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.
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.
The Trump and Bush-era tax cuts are projected to give a $2 trillion break for the wealthiest 1 percent by 2025. Meanwhile, Republicans have proposed $2 trillion in cuts to Medicare, Medicaid, Social Security, and the ACA between 2019-2028. The average beneficiary of these programs stands to lose an average of $1,500 per year in services or tax credits. This would translate to 3.6 weeks of unpaid work for a retail sales person earning $23,000—the most common job in America. The average household would lose over $3,000 in services and tax credits per year.