Policy Papers
Currently showing results related to Economy. See all results
2018 First Quarter Growth Up From 2017
KEY TAKEAWAYSGrowth in the first quarter of 2018 was 2.3 percent, an increase from 1.2 percent in the first quarter of 2017, but a decrease from 2.9 percent in the fourth quarter of 2017.This follows a trend; growth in the first quarter of the year has now been slower than previous quarters for three straight years.First quarter annualized GDP change in 2014, 2016, and 2017 was -0.9, 0.6, and 1.2 percent.The nation’s economy grew at an inflation-adjusted annual rate of 2.3 percent in the first... Continue Reading
April 17, 2018
Countering China and Creating Jobs: TPP 2.0
KEY TAKEAWAYS Eleven nations, led by Australia and Japan, signed a new trade pact on March 8 based on the Trans-Pacific Partnership, creating a $10 trillion free trade zone. This new agreement dramatically reduces tariffs among participating nations and helps counter malicious Chinese trade practices. The United States can still join the new TPP, which would create the world’s largest free trade agreement and add up to $131 billion to the U.S. economy per year once fully implemented. The new... Continue Reading
April 6, 2018
March 2018 Jobs Report
Unemployment Rate: 4.1 percentJobs Created: 103,000Employment and UnemploymentThe Department of Labor reported an unemployment rate of 4.1 percent for March, unchanged from the previous five months.For March, the report shows an increase of 103,000 nonfarm jobs, with gains in manufacturing, mining, and health care. Jobs were revised down by 63,000 for January but up by 13,000 for February, for a net downward revision of 50,000.The U.S. has created 605,000 new jobs since the Tax Cuts and Jobs Act... Continue Reading
January 30, 2018
State of the Union Preview: First-Year Accomplishments
TAXES CUT: Republicans provided tax relief to American families by enacting the first major tax reform in 31 years. Americans are already seeing the benefits of tax relief, including at least 3 million employees who have gotten direct benefits. At least 264 companies have announced pay hikes, bonuses, or other compensation because of the Tax Cuts and Jobs Act. These include AT&T, Walmart, Comcast, Disney, Apple, JPMorgan Chase, and Starbucks. Ninety percent of American workers will see... Continue Reading
January 26, 2018
Solid Economic Growth in 4th Quarter
Key Takeaways Growth in the fourth quarter of 2017 was 2.6 percent. This follows growth of 3.2 percent in the third quarter of 2017 and 3.1 percent in the second quarter of 2017. After the first back to back quarters of more than 3 percent growth, this slight decline is not worrisome. Tax relief was not yet priced into the economy during nearly all of the fourth quarter. Growth over 2017 as a whole was 2.3 percent. The nation’s economy grew at an inflation-adjusted annual rate of 2.6 percent... Continue Reading
October 27, 2017
GDP Grows At 3 Percent Again
In the third quarter of 2017, the economy expanded at an annual rate of 3.0 percent. Growth in the second quarter was 3.1 percent, and first quarter growth was 1.2 percent. This half-year growth is the strongest the U.S. has seen since 2014, and it comes despite the effects of Hurricanes Harvey, Irma, and Maria. The nation’s economy grew at an inflation-adjusted annual rate of 3.0 percent in the third quarter of 2017. Combined with second quarter growth of 3.1 percent, these are the... Continue Reading
August 1, 2017
Debt Ceiling: History and Overview
Congress last acted on the debt limit in November 2015 and suspended it until March 2017 – the debt limit is currently at $19.8 trillion. The Treasury Department has asked that Congress raise the debt limit as soon as possible, although Treasury can continue to pay the government’s bills until September 29. Treasury has been using extraordinary measures since March, when the debt limit went back into effect, to push back the deadline for congressional action. History of the Debt... Continue Reading
July 11, 2017
20 Trillion and Counting: The Coming Debt Crisis
Over the last eight years, the federal government’s debt grew by $9 trillion. It is fast approaching $20 trillion – more than 100 percent of the nation’s GDP. Mandatory spending, the driver of future debt, has continued largely untouched. If action is not taken soon, growing debt will have severe negative effects on our economy, including reduced military preparedness and less ability to respond to the unexpected. The federal debt limit is currently $19.8 trillion. Because... Continue Reading
July 5, 2017
Jobs Report
April 28, 2017
GDP Shows Need for Pro-Growth Policies
The economy expanded at a rate of 0.7 percent in the first quarter of 2017. These numbers show the need for pro-growth tax reform and regulatory relief that Republicans are committed to delivering. Obama-era policies are still preventing the economy from reaching its full potential. The nation’s economy grew at an inflation-adjusted rate of 0.7 percent in the first quarter of 2017. This is not the level of growth that we should strive to achieve. It is a continuation of weak growth... Continue Reading
April 25, 2017
Alexander Acosta to be Secretary of Labor
Alex Acosta has previously been confirmed unanimously by the Senate for three different positions. He was a U.S. attorney for four years and was the first Hispanic to head the Justice Department’s Civil Rights Division. He wants to make sure that the Labor Department does a better job of aligning job training with the skills that workers need to have. Biography On March 7, the Senate received the nomination of Alexander Acosta to be secretary of labor. A native of Miami and the son... Continue Reading
April 3, 2017
CBO Shows We Need to Act on the Debt
The country is set to break the record for largest public debt in U.S. history. Revenue is not the problem – mandatory spending is the problem. Not acting has huge risks, including the risk of another financial crisis. CBO released its latest report on the long-term budget outlook last week. As it did during the Obama administration, the office predicts that the debt, while high now, will quickly get out of control unless we act. President Obama seemed more interested in lofty rhetoric... Continue Reading
March 7, 2017
Budget Season Set for Kickoff
The budget process in 2017 will be unusually busy. The administration will release its budget in two pieces; the continuing resolution expires in April; two reconciliation bills are possible; and the debt limit will come back into effect in March. The annual budget process is about to get underway. The new administration’s budget will come out in two pieces; the continuing resolution expires in April; two reconciliation bills are possible this year; and the debt limit will come back into... Continue Reading
February 14, 2017
Mick Mulvaney to be Director of OMB
On December 17, President-elect Trump announced his intention to nominate Rep. Mick Mulvaney to be director of the Office of Management and Budget. The Senate Budget Committee and the Homeland Security and Governmental Affairs Committee both approved his nomination on February 2. Rep. Mulvaney has been thoroughly engaged on budget issues during his time in the House of Representatives, including on the growth of mandatory spending and the national debt’s impact on... Continue Reading
February 13, 2017
Linda McMahon to be Administrator of the Small Business Administration
On December 7, President-elect Donald Trump announced his intention to nominate Linda McMahon to serve as the administrator of the Small Business Administration. The Senate Small Business and Entrepreneurship Committee approved this nomination on January 31. Linda McMahon has decades of business experience, growing her company, World Wrestling Entertainment, into a worldwide 800-employee business. Mrs. McMahon has pledged to work to lessen the burden that regulations can place on small... Continue Reading
February 2, 2017
Steven Mnuchin to be Secretary of the Treasury
On November 30, President-elect Donald Trump announced his intention to nominate Steven Mnuchin to serve as treasury secretary. The Senate Finance Committee approved his nomination on February 1. Steven Mnuchin has decades of experience in the financial sector. Biography Steven Mnuchin earned a bachelor’s degree in economics from Yale. He worked at Goldman Sachs for 17 years, first in mortgages, U.S. bonds, and municipal bonds, and later as the firm’s chief information officer. Mr.... Continue Reading
December 6, 2016
Reining in Obama Regulatory Overreach
Republicans have the opportunity to enact the most significant regulatory reform since President Reagan. Regulatory reform will look at executive and legislative actions, including freezing new regulations, rescinding executive orders, and enforcement discretion. A part of that reform will be Congress passing legislation under the Congressional Review Act to overturn last-minute regulations imposed by the Obama administration. In the new session of Congress, the House and Senate will have... Continue Reading
November 16, 2016
What's Ahead In The Lame Duck
The lame duck session of Congress runs until January 3, 2017. The Senate will take on many issues from appropriations to health care to national security. The Senate will not take on other issues such as nominations and trade. There are several issues that the lame duck session of the 114th Congress – which runs until January 3, 2017 – could tackle. The Senate will not take on President Obama’s nominations or trade deals. Appropriations: The current continuing... Continue Reading
October 31, 2016
13 Scary Things the Obama Administration Did This Year
1.) The deficit increased by 34 percent in 2016, and the national debt now stands at nearly $20 trillion. Source: thereadingdate.com 2.) The economy is already moving like the dead, but Obama’s Treasury Department issued regulations to make businesses pay more taxes, hurting more American jobs. Source: www.giphy.com 3.) Played political games with Zika funding instead of working with Congress to protect Americans from Zika. Source: teded.tumblr.com 4.) Doubled down on net... Continue Reading
October 28, 2016
THE ECONOMY EXPANDS … FINALLY
The economy expanded at a rate of 2.9 percent in the third quarter of 2016. This is the highest growth in the last two years. The president's unwillingness to work with Congress in a bipartisan way wasted many opportunities to promote economic growth. The nation’s economy grew at an inflation-adjusted rate of 2.9 percent in the third quarter. While this is good, it shows the weakness of the Obama economy. Growth has averaged approximately 1 percent in the last three quarters, and the... Continue Reading