For millions of Americans, the promise of owning a home remains a cornerstone of the American Dream. Homeownership provides an avenue for accumulating wealth, promotes financial security, and plays a critical role in the development of family and community life. Yet, nearly a decade since the Great Recession ended, owning a home remains out of reach for many millennials (defined as those roughly between the ages of 22 and 37).
Difficulty accessing affordable and high-quality child care puts a strain on family pocketbooks and well-being and can hinder child development. This is the case for far too many American families, especially in rural and lower-income areas. Three in five rural communities lack adequate child care options. Child care deserts are also associated with lower rates of maternal labor force participation. Participation rates among mothers with young children in child care deserts are roughly 3 percentage points lower than participation rates in neighborhoods with an adequate child care supply. Improving access to affordable high-quality early learning and care kills two birds with one stone: it promotes healthy child development and allows parents to remain in or enter the workforce.
From destructive fires in California to devastating hurricanes in Texas and Puerto Rico, it is no secret that the frequency, intensity, and cost of severe weather events are increasing. Government reports and scientific research, along with the lived experiences of millions of Americans, all point to the devastating impact that climate change will have on people’s health, the environment, and the economy. Already, it has cost the federal government more than $350 billion in the decade ending in 2016 and is projected to reduce annual economic growth in the United States by one-third over the next century. Taking action to address climate change will mitigate long-term economic consequences and has the potential to create economic opportunity through building the clean energy sector.
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.
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.
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.
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.