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Washington D.C. - Many American families experience substantial variability in their year-to-year earnings and income, and their economic instability may be greater than in the past due to the consequences of globalization and technology. This hearing explored the extent of earnings and income instability faced by middle-class families in our dynamic economy and examine policies like wage insurance and income averaging to empower workers to manage both temporary earnings losses and more permanent declines.  Senator Schumer is working with Rep. Jim McDermott (D-WA), Chairman of the Ways and Means Income Security and Family Support Subcommittee, on a wage insurance proposal to be introduced next month.

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.