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05/01/08
Press Release
# 110-42
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WASHINGTON, D.C. -- It is a pleasure to join in welcoming the panel of witnesses before us today. In recent months, a rise in commodity prices worldwide has led to increases in the prices of food in the U.S., as well as in many other nations.
We all are concerned about the impact of food prices on the American family. The global food crisis has led to outbreaks of food riots and potential famine in other countries, which is disturbing as well. The global food crisis has several causes, according to objective analysts.
One factor is higher demand for food from China, India, and other countries undergoing rapid economic development. Another factor is drought or dry conditions in Australia and other grain-exporting nations. An additional factor has been export tariffs on food imposed by several countries. Since many farm commodities are traded globally, the effects of these international factors on U.S. food prices should not be neglected.
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Download Hearing Testimony of USDA Chief Economist Dr. Joseph Glauber before the JEC
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04/23/08
Press Release
# 110-41
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WASHINGTON, D.C. -- Mutual fund shareholders’ taxes on long-term capital gain distributions increased to $16.7 billion in tax year 2007, according to a new study by respected research firm Lipper Inc. As the Lipper study notes, “Considering most mutual fund investors reinvest their distributions back into the funds, that is a large price to pay for a buy-and-hold strategy!!!” The study, Taxes in the Mutual Fund Industry—2008, estimates that mutual fund shareholders’ taxable and nontaxable long-term capital gains increased from $233.8 billion in 2006 to $334.0 billion in 2007.
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04/04/08
Press Release
# 110-39
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WASHINGTON, D.C. - Congress should not react to disappointing labor market figures and other economic data by enacting policies reminiscent of the Hoover Administration, Congressman Jim Saxton, ranking member of the Joint Economic Committee (JEC) said today. This morning, the Labor Department released data showing no statistically meaningful change in payroll employment in March and an increase of the unemployment rate to 5.1 percent. Recent weak economic data have led some to compare current economic policies to those of the Hoover Administration, without apparently knowing what the Hoover Administration’s policies actually were.
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03/13/08
Press Release
# 110-38
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WASHINGTON, D.C. - The share of federal income taxes paid by the top 1 percent of households ranked by income increased from 36.5 percent in 2000 to 38.8 percent in 2005, recent Congressional Budget Office (CBO) data show. Their share of total federal taxes increased from 25.5 percent in 2000 to 27.6 percent in 2005, the last year for which data are available.
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02/29/08
Press Release
# 110-37
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WASHINGTON, D.C. - A comprehensive measure of median after-tax household income increased to $55,900 in 2005, reflecting a gain of 5.3 percent since 2000 and 26.8 percent since 1980, according to new Congressional Budget Office (CBO) data released today by Congressman Jim Saxton, ranking member of the Joint Economic Committee. The data extend from 1979 to 2005, the most recent year for which data are available, and are adjusted for inflation.
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02/28/08
Press Release
# 110-36
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WASHINGTON, D.C. – The Iraq War obviously has many dimensions including foreign policy, defense policy, and terrorism policy. While debate about past policies in Iraq will continue, the most important question facing policymakers is: What should U.S. policy in Iraq be now and in the future? Since the implementation of the surge strategy in Iraq, the military situation has improved dramatically, as noted by a variety of independent experts from the Brookings Institution to the American Enterprise Institute, and publications such as the Washington Post. A recent Washington Post editorial urged critics of the war to take the success of the surge into account in setting future policy.
However, another attempt to force a hasty retreat from Iraq is now underway, following the many failures earlier in this Congress. Now that the surge is proving successful, a quick exit from Iraq would be especially costly. The virtually immediate withdrawal advocated by some politicians is not militarily feasible, but even a premature withdrawal could produce immense costs.
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02/21/08
Press Release
# 110-35
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WASHINGTON, D.C. – Recently released Congressional Budget Office (CBO) data show that the total effective federal tax rate of the middle fifth of households declined after 2001 to its lowest levels since at least 1979, Congressman Jim Saxton, ranking member of the Joint Economic Committee, said today. Under the 2001 and 2003 tax relief legislation, the income tax as a share of income for the middle fifth also has fallen to its lowest levels in decades.
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02/19/08
Research Report
# 110-21
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Since 2000, sovereign wealth funds (SWFs) in emerging countries have become major investors in the United States and other developed countries that are members of the Organization for Economic Cooperation and Development (OECD). Since September 2007, SWFs invested at least $62 billion in OECD-country banks and other financial firms, whose capital had been diminished by losses related to the subprime mortgage loan crisis.
Download Research Report #110-21 in PDF format
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02/05/08
Economic Conditions
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The inflation-adjusted (real) GDP increased at a sluggish 0.6% annualized rate in the 4th quarter of last year. Payroll employment declined in January, the first month with a decline since August 2003. Financial markets remain under stress, which has led to tightening of credit for some businesses and households. With that backdrop, the Federal Reserve cut its target for overnight interest rates by 50 basis points at its scheduled monetary policymaking meeting on January 30, following a more aggressive 75-basis-point inter-meeting cut. Housing market adjustments continue, including reductions in home sales and builder activities along with increased delinquencies and foreclosures on mortgages.
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02/01/08
Research Report
# 110-20
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Among the most popular monthly labor measures, the unemployment rate is the most useful as an indicator of recession, whereas two top measures of employment – payroll job growth and CPS employment growth – have little value. Another data series is even more valuable in that respect – claims for unemployment insurance (UI).
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02/01/08
Research Report
# 110-19
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OPEC feels in control of the oil market right now. It sees no compelling reason to increase supply and lower the oil price at this time to address the economic slowdown, because (1) a recession neither is certain nor believed to impair world oil demand very much, and (2) it wants to avoid increasing supply just as demand declines, and a seasonal decline is approaching in the second quarter.
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01/30/08
Press Release
# 110-34
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WASHINGTON, D.C. – The Federal Reserve’s action today to cut interest rates is needed to bolster the prospects of continued economic growth, Congressman Jim Saxton, ranking member of the Joint Economic Committee, said in a statement. This afternoon the Fed’s policymaking committee reduced the fed funds rate by half a percentage point to 3.0 percent. This action follows the Fed’s three-quarters of a percentage point inter-meeting reduction of the fed funds rate last week.
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01/24/08
Research Report
# 110-18
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Tax policy should work with monetary policy to prevent or cushion the adverse effects of a recession on the U.S. economy. Dollar-for-dollar, one of the most cost-effective ways to stimulate economic growth through tax policy would be to accelerate the depreciation deductions for business investment.
Download Research Report #110-18 in PDF format
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01/16/08
Press Release
#110-33
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WASHINGTON, D.C. – I am pleased to join in welcoming the witnesses appearing before us today. The recent slowdown in the economy is a serious concern to the public and to policymakers alike.
According to standard measures of performance such as economic growth and the unemployment rate, the U.S. economy appeared to be doing quite well through the third quarter of 2007. However, more recent data indicate that the pace of economic growth slowed sharply in the final quarter of the year
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12/20/07
Research Report
# 110-17
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WASHINGTON, D.C. – The explanation of the high oil price is largely a matter of OPEC’s constrained response to increases in Asian oil demand, but not entirely. It is also a matter of the reactions to high oil prices around the world.
Download Research Report #110-17 in PDF format
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12/18/07
Press Release
# 110-32
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WASHINGTON, D.C. –New income data show that the income growth rate of the top 1 percent of households between 2000 and 2005 slowed relative to that of the 1990s. Between 2000 and 2005, the average pretax income of the top 1 percent increased 6.7 percent, compared to 38.1 percent for the 1992-1997 period, covering the first five years of the previous administration. Between 1992 and 2000, the average income of the top 1 percent soared by 84.5 percent (all average income data measured in inflation-adjusted 2005 dollars). The new data were released by the Congressional Budget Office (CBO) for the years 1979 through 2005
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12/11/07
Press Release
# 110-31
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WASHINGTON, D.C. – The Federal Reserve’s decision to reduce the fed funds rate by 25 basis points to 4.25 percent will reduce the spread between short- and long-term interest rates and improve financial conditions, Joint Economic Committee ranking member Jim Saxton said today. Currently the fed funds rate is above the 10-year Treasury rate, suggesting relative tightness in monetary policy. When short-term interest rates have persistently exceeded long-term rates in the past, the resulting inversion has often been associated with economic slowdowns and recessions.
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12/05/07
Press Release
# 110-30
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WASHINGTON, D.C. – Despite strong economic growth in recent quarters, the downside risks to the economic outlook are growing, a situation aggravated by plans for a variety of tax increases. This morning, Republican Leader John Boehner and other Republican leaders issued a new report highlighting the danger tax increases would pose to the economy.
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11/16/07
Research Report
#110-16
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Low gas prices have not vanished completely. On the international market, oil and gasoline prices have been surging. The well-worn explanation is that increasing oil consumption pushes against a strained supply chain, causing the price to rise. But there are domestic markets where oil consumption has accelerated and petroleum prices have not risen or not risen significantly; indeed the prices are reminiscent of those in the U.S. 35 years ago.
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WASHINGTON, D.C. – A partisan report issued by the Democratic leadership yesterday contained numerous multibillion dollar factual errors and has not yet been retracted. This failure to publicly acknowledge the obvious errors continues despite the fact that copies of the flawed Democratic Joint Economic Committee (JEC) report, entitled War At Any Price?, were widely circulated to the press. However, a number of these errors have been quietly corrected in the web version of the report on the Democrats’ JEC web site without clearly warning the press and public that the copies of the report already widely distributed contain these mistakes. As ranking members Congressman Jim Saxton and Senator Sam Brownback pointed out yesterday, the numerous factual errors demonstrate that the Democrats’ report was not fact checked and reflect poor quality control procedures.
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The report on the costs of military operations in Iraq and Afghanistan issued this morning by Democrats on the Joint Economic Committee and Democratic leaders of the House and Senate is another thinly veiled exercise in political hyperbole masquerading as academic research. The report contains a number of factual errors indicating poor quality control, is inconsistent with various estimates of the Congressional Budget Office (CBO), and makes speculative assertions that far exceed cost estimates of other analysts. The report, War at Any Price?, purports to calculate the total costs of the wars in Afghanistan and Iraq. The Democrats’ report was released without any notice to or consultation with Republican members or staff of the Joint Economic Committee (JEC).
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11/08/07
Press Release
# 110-29
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WASHINGTON, D.C. – Chairman Bernanke, I am pleased to join in welcoming you once again to the Joint Economic Committee and appreciate your testimony on the economic outlook.
According to standard measures of performance such as economic growth and the unemployment rate, the U.S. economy appears to be doing well. Real economic growth was 3.9% in the third quarter, while the unemployment rate remained at a relatively low 4.7 percent rate in October. Exports and consumer spending continued to advance, reflecting the resilience of the U.S. economy.
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Download Chairman Bernanke's Statement
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11/07/07
Economic Conditions
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The inflation-adjusted (real) gross domestic product (GDP) increased at a robust 3.9% annualized
rate in the 3rd quarter. Employment also continues to expand, with 166,000 new jobs added to
payrolls in October.
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11/02/07
Press Release
# 110-28
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WASHINGTON, D.C. – The 166,000 increase in nonfarm payroll employment in October reflects the great resilience of the U.S. economy, Congressman Jim Saxton, ranking member of the Joint Economic Committee, said in a statement today. This morning the Bureau of Labor Statistics (BLS) released the new data on October payroll employment, as well as household data showing the unemployment rate steady at a relatively low 4.7 percent.
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11/01//07
Research Report
# 110-15
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Federal policymakers have recently floated a number of proposals to levy new taxes or to increase existing taxes. These include:
- higher individual income tax rates,
- higher tax rates on capital gains and dividends,
- an income tax surcharge on upper income households,
- removal of the earnings cap on payroll taxes for OASDI benefits (i.e., Social Security pensions),
- eliminating the tax treatment of carried interests as capital gains,
- higher motor vehicle fuel taxes, and
- a new tax on the carbon content of energy.
However, these tax proposals are not paired with significant spending reductions. Instead, many are combined with plans for new spending. It is doubtful whether these proposals should be considered as deficit reduction measures
Download Research Report #110-15 in PDF format
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10/31/07
Press Release
# 110-27
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WASHINGTON, D.C. – The Federal Reserve’s action today to reduce the federal funds rate by 25 basis points will facilitate continued economic growth in 2007 and 2008, Congressman Jim Saxton, ranking member of the Joint Economic Committee, said today in a statement. The Fed’s action comes on the same day as the release of data showing that the economy grew at a 3.9 percent rate in the third quarter, faster than generally expected.
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10/25/07
Press Release
# 110-26
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WASHINGTON, D.C. – Recently released data showing the income share of the top 1 percent of tax filers at a relatively high level in 2005 says little about current trends. This is the case because this share was at about the same level in 2000, after a very large increase during the 1990s. In 2005, the income share of the top 1 percent was 21.20 percent of total adjusted gross income (AGI), not much higher than its level of 20.81 percent in 2000. This share fell and recovered in the intervening years largely due to stock market fluctuations.
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10/22//07
Research Report
# 110-14
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This report examines the recent controversy about the taxation of the carried interests of general partners in hedge funds and private equity funds.
Some policymakers have contended that the general partners in hedge funds and private equity funds are unfairly using certain provisions of the federal tax code and related Internal Revenue Service (IRS) regulations and interpretations to defer recognition of and lower the effective tax rate on the compensation paid to general partners from these funds. This occurs because some of the compensation comes from long-term capital gains.
However, these carried interest tax provisions encourage entrepreneurship by facilitating the pooling of capital and highly skilled labor in partnerships. Any tax code change designed to repeal these tax provisions may inadvertently damage small business formation, hamper the restructuring of ailing corporations, and slow economic growth.
Download Research Report #110-14 in PDF format
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10/17//07
Research Report
# 110-13
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The People’s Republic of China (PRC) is enjoying rapid economic growth. Real GDP grew at an annualized rate of 11.5 percent during the first half of 2007. Yet the PRC faces significant challenges that it must overcome to sustain long-term economic growth. These include:
- Unbalanced growth
- Corruption
- Weak financial services sector
- Severe environmental degradation
- Stress on the international economy
Download Research Report #110-13 in PDF format
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10/16/07
Press Release
# 110-25
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WASHINGTON, D.C. –The oil cartel should remove its production ceilings immediately in the face of sky high oil prices, Congressman Jim Saxton, ranking member of the Joint Economic Committee (JEC) said today. Statements from members of the Organization of Oil Exporting Countries (OPEC) reported today indicate that the oil cartel has no intent of increasing oil production despite crude oil prices nearing $88 per barrel and continued production restrictions by OPEC.
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10/15/07
Press Release
# 110-24
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WASHINGTON, D.C. – The share of total federal income taxes paid by the top one percent of tax filers increased to 39.38 percent in 2005, while the tax share of the top 5 percent climbed to 59.67 percent. The income tax share of the top half rose to 96.93 percent, according to recent Internal Revenue Service (IRS) data. The tax shares are the highest on record for these groups in comparable IRS data going back to 1986.
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Download IRS Data in PDF format
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10/05/07
Press
Release
# 110-23
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WASHINGTON, D.C. – Payroll job gains of 110,000 in September and a revised 89,000 increase in August mark the longest consecutive employment expansion on record. Today, the Bureau of Labor Statistics (BLS) also released data showing a 4.1 percent increase in average weekly earnings since September 2006.
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s e p t e m b e r 2 0 0 7 |
9/17/07
Press
Release
#110-22
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WASHINGTON, D.C. – The Federal Reserve’s Open Market Committee should reduce short-term interest rates by at least one quarter of a percentage point when it meets tomorrow, Congressman Jim Saxton, ranking member of the Joint Economic Committee, said today.
Download Press Release #110-22 in PDF format
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9/12/07
Press
Release
#110-21
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WASHINGTON, D.C. – According to a key Census Bureau measure, income inequality was essentially unchanged between 2001 and 2006. In response to a request by the Republican staff of the Joint Economic Committee, a statistical test performed by the Census Bureau earlier this week confirms that no statistically significant change in the inequality measure occurred between 2001 and 2006.
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9/13/07
Research
Report
#110-11
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After credit market participants discovered that subprime residential mortgage collateralized debt obligations (CDOs) were riskier than previously thought, fears about default risk spread, and the value of these CDOs fell
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9/12/07
Economic Conditions
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Housing market adjustments have included reductions in home sales and builder activities along with increased delinquencies and foreclosures on mortgages. Those delinquencies, and related losses on some mortgage-backed securities, led to a systemic liquidity event in early August, with borrowers facing increased difficulties obtaining funds.
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9/10/07
Research
Report
#110-10
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OPEC’s public statements should not always be taken at face value, but they can provide clues about its intentions, particularly in retrospect when one can match observable actions to them. OPEC takes any new oil price peak that the world economy has absorbed, even for a short time, as the rightful price for its oil.
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8/03/07
Economic Conditions
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Economic growth rebounded in the 2nd quarter, with annualized growth in the inflation-adjusted (real) gross domestic product (GDP) rising to 3.4%. This is a significant acceleration from the modest 0.6% growth in the 1st quarter and represents the 23rd consecutive quarter of expansion of real GDP
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7/30/07
Press
Release
#110-19 |
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7/27/07
Press
Release
#110-18 |
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7/17/07
Press
Release
#110-17 |
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WASHINGTON, D.C. – The latest data on industrial production, employment, and manufacturing activity all signal a solid pattern of economic growth in the second quarter of 2007. Today, the Federal Reserve released industrial production figures showing a 0.5 percent increase in June, and a 1.4 percent increase over the last year.
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