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illustrate its weaknesses 48 Infrastructure Investment and Jobs Act 48 CHIPS and Science Act 49 Inflation Reduction Act 52 American Rescue Plan Act 55 Alternatives to industrial policy 59 Regulation 59...economic challenges of the 1970s which were marked by growing federal deficits uneven growth and inflation the JEC shaped the economic policy that supported American dominance into the next century The Committee...the 2025 Economic Report of the President R E P O R T 2 demographics accelerate growth and cool inflation I am honored to have been chosen to be the Committee s Chairman as the country navigates these challenges...

Director JOHN W LEIRMAN Clerk 11 CONTENTS I COMMITTEE FINDINGS Page The fundamental problem 4 The basic solution Private capital investment 5 A positive program to strengthen the system of private property 10...national product and employment and a drop in Federal revenue regardless of tax rates THE BASIC SOLUTION PRIVATE CAPITAL INVESTMENT A continuously expanding economy is therefore the sine qua non for national...emergency conditions of the war they de manded and secured price and other controls without which war inflation could not have been moderated But all such controls must be removed at the earliest possible moment...

taxes be increased 8 Can we rely on consumer savings and economy in private expenditures to prevent inflation 9 After the defense build up what 10 Summary of recommended course of action 10 Unity on major national...the inflation which sooner or later seems inevitable if the policy is aban doned This is not to say that the economy of the United States can not carry a deficit for a short period without inflation But...rise in price of goods of general consumption an increase in the burden of taxatio and arisein inflation At the same time the monopolies are making profits on the preparation for war and are plundering...

to investigate are 1 Historical and comparative rates of unemployment produc tion and prices 2 Inflation and deflation caused by increases and decreases in the effective supply of money and credit and...Since the beginning of World War II the American economy has upon occasion experienced classical inflation with too much money chasing too few goods for example in the immediate postwar years and again following...and vigorous expansion of the economy should not be unduly deterred by the possibility of future inflation ACHIEVING MAXIMUM EMPLOYMENT SHOULD BE EMPHASIZED IN 1959 On the basis of the present economic outlook...

other federal transfers A powerful one time action these temporary programs are not a sustainable solution on an ongoing basis especially as the path of the virus over the next year remains highly uncertain...

2018 Despite a strong economy individual giving fell by more than 3 percent after adjusting for inflation As a percentage of GDP charitable contributions by individuals declined by 6 percent JEC Hearing...

illustrate its weaknesses 48 Infrastructure Investment and Jobs Act 48 CHIPS and Science Act 49 Inflation Reduction Act 52 American Rescue Plan Act 55 Alternatives to industrial policy 59 Regulation 59...policies that have directly led to record levels of manufacturing investment even after adjusting for inflation 150 The CHIPS Act and the IRA s targeted investments in science and technology continue to drive...THE FUTURE 150 VIII Older Americans are paying less for prescription drugs because of Democrats Inflation Reduction Act 156 Many Americans are paying less for health insurance and seeing more covered benefits...

During 2012 the economy continued to grow at a modest rate the labor market continued to heal and inflation remained low Most economists are projecting moderate growth in 2013 However if Congress is unable...growth over the near term even as fiscal policy turns to a sustainable track over the longer term Inflation remained modest in 2012 Consumer prices excluding food and energy which are historically volatile...rose about 2 percent over the past 12 months That is within the Federal Reserve s target range for inflation Wage growth remained modest The Federal Reserve continues to pursue an expansionary monetary policy...

with other financial institutions 3 Although some workers and employers found a mutually beneficial solution to the economic downturn through flexible work arrangements that facilitated work life balance other...in the 1990s 16 The logic was simple If the economy was growing too rapidly and the specter of inflation was on the horizon the Federal Reserve could raise interest rates to slow down business investment...growth has stalled for African American workers During the 2000s economic recovery African Americans inflation adjusted wages grew at an annual rate of just 0 2 percent after having grown four times as much...

our workforce challenges requires a multifaceted and comprehensive approach There is not a single solution and we have multiple opportunities to connect more people to work I look forward to hearing more...or fallen Men s median weekly earnings have fallen by seven percent since 1979 if adjusted for inflation using the standard CPI from the Bu reau of Labor Statistics but an alternative measure from the...high school education make about three dollars less an hour than they did in 1980 adjusted for inflation In my work with the Hamilton Project we have argued that a great deal can be learned about how to...