Job Creation Still Too Slow
Rep. Kevin Brady (R-TX), Vice Chairman and incoming Chairman of the Joint Economic Committee, called today’s news that the U.S. economy added 146,000 nonfarm payroll jobs, including 147,000 private payroll jobs, during November “unimpressive.” He noted that after all the administration’s proclamati...
Statement of Vice Chairman Kevin Brady
Going over the fiscal cliff is economically irresponsible, financially reckless, and entirely unnecessary. Yet as Kimberley Strassel observed in The Wall Street Journal, “The president is boxing in the Republicans—offering them a deal they cannot accept, a deal they can't even be seen to be treating...
Real GDP Growth Revised Up to 2.7% in 3rd Quarter
The Bureau of Economic Analysis (BEA) revised its estimate of real gross domestic product (GDP) growth upwards by 0.7 percentage point to 2.7% today. BEA had previously estimated that real GDP grew at an annual rate of 2.0% during the quarter. The 3rd?estimate of 3rd?quarter GDP will be released on ...
Weekly Economic Update: December 3-7, 2012
The economy added 146,000 jobs in November as the unemployment rate declined to 7.7%. Consumer credit increased 0.5% to $2.753 trillion in September. Productivity increased 2.9% in the 3rd quarter of 2012. The ISM index declined 2.2 points to 49.5 in November as the ISM services index edged up 0....
Weekly Economic Update: November 26-30, 2012
GDP growth was revised upwards to 2.7% for the 3rd quarter of 2012. Personal income was unchanged in October as personal spending fell 0.2%. New home sales declined 0.3% in October. Pending home sales rose 5.2% in October. The Case-Shiller home price index was up 3.0% in September. Durable orders we...
Weekly Economic Update: November 19-23, 2012
Existing home sales rose 2.1% in October as housing starts increased 3.6% and building permits fell 2.7%. Initial jobless claims dropped 41,000 to 410,000 for the week ended 11/16.
LENDER OF LAST RESORT IN THE MODERN FINANCIAL SYSTEM
Bailouts and Lender of Last Resort functions are distinctly different in their purpose, economic effects, and appropriateness in a free market economy.
Historical Tax Rates: Rhetoric vs. Reality
This JEC Republican Staff Analysis notes that the top rate is only one feature of our tax system and by itself tells us nothing about the overall tax burden. The CRS report merely proves that historical changes in the top rate provide a misleading indicator of how the tax burden has changed over t...
Employment Report: We Could Be Back to Even
The Bureau of Labor Statistics reported that on a seasonally-adjusted basis nonfarm payrolls increased by 171,000 during October with private sector payrolls growing by 184,000.
