Personal Income Up 0.43% in January, PCE Up 2.83% from Last Year
From December to January, headline personal consumption expenditures (PCE) price index inflation was 0.28 percent. Core PCE price index inflation, which excludes food and energy prices, was 0.36 percent. In the same period, both spending and savings increased. Real PCE increased by 0.10 percent, or ...
February Closes with $307.501 Billion Deficit, Up to $1.004 Trillion Deficit for FY2026
In February, the federal government ran a deficit of $307.501 billion. From the beginning of the fiscal year to February, deficits were $1.004 trillion. This means 32.38 percent of outlays in FY2026 were not paid for by revenues, and for every dollar the federal government received in revenue, it sp...
Trade Gap Continues to Narrow, Ends January 22 Percent Below 12-Month Average
The total trade deficit in January was $54.5 billion, down $18.44 billion from December and 22 percent below the 12-month average. In trade of goods, the U.S. ran a trade deficit of $81.79 billion, down $17.45 billion from December and 16 percent below the 12-month average. In trade of services, the...
JEC Brief Outlines Economic Benefits of Border Adjustment Reforms for American Consumers and Businesses
The Joint Economic Committee released a brief entitled ‘Border Tax Adjustment Would Curtail Profit Shifting and Provide Other Benefits, With Limited Transition Effects’ which outlines the economic case for moving from a production-based tax to consumption based, while not adding new taxes.
Consumer Price Index Inflation Holds Steady, Ends February at 2.41 Percent
The headline Consumer Price Index (CPI-U) ticked up slightly ending at 2.41 percent year over year in February, up from 2.39 percent in January. Core CPI, which excludes food and energy, was 2.46 percent year over year, compared to 2.50 percent in January. This does not include upticks in energy pri...
JEC Brief Finds Medicare Advantage Overpayments Causing Increased Premiums for All Seniors
The Joint Economic Committee released its latest issue brief entitled The Part B Premium Pass-Through: Medicare Advantage Overpayments Inflate Premiums for All, which finds that Medicare Part B premiums are higher because Medicare Advantage (MA) is overpaid. Additionally, the JEC released its Medica...
National Debt Reaches $38.86 Trillion, Increased $2.64 Trillion Year over Year, $7.23 Billion Per Day
As of March 4, 2026, total gross national debt is $38.86 trillion. Relative to one year ago, total gross national debt is $2.64 trillion higher; relative to five years ago, it is $10.86 trillion higher. Over the past year, the rate of increase averaged $7.23 billion per day, $301.39 million per hour...
Jobs Drop by 92,000 in February After Good January Report
In February, 92,000 jobs were lost (-86K private sector, -6K government) after a stronger than expected showing in January. The unemployment rate ticked up slightly from 4.3 percent to 4.4 percent while the labor force participation rate dropped by 0.1 percentage points to 62 percent. The broadest m...
ICYMI: Chairman Schweikert Healthcare Innovation Roundtable in Arizona
This weekend, Joint Economic Committee Chairman David Schweikert (AZ-01) convened a healthcare innovation roundtable in Scottsdale to examine how emerging technologies can expand access to care, improve outcomes, and help slow the growth of federal healthcare spending. Participants included Amy Perr...
JEC Chairman Schweikert on SCOTUS Tariffs Ruling, Need for Border Adjustment Tax
Joint Economic Committee Chairman David Schweikert had the following statement in response to today’s SCOTUS ruling. “As our nation’s spending continues to grow, we must be honest about the math... “To bring greater stability and competitiveness to our economy, and address tax arbitrage arising ...