NewsFlash: January 15, 2008
Mishel to testify before JEC hearing tomorrow
Economic Policy Institute President Lawrence Mishel will join former Treasury Secretary Lawrence Summers and other economic experts in testifying Wednesday morning before the first Joint Economic Committee hearing on how government can contain damage from a recession many observers believe has already started. Mishel will present the Strategy for an Economic Rebound, EPI’s $140 billion plan to counteract the worst effects of the economic downturn for American workers and their families and for the economy as a whole.
Mishel emphasizes the urgency of anti-recession actions that can be taken quickly and whose stimulative effects can begin to take hold right away, in contrast to administration proposals that would have little to no effect this year. EPI’s Strategy for an Economic Rebound includes immediate improvements to unemployment insurance, tax rebates targeted especially at middle- and low-income workers who are most likely to spend them quickly, and a quick infusion of aid to states to forestall the need for cuts in state jobs and essential services – which would only exacerbate the recession’s impact. A unique feature of EPI’s Strategy is to accelerate spending on needed repairs to schools, bridges, highways, and other infrastructure in order to bolster job growth in the industries that do the work and supply the materials.
“The fastest, most efficient way to get an infusion of money into the economy quickly is direct government spending on people who need help and on essential projects and services,” Mishel explains. “At a time when softening demand is leading many private sector employers to think about cutbacks, public spending is essential for creating new demand and the jobs necessary to meet it.”
Hearing of the Joint Economic Committee, Sen. Charles Schumer, Chair
“What Should the Federal Government Do to Avoid a Recession?”
WHEN: 9:30 am, Wednesday, January 16, 2008
WHERE: Hart Senate Office Building, Room 216
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