Press Release from U.S. Congress : Washington, D.C. – Today, the U.S. Congress Joint Economic Committee (JEC), chaired by Representative Carolyn B. Maloney (D-NY), released the 2010 Joint Economic Report, which provides an overview of the state of the U.S. economy at the halfway point in 2010. The annual report, mandated by the requirements from the 1946 Employment Act, details the lasting effects of the Great Recession and the recovery now underway, and explains why additional actions are needed to support America’s recovering economy.
“Our country faced a severe recession that could have easily turned into a depression. A year ago, our economy was losing jobs. But Congress and the Administration took bold actions and as a result we have seen six straight months of job growth in the private sector,” said JEC Chair Carolyn Maloney. “However, I am concerned about the economic data showing that millions of Americans continue to suffer the recession’s effects. As the report points out, policymakers need to resist the political siren call of short-term cuts and instead heed the economic imperative of job creation, the core component of a robust economic recovery.”
Maloney continued, “We must continue to have a laser focus on job creation. Building, not retreating, from the progress we’ve made is critical at this stage of our recovery.”
The 2010 Joint Economic Report makes clear that the economy has a long road to tread before it fully heals, and that continuing to enact targeted, cost–effective policies will push the economy along and reduce the likelihood that it falls into an abyss. Key findings from the first half of 2010 include a rebound by manufacturers — which had reduced their payrolls substantially during the Great Recession — but in 2010 registered the largest six–month gain in employment since 1998.
This report identifies ways to sustain and speed economic recovery: extending unemployment insurance benefits, alleviating the tight credit conditions facing small businesses, improving job training programs, and investing in basic research. The report concludes that the gravest threat to our fiscal balance sheet today is a premature end to the recovery underway.
To read an overview and the highlights of the report, click here.
To read the entire report, click here.
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.