19 and rising suicide rates, the House Health Subcommittee that I chair is stepping up to the challenge by passing ten suicide prevention bills, including bills led by Congressman Beyer, to better identify and treat those at risk for suicide. While we face troubling times as a nation, this Joint Economic Committee report and the bills passed by the House provide a comprehensive plan to prevent suicide.”

Congresswoman Grace Napolitano (D-CA), Co-Chair of the bipartisan Congressional Mental Health Caucus: 

“We have been sounding the alarm for months about how the COVID-19 pandemic has been worsening an existing mental health crisis. This new report brings greater visibility to the issue, giving it the attention it deserves, and proves why we must increase funding for mental health services nationwide."

"While Hispanic Americans, Black Americans, young people, and essential workers may be experiencing higher rates of mental illness during this pandemic, fear of the coronavirus, isolation from loved ones, and economic stress are taking a heavy toll on the mental well-being of all of our communities, and mental health effects are likely to have long-term consequences for children."

"I thank the Joint Economic Committee for releasing this report so the public can more fully understand the mental health challenges associated with the pandemic and that Congress can work together to ensure life-saving services for everyone in need.”

Dan Gillison, CEO, the National Alliance on Mental Illness (NAMI)

“We appreciate Congressman Beyer’s leadership and applaud the Committee for highlighting the need for increased funding for community-based services. The data show the COVID-19 pandemic is having a profoundly negative impact on the mental health of our communities and is expected to worsen over time. It’s going to take strong leadership and a coordinated effort to tackle this mental health crisis. We need to work together to help create a community where no one feels alone in their struggle.”

Paul Gionfriddo, president and CEO of Mental Health America

“Mental Health America has seen an unprecedented rise in the numbers of people taking our online mental health screens since the start of the pandemic, with equally unprecedented numbers – more than a half million – experiencing anxiety, depression, or psychosis. These effects are worse in young people and among people of color. And a higher percentage of our help-seekers with depression – 37 percent – are regularly thinking of self-harm or suicide than ever before.” 

Additional findings included in the report are:

  • Although young adults (aged 18 to 29) are less likely to be hospitalized or die from the coronavirus, almost half report having symptoms of depressive and/or generalized anxiety disorder—the highest rate of mental illness of any age group.
  • Blacks and Latinos have reported some of the highest rates of mental illness during the pandemic likely because they are bearing the brunt of its health and economic effects. A CDC survey conducted in June found that Blacks and Latinos were about twice as likely, or more, than Whites to have seriously considered suicide in the past 30 days.
  • States in the South and the West that have the highest rates of people reporting symptoms of mental illness also have the highest rates of people reporting economic insecurity. 
  • The congressional response to the pandemic has included little funding for the prevention and treatment of mental illness. 

Congressman Beyer's work on mental health 

Vice Chair Beyer is a leader in Congress on mental health. Last month, two of his suicide prevention bills passed the House and both were bipartisan. The first bill, the Campaign to Prevent Suicide Act, co-led by Rep. Greg Gianforte (R-MT), would create a communications campaign recommended by suicide prevention advocates and the Federal Communications Commission (FCC) to raise Americans’ awareness about the three-digit suicide lifeline phone number 9-8-8, suicide prevention resources and how to address suicide with family and friends. The second bill, the Suicide Lifeline Improvement Act, sponsored by Vice Chair Beyer’s fellow House Suicide Prevention Task Force co-chair Rep. John Katko (R-NY), would increase federal funding for local suicide crisis centers and improve the quality of service they provide. 

Vice Chair Beyer on September Jobs Report: “The reality is even worse than this.”

Oct 02 2020

Washington, D.C.— Today, Congressman Don Beyer (D-VA), Vice Chair of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the Bureau of Labor Statistics (BLS) reported that nonfarm payroll employment increased by 661,000 in September and the unemployment rate fell to 7.9%. The unemployment rate was 12.1% for Black workers and 10.3% for Hispanic workers.

Today’s report follows recent remarks by Federal Reserve Chairman Jerome Powell who said that the actual unemployment rate could be 3% higher if workers who have dropped out of the workforce altogether are counted. The BLS report reveals in addition to the 12.6 million U.S. workers counted as unemployed, 5.2 million have left the labor force since February. Moreover, among those counted as employed, 6.3 million are working part-time even though they would prefer full-time work, an increase of 2.0 million since February.

Additional analysis finds that if labor force dropouts since February were counted as unemployed, the unemployed rate in September would be 3.2% higher – over 11% overall – when also including the small percentage of misclassified workers (0.4%) noted in the BLS report today.

The BLS report found that job growth has further decelerated, steadily dropping from 4.8 million net new jobs in June to 661,000 new jobs in September. This followed a massive loss of nearly 21 million jobs in April. The economy has recovered about half of the jobs lost, but there are still 10.7 million fewer jobs than in February.

“The reality is even worse than this,” said Beyer. “In addition to those counted as unemployed, 5.2 million Americans have given up looking for work because the coronavirus remains out of control. If those who left the labor force were counted as unemployed, the unemployment rate would be higher than 10%.  Consumers are not buying enough, and businesses are not hiring enough. Half of the jobs the economy lost in March and April haven’t come back. This is no reason to celebrate.

“Much of the blame falls on the president, who has failed in every way to contain the coronavirus. In fact, he has made it worse – goading governors into relaxing social distancing guidelines even as public health experts warned the cases and deaths would explode. He hoped to rescue his economic record before Election Day by urging people to go back to work before it was safe. But we’ve ended up with 200,000 Americans dead, over 40,000 new confirmed cases a day, and estimates that the situation will get much worse before it gets better.

“Because of President Trump, the economy remains exceptionally weak while the coronavirus rages on. Economists tell us that the most important thing for the economy is to control the coronavirus – but the president has refused to use the vast power of the presidency to even try. Americans will pay an extremely high price well after Election Day. This will be Donald Trump’s economic legacy.

“Some Americans are paying a disproportionally high price for the president’s failure. Today’s report finds again that unemployment rates for Black and Hispanic workers are much higher – with the rate for Black Americans approaching double what it is for white Americans. Younger Americans also face much higher unemployment rates. Those without a high school diploma do even worse. The president will leave behind him an America that is even more divided and inequitable than ever before.”

About Congressman Beyer

Congressman Don Beyer is currently serving his third term in the U.S. House of Representatives, representing Northern Virginia suburbs of the nation’s capital. In addition to his role as Vice Chair of the JEC, Beyer serves on the House Committee on Ways and Means and the House Committee on Science, Space and Technology. Previously, Beyer served as the Lieutenant Governor of Virginia and Ambassador to Switzerland, and built a successful family business over the course of four decades.

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. Currently, Senator Mike Lee (R-UT) is the Chair and Congressman Don Beyer (D-VA) is Vice Chair.