More on Economy
Hurricane Katrina Impact Will Accentuate Bad Economic Policy, Says JEC Senior House Dems
WASHINGTON, DC - At the Joint Economic Committee Democrats and Democratic Policy Committee hearing on the economic impact of Hurricane Katrina today, Rep. Carolyn Maloney (NY-14), Senior House Democrat on the JEC, focused her statement on the need to shift course economically in order respond effectively to the recovery challenges of Katrina as well as to the greater challenges of balanced economic prosperity for the country.
Hurricane Katrina Recovery
WASHINGTON, DC - In the hopes that the recovery from Hurricane Katrina is as efficient and thorough as possible, Members of the New York congressional delegation today sent Gulf Coast Members of Congress a list of lessons that need to be learned from the federal response to 9/11. The New York Members said that it is important to understand the pitfalls they have faced for four years so that such issues can be avoided as the Gulf Coast rebuilds.
Rep. Maloney: Revised National Deficit Estimate Going From Enormous To Huge Is Not Progress Enough
NEW YORK, NY - Today, Congresswoman Carolyn Maloney (D-NY), the Senior House Democrat on the Joint Economic Committee, urged the Bush administration to properly address the national deficit crises, rather than overstating the significance of a short-term estimated reduction in the projected national deficit.
June Job Numbers: JEC’s Senior House Democrat Says Bush Economy “Consistently Performs Below Expectations”
WASHINGTON, DC - The Department of Labor reported today that 146,000 jobs were created in June - less than economists’ expectations of 175,000 or more and less than the 150,000 jobs needed to keep pace with the expanding workforce. The unemployment rate edged down a tenth of a percent to 5 percent.
Terrorism Risk Insurance Still Needed: NY Members of Congress Urge Financial Services Chair to Move on Legislation to Extend TRIA
WASHINGTON, DC - A day after Treasury Secretary John Snow notified Congress that the administration opposes the extension of the Terrorism Risk Insurance Act (TRIA), a group of New York Members of Congress took action to ensure TRIA’s survival. Today, twenty-one bipartisan New York Members - led by Representative Carolyn Maloney (NY-14) - sent a letter to Rep. Michael Oxley (R-OH), Chairman of the House Financial Services Committee, requesting that he move forward promptly on pending legislation to extend the Terrorism Risk Insurance Act (TRIA), which will expire at the end of this year (PDF of letter: http://maloney.house.gov/sites/maloney.house.gov/files/documents/olddocs/banking/063005ltrTRIA.pdf).
Bush Administration Claims Terrorism Risk Insurance is No Longer Necessary
WASHINGTON, DC - Today, Treasury Secretary John Snow wrote to Congress to state the Administration’s official position that the Terrorism Risk Insurance Act (TRIA), passed after 9/11, is no longer necessary. The program has helped insure commercial property-holders against future terrorists attacks, and it has been a safety net for those looking to build or own property in high-threat areas. Rep. Carolyn Maloney (D-Manhattan and Queens), who represents many major commercial property owners and financial institutions in New York, reacted in strong opposition to the administration’s stance.
Job Gains Solid in April, But Inflation Outpaces Wages
WASHINGTON, DC - For only the sixth time since President Bush took office, the economy has recorded a month with strong job gains of 250,000 or more. In April 274,000 jobs were created, according to statistics released today by the Department of Labor. The unemployment rate remained constant at 5.2 percent, but data also show that workers’ wages have not kept up with inflation over the past year.
Record Trade Deficit: The “Wrong-Way Economy” Is Cause for Worry, Says JEC’s senior House Democrat
WASHINGTON, DC - The Commerce Department announced today that the U.S. trade deficit in February hit $61 billion - the all-time record high for a single month. The previous record had been set in November. The increase in the price of oil and the demand for foreign oil were main reasons behind the $2.6 billion increase in imports in February. Exports remained essentially flat, despite administration predictions that the weak dollar would spur an increase in purchasing of cheaper American goods.
New Government Review of 9/11 Impact: 9/11 Has Cost New York City and State Upwards of $6 Billion in Tax Revenue
WASHINGTON, DC - Today, three New York Members of Congress announced a new Government Accountability Office (GAO) report reviewing and evaluating recent estimates of the fiscal impacts of the September 11, 2001 terrorist attacks on New York City and State economies. The GAO’s review re-confirms that the City and State still suffer as a result of 9/11, and there has been no federal aid to offset the loss of this tax revenue. Because 9/11 happened in New York, the City has lost between $2.5 and $2.9 billion in tax revenue, while the State has lost $2.9 billion, according to estimates reviewed by GAO.
A Budget That Sends Us Deeper Into Debt and Deficits: Rep. Maloney Speaks on House Floor
WASHINGTON, DC - The FY06 budget resolution, as proposed by the House Republicans, would hurt the U.S. economy well into the future, said Rep. Carolyn Maloney (NY-14) on the House floor tonight. Maloney, the senior House Democrat on the Joint Economic Committee (JEC), managed the JEC’s traditionally allotted time during the debate of the budget. She said the following:
