Joint Economic Committee Annual Report on the State of the Economy and State Economic Snapshots

Source: Joint Economic Committee

U.S. Senator Charles E. Schumer, Chairman of the Joint Economic Committee (JEC) and Congresswoman Carolyn B. Maloney, Vice Chair of the JEC, today released the Committee’s annual report. The President says his policies are working to make the economy strong and that all Americans are benefiting, but the facts show an economic record that has left the vast majority of American families behind. The JEC report concludes that the country needs a change in direction to get our economy back on the right track and to ensure that all American families share in our nation’s growing prosperity.

Highlights: The main indicator of the overall health of the U.S. economy, GDP growth, has been anemic during this economic recovery. Since the last economic peak in the first quarter of 2001, the economy has expanded at an annual rate of only 2.6 percent, about a third less than the 3.7 percent average growth rate of the three prior economic cycles of similar length.

The 2007 Joint Economic Report – Report of the Joint Economic Committee of the United States on the 2007 Economic Report of the President Together with Minority Views. Report 110-251, December 2007 (234 pages, PDF)

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