The JEC examined the growing economic impact of elder care on families, businesses, and the broader economy. As the 77 million baby boomers approach retirement and as more women enter the workforce, these problems are only expected to increase. The number of aging parents per worker between the ages of 45 and 54 is expected to double by 2035.
This was the first Congressional appearance for Chairman Bernanke after the March 21 FOMC statement, which showed greater uncertainty about the future direction of the economy and Fed policy than previous statements but without specifically mentioning the subprime mortgage market. As the subprime loan market continues its downward spiral, trade deficits continue to be large and unsustainable and other economic news breaks, Sen. Schumer and the JEC members asked Chairman Bernanke for his views and guidance on the economic outlook.
The JEC examined federal policy solutions, such as job training and social insurance reform, that will help us meet the challenges of this serious problem. The landmark JEC hearing marked the first significant effort by the committee to address the economic status of African Americans since 1990 and it came on the eve of the release of new employment figures by the federal government. As of January 2007, the unemployment rate for African American men age 20 and older is 7.5%.
Washington D.C. - In an increasingly dynamic global economy, many American families are facing substantial new economic risks that are undermining their ability to save for their retirements or invest in their futures. Unless action is taken to restore a sense of economic security and chance for prosperity to the middle class, the excessive risk shouldered by most American families will take its toll on economic growth. In its first hearing of the 110th Congress the Joint Economic Committee examined the impact of middle class economic insecurity on long-term economic growth.
