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Paulsen: U.S. Regulatory Environment Harming Productivity and Americans' Standard of Living

Statement

Date: March 2, 2016
Location: Washington, DC
Issues: Business and Consumers Government Operations

In a Joint Economic Committee (JEC) hearing entitled "The Economic Report of the President," Congressman Erik Paulsen (MN-03) questioned Jason Furman, Chairman of the White House Council of Economic Advisers, about sluggish labor productivity growth and the effect that is having on American families. Paulsen questioned Chairman Furman about potential reasons that labor productivity has shown slow growth in recent years, including whether the increasing number regulations are contributing to less productivity and a lower standard of living in the U.S.

Paulsen commented on the hearing, "History tells us that labor productivity and the standard of living in the United States are closely linked -- when American workers become more productive, quality of life improves faster. Over the last five years, we've had the worst labor productivity growth since WWII, which has resulted in lower wages and smaller paychecks. Eliminating unnecessary and onerous regulations is the key to unlocking our economy and putting more money in the pockets of workers."


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