Economy
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As Chair of the Joint Economic Committee, I will continue to aggressively push to address the serious economic crisis our country faces. The Committee will focus on the economic crisis and recession as they unfold, and will be actively involved with crafting our path to recovery.
The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy. As Chair, I am committed to providing an accurate and up to date picture of our economy by holding hearings and releasing reports that review crucial aspects of our nation’s economic policy. Each week, the JEC’s staff prepares the Weekly Economic Digest. The Digest tracks and analyzes the trends of key economic indicators, such as employment, productivity, inflation, retail sales, housing starts, and the financial markets. Members of Congress and others find the digest useful as a quick reference for recent statistics on the economy.
Legislation
03/09/95 - H.R.1183, Social Security Sanctions Reform Act [104th Congress]
08/06/93 - H.R.2698, Retroactive Income Tax Increase Prohibition Act [103rd Congress]
Links
More on Economy
“Today’s GDP number shows that the recovery which began in the third quarter of 2009 accelerated in the fourth quarter. The economy has now grown for the past six months, providing fresh evidence that the Recovery Act, which Congress passed in February 2009, is working.
Washington D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee released the following statement on the Bureau of Labor Statistics’ December jobs report showing that the unemployment rate remained unchanged at 10 percent and 85,000 total nonfarm jobs were lost:
(As prepared for delivery)
For the first time since the recession began two years ago, the labor market appears to have stabilized. After month after month of punishing losses, November’s employment picture was relatively stable. Less than a year ago, job losses were growing more and more severe. Last November, the economy shed 600,000 jobs. Losses increased until January, when they hit a post-Great Depression record of 741,000 jobs lost, the last month that President Bush was in office.
Washington D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC), gave the following speech on the floor of the U.S. House of Representatives.
"Madam Speaker, while it’s a bit too early to draw conclusions about the health of the job market after a single month– a look back at the trends over the past two years can provide some valuable perspective. This chart shows monthly job losses since the start of the recession. The losses began here – in January of 2008, one full year before President Obama took office (Point 1). In February 2008, the Joint Economic Committee issued a report in which we solemnly warned that the economy was on the brink (Point 2). This is September 2008, when the Republican candidate for President declared he thought that the fundamentals of our economy were sound, just before job losses accelerated (Point 3). Here is January of 2009 when President Obama took office, and things began to change (Point 4). Last month, for the first time in two years, job losses appear to have stabilized (Point 5). While one month does not constitute a trend, one election seems to have made quite a difference."
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY) released the following statement after the House passed legislation to provide up to 13 additional weeks of unemployment benefits to workers in high unemployment states: