Joint Economic Committee

Chairman

Congressman Pat Tiberi (R-OH)

Apr 01 2016

Economic Reality

A few April 1, 2016 social media headlines:

Debt:

Mandatory Spending:

  • The Congressional Budget Office estimates that in a decade mandatory spending and interest on the debt will consume more than 98 percent of revenues, crowding out funding for important priorities like national defense and medical research.  Check out six things you should know about the two largest mandatory programs.

Economic Growth: 

  • While the administration continues to tout an overly optimistic view of the nation's economic outlook compared to the Congressional Budget Office or Blue Chip, there is no denying that nearly seven years after the official end of the recession, our GDP growth still lags behind the average post-1960 recovery growth rate. If GDP had grown at that average, it would be nearly $2 trillion higher.

Workers:

  • While the national unemployment rate appears to be improving, find out why achieving the goal of "full employment" using traditional measures may no longer indicate a strong labor market and see your state's employment data.

Tax Reform:

  • Small business tax rates increased during this administration, America has the highest corporate rate in the developed world, and 90 percent of taxpayers have to hire a paid preparer or buy software to figure out their taxes -- just a few of the many reasons pro-growth tax reform is badly needed. Read the JEC’s briefs on patent boxes and the medical device tax for other tax topics.