Press Release
For Immediate Release: 
December 6, 2019
Contact Info: 
Mariel Saez 202-225-3130
The Majority Leader’s Office is now sending a weekly e-mail highlighting economic statistics and news that Members can use as they discuss the state of the economy and how House Democrats are working to spur economic growth, support job creation, and raise wages for the people.

QUOTE OF THE WEEK: “It came to mind this week with President Donald Trump’s latest trade tantrum, a plan to impose steel and aluminum tariffs on Argentina and Brazil. This action, Trump explained by tweet, would punish the two countries for driving down their currency valuations, which makes their exports more attractive. Among others being hurt by devalued currencies, the president said, are American farmers. Let's get this straight: Trump’s plan to help American farmers is to punish South American metals companies…Perhaps Trump will see the absurdity of this trade policy and plot a quiet retreat. Or perhaps not. With him, you never know.” – USA Today Editorial Board, [USA Today, 12/6/19]

STAT OF THE WEEK: The Administration launched a cruel SNAP rule that will shave off billions from the program and kick 1.1 million Americans off nutrition assistance each month. “The rule, which was proposed by the Agriculture Department in February, would press states to carry out work requirements for able-bodied adults without children that governors have routinely been allowed to waive, especially for areas in economic distress. The economy has improved under the Trump administration, the department argued, and assistance to unemployed, able-bodied adults was no longer necessary in a strong job market. The change is expected to shave nearly $5.5 billion from food stamp spending over five years. [The New York Times, 12/4/19]

ECONOMIC NEWS YOU MAY HAVE MISSED
  • Trump’s promise to create a robust manufacturing sector falls flat. “Since Trump took office, the service-providing sector has added 5.3 million jobs. Manufacturing has added 497,000 jobs…The reality is that employment trends under Trump are mostly a continuation of employment trends under Obama. This is a success in itself; many economists predicted that job growth would slow as fewer people were looking for jobs. But it’s not the case that Trump has refocused the economy heavily on manufacturing. That was never likely to happen.” [Washington Post, 12/6/19]
  • Wage growth slows. “Many hoped this would be the year wages really accelerated. After all, business leaders have been complaining for months they can’t find enough workers — both highly skilled and not — and the natural response to that is usually to bump up pay. But wage growth peaked in February at 3.4 percent and has pulled back since then, puzzling economists…What’s clear is that the stock market is at record highs and many companies are having another very profitable year, yet the share of the economic ‘pie’ going to workers remains at a 70-year low. And it does not show any signs of rebounding, even in a hot job market.” [Washington Post, 12/04/19]
  • The wealth divide across generations is especially wide for millennials. “Millennials haven’t hit the 35 mark yet — that won’t happen until about 2023 — but their financial situation is relatively dire. They own just 3.2 percent of the nation’s wealth. To catch up to Gen Xers, they’d need to triple their wealth in just four years. To reach boomers, their net worth would need a sevenfold jump.” [Washington Post, 12/03/19]
  • The November jobs report was strong, but a year of limited economic progress is telling. The strong jobs report comes amid a challenging year for the U.S. economy. Recession fears surged in late-summer amid worries that a global slowdown would spread to American shores. The back-and-forth lobbing of tariffs between the U.S. and China also raised fears of instability, and the bond market sent what has been a reliable recession indicator when short-term government yields rose above their longer-term counterparts. The Fed reacted by cutting its benchmark interest rate three times, part of what officials deemed insurance against a potential slowdown.” [CNBC, 12/6/19]