Hoyer Warns Members of Slowing Economy

The freshly released October jobs report continues to reflect an economy struggling with current trade wars. The slower wage growth is impacting millions of American workers and their families and adds to indicators pointing to a slowing economy.
House Majority Leader Steny H. Hoyer (D-MD) has begun sending weekly economic reports to members as concern with the economy grows. Some of his points on the heels of the release of October’s slow jobs report are:
The manufacturing sector is contracting. “Even as the $21 trillion US economy continues growing, and unemployment hovers at a half-century low, factory activity has contracted for two consecutive months, according to the closely watched Institute for Supply Management index,” reported The Washington Post – 10/29/19.
When unemployment is low, more Americans should have health care coverage. “Between 2016 and 2018, children’s enrollment in Medicaid and the Children’s Health Insurance Program dropped from 35 percent to 34.3 percent. Enrollment in health plans purchased on the individual market declined from 5.8 percent to 5.2 percent during the same time period,” reported The Washington Post – 10/30/19.
The climate crisis has an impact on the global economy. “As temperatures continue to move higher, the economic impacts will be wide-ranging. Uncertainty about climate risks and the impact of mitigation measures creates a disincentive for businesses to invest. Higher temperatures reduce labor productivity. The need for climate adaptation diverts resources away from more productive uses. And while the transition to a low-carbon economy brings new opportunities, a trade-off between emissions and growth may be tough to avoid,” reported Bloomberg BusinessWeek 10/29/19.
“House Democrats are working to make opportunities more broadly accessible so more Americans can find good jobs, earn a good wage, and get ahead,” Rep. Hoyer said. “Every worker deserves economic security, which is why we are working to raise wages, protect access to affordable health care and lower prescription drug prices, promote homeownership and affordable rental housing, make affordable higher education and skills training more accessible, and help more workers save for retirement. This year, we’ve put the House back to work for the people, and I urge Senator [Mitch] McConnell to take up House-passed legislation to help more working families get ahead.”
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For more information about House Majority Leader Steny H. Hoyer, visit his Leader member page.