Joint Economic Committee Democrats today released a report that outlines the threat of climate change to the economy following the recent National Climate Assessment report. The report states that the increase in frequency and severity of extreme weather events continue to place the American economy at risk by threatening household wealth and property and upending insurance markets. The Federal Reserve Bank of Richmond projects that climate change could reduce annual economic growth in the United States by one-third over the next century. The report calls for immediate action to mitigate the economic damages of climate change.
In a series called "Innovation Spotlight," Joint Economic Committee Democrats are highlighting cutting-edge policy solutions that empower small towns and rural communities across the nation. The latest edition looks at a community revitalization project in Albert Lea, Minnesota.
The stock market turned in its worst month in years, business investment dipped below a 1 percent annual growth rate last quarter, and the 1,000 largest public companies have reduced employment. Nearly one year after the Republican tax law, the sugar high appears to be wearing off.
GOP Tax Law Leaves Middle Class Families Behind
Nov 26 2018
Nearly a year after the passage of the Republican tax law, millions of Americans are still waiting for the wage gains that Republicans promised—another disappointment after more than three decades of slow middle class income growth. Nonpartisan analysis shows that temporary bumps to middle class paychecks will fade over time, eventually making these Americans worse off by 2027. The tax law has proven to be a missed opportunity, yielding little to no benefit to the middle class. Instead, it has padded the profits of corporations who are using the extra cash to buy back their own stock, with buybacks expected to surpass $1 trillion this year.
In a series called "Innovation Spotlight," Joint Economic Committee Democrats are highlighting cutting-edge policy solutions that empower small towns and rural communities across the nation. The latest edition looks at a brewery restoration project in Potosi, Wisconsin.
Tax Credits Expand Adoption of Electric Vehicles
Nov 14 2018
Last month, the United Nations released a report highlighting the devastating impacts of global warming. Without a drastic reduction in carbon emissions in the next 12 years, scientists predict the globe will miss its target of limiting global warming to 1.5°C and greatly increase our risk of drought, floods, extreme heat, and poverty for millions of people. We need a variety of solutions to this pressing problem, including incentivizing more Americans to adopt electric vehicles.
Public spending on transportation and water infrastructure as a share of Gross Domestic Product (GDP) has declined over the last several decades despite much needed investments across the country. When it comes to infrastructure investment, state and local governments have carried the burden for decades. In 2017, state and local governments accounted for nearly 78 percent of spending on transportation and water infrastructure. Increasing the federal government’s share should be a top priority, as federal infrastructure investment can create good jobs and increase economic activity.
The Consumer Financial Protection Bureau (CFPB) under President Trump’s direction plans to eliminate its supervisory role under the Military Lending Act (MLA) of predatory lenders who charge excessive interest on loans to service members. These predatory lenders target young service members and their families who lack an established credit history and have less access to traditional forms of credit when emergencies occur.
October Economic Snapshot of the States
Oct 29 2018
Although the U.S. economy overall continues its expansion following the Great Recession and associated financial crisis, the recovery can look very different from state to state. The lion’s share of economic gains are not only concentrated at the top of the income and wealth distribution, but also in a small share of regions. While some parts of the country have surged ahead, millions of Americans in urban and rural communities are still waiting for their wages to start rising again and struggling to make ends meet.
More than 15.4 million Americans have jobs that are vulnerable to offshoring and work in industries with a track record of moving production to foreign countries. Rather than passing policies that protect these workers and their families, President Trump and Congressional Republicans created a law that actually encourages companies to move factories and jobs out of the United States and into foreign countries in order to take advantage of new tax breaks.
