Committee Reports
105th Congress (1997-1998)
House Report 105-393
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59-006
1997
105TH CONGRESS 1ST SESSION
HOUSE OF REPRESENTATIVES
REPORT
[Graphic image not available]
NOVEMBER 8, 1997- Committed to the Committee of the Whole House on the State of the Union, and ordered to be printed
JOINT ECONOMIC COMMITTEE | |
[Created pursuant to Sec. 5(a) of Public Law 304, 79th Congress] | |
House of Representatives | Senate |
JIM SAXTON, New Jersey, Chairman THOMAS W. EWING, Illinois MARK SANFORD, South Carolina MAC THORNBERRY, Texas JOHN DOOLITTLE, California JIM McCRERY, Louisiana FORTNEY PETE STARK, California LEE H. HAMILTON, Indiana MAURICE D. HINCHEY, New York CAROLYN B. MALONEY, New York |
CONNIE MACK, Florida, Vice Chairman WILLIAM V. ROTH, JR., Delaware ROBERT F. BENNETT, Utah ROD GRAMS, Minnesota SAM BROWNBACK, Kansas JEFF SESSIONS, Alabama JEFF BINGAMAN, New Mexico PAUL S. SARBANES, Maryland EDWARD M. KENNEDY, Massachusetts CHARLES S. ROBB, Virginia |
CHRISTOPHER FRENZE, EXECUTIVE DIRECTOR | |
HOWARD ROSEN, MINORITY STAFF DIRECTOR |
LETTER OF TRANSMITTAL
Hon. NEWT GINGRICH,
Speaker of the House, House of Representatives,
Washington, DC.
DEAR MR. SPEAKER: Pursuant to the requirements of the Employment Act of 1946, as amended, I hereby transmit the 1997 Joint Economic Report. The analyses and conclusions of this Report are to assist the several Committees of the Congress and its Members as they deal with economic issues and legislation pertaining thereto.
Sincerely,
Jim Saxton,
Chairman.
C O N T E N T S | Page | |
ECONOMIC GROWTH IN 1997 | 1 | |
JOINT ECONOMIC COMMITTEE MAJORITY | 3 | |
The Roots of the Current Expansion | ||
5 | ||
SUMMARIES OF SELECTED JOINT ECONOMIC COMMITTEE MAJORITY STAFF STUDIES | 17 | |
Monetary Policy | ||
19 | ||
Lessons From Inflation Targeting Experience | ||
19 | ||
The Importance of the Federal Reserve | ||
19 | ||
Establishing Federal Reserve Inflation Goals | ||
19 | ||
A Response to Criticisms of Price Stability | ||
19 | ||
Transparency and Federal Reserve Monetary Policy | ||
20 | ||
Tax Policy | ||
21 | ||
Taxes and Long-Term Economic Growth | ||
21 | ||
The Administration's Proposal for a Tuition Tax Credit | ||
21 | ||
The Welfare-to-Work Tax Credit | ||
21 | ||
The Inefficiency of Targeted Tax Policies | ||
21 | ||
The Economic Effects of Capital Gains Taxation | ||
21 | ||
Optimal Capital Gains Tax Policy: Lessons From the 1970s, 1980s and 1990s | ||
22 | ||
Payroll Taxes and the Redistribution of Income | ||
22 | ||
Other Selected Topics | ||
22 | ||
Tradable Emissions | ||
22 | ||
College Affordability: Tuition Tax Credits vs. Saving Incentives | ||
22 | ||
Budget Process Reform | ||
23 |
1st Session
105-393
THE 1997 JOINT ECONOMIC REPORT
November 8, 1997- Committeed to the Committee of the Whole House on the State of the Union and ordered to be printed | |
Mr. SAXTON, from the Joint Economic Committee, submitted the following | |
REPORT | |
Report of the Joint Economic Committee on the 1997 Economic Report of the President |
ECONOMIC GROWTH IN 1997
The economic expansion that began in the second quarter of 1991 continues to generate economic and employment gains, even as the inflation rate continues to decline. Economic growth has been solid over the last four quarters, and employment growth has been sufficient to push the civilian unemployment rate below 5 percent. The overall economic situation is sound and the outlook for continued growth remains healthy.
Among the positive labor market indicators are the lowest unemployment rate in 24 years, near-record highs in the employment-population ratio and labor force participation rate, and continued growth in payroll employment (according to the Bureau of Labor Statistics, establishment survey). On the other hand, continued stagnation in earnings and income for middle and low-income workers, according to a variety of measures, remains a concern.
The sustained economic growth of recent years has contributed to reducing the federal budget deficit and has improved the fiscal situation at the state level as well. Furthermore, the healthy economic environment eases the implementation of policy changes such as deficit reduction and welfare reform. A sustained and stable economic expansion is an ideal time to address other structural issues in federal policy as well.
The challenge for federal policy is to build on the progress made to date in removing impediments to economic expansion, improving the potential for economic growth and raising U.S. living standards.
Joint Economic Committee
The operations of the Joint Economic Committee (JEC) have been focused on the needs of Congress and the public in the 105th Congress. The goals of maximum efficiency, quality, and productivity have guided the Committee in meeting resource constraints and managing Committee functions and procedures. As a result, the Committee has enjoyed a very productive year, and we are naturally pleased that JEC research products and hearings have been well received. In the First Session of this Congress, the JEC released more than 25 studies and reports and held 17 hearings.
The emergence of the information age over the last two decades has caused enormous changes in the economy and in the dissemination of information. As a result, brevity and timeliness are at a premium. Consequently, the format of JEC research products has changed in the 105th Congress. Shorter studies substantively addressing issues raised in the Economic Report of the President as well as other issues before Congress have proven quite effective. This emphasis on substance, reliability, timeliness, and conciseness will continue to be characteristic of the JEC in the next session of Congress.
In conclusion, 1997 has been a successful year for the Joint Economic Committee. We are looking forward to another constructive year when Congress returns in 1998.
Representative JIM SAXTON,
Chairman.
Senator CONNIE MACK,
Vice Chairman.
Senator JEFF BINGAMAN,
Ranking Minority Member.
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