JEC response to the 2012 Economic Report of the President
The Joint Economic Committee filed its annual report responding to the 2012 Economic Report of the President.
Brady says, “Fed Action is Wrong Prescription for What Ails ...
Rep. Kevin Brady (R-TX), Vice Chairman and top Republican on the Joint Economic Committee, today said the Federal Open Market Committee’s decision to expand its quantitative easing by purchasing $45 billion of long-term Treasury bonds, “a continuation of unnecessary and dangerous monetary policy to ...
Job Creation Still Too Slow
Rep. Kevin Brady (R-TX), Vice Chairman and incoming Chairman of the Joint Economic Committee, called today’s news that the U.S. economy added 146,000 nonfarm payroll jobs, including 147,000 private payroll jobs, during November “unimpressive.” He noted that after all the administration’s proclamati...
Weekly Economic Update: December 17-21, 2012
GDP growth for the 3rd quarter was revised upwards to 3.1%. Existing home sales increased 5.9% in November as housing starts fell 3.0% and building permits rose 3.7%. Personal income rose 0.6% in November while personal spending increased 0.4%. Durable orders were up 0.7% in November. Initial jobles...
Weekly Economic Update: December 10-14, 2012
The Fed expanded its QE3 program and set levels of less than 6.5% unemployment or more than 2.5% inflation for ending its exceptionally accommodative policies. Industrial production increased 1.1% in November. The U.S. trade deficit widened 4.7% in October to $42.2 billion. The topline CPI fell 0.3%...
Federal Reserve Expands Quantitative Easing
The Federal Reserve announced today that it will expand its newest bond?buying program, which began in September 2012 and is known as “QE3,” to provide ongoing support to the anemic economic recovery. The Fed will continue purchasing federal agency mortgagebacked securities at a rate of $40 billion ...
LENDER OF LAST RESORT IN THE MODERN FINANCIAL SYSTEM
Bailouts and Lender of Last Resort functions are distinctly different in their purpose, economic effects, and appropriateness in a free market economy.
Real GDP Growth Revised Up to 2.7% in 3rd Quarter
The Bureau of Economic Analysis (BEA) revised its estimate of real gross domestic product (GDP) growth upwards by 0.7 percentage point to 2.7% today. BEA had previously estimated that real GDP grew at an annual rate of 2.0% during the quarter. The 3rd?estimate of 3rd?quarter GDP will be released on ...
Historical Tax Rates: Rhetoric vs. Reality
This JEC Republican Staff Analysis notes that the top rate is only one feature of our tax system and by itself tells us nothing about the overall tax burden. The CRS report merely proves that historical changes in the top rate provide a misleading indicator of how the tax burden has changed over t...
