Congresswoman Beatty Joins JEC Colleagues in Examining Persistent Economic Inequality
Statement
Today, the Joint Economic Committee (JEC) held a bipartisan, bicameral hearing, "Expanding Opportunity by Strengthening Families, Communities, and Civil Society," to focus on how family relationships and community networks can impact poverty and financial instability in America. Witnesses included: Dr. Nathaniel Hendren, Professor of Economics and Founding Co-Director of Opportunity Insights, Harvard University; Dr. Ryan Streeter, Director of Domestic Policy Studies, American Enterprise Institute; Mr. Jose A. Quinonez, Founder and CEO, Mission Asset Fund; and Dr. Patrick Sharkey, Professor and Chair of the Sociology Department, New York University.
U.S. Congresswoman Joyce Beatty (OH-03) questioned the expert panel on the growing household wealth gap, as well as the lack of economic mobility and opportunity for children in low-income households. She concluded by asking panelists, "Do you believe that the income and opportunity gap is a national emergency?" Each answered in the affirmative.
Currently, numerous studies show that the percentage of children in low- to moderate-income households earning more than their parents is shrinking. In fact, a recent study found that the odds of moving from the bottom quintile of wealth to the middle quintile or higher dropped from 23 percent in 1990 to 14 percent as of 2011.
"Every day, more and more Americans are losing hope, faced with the stark reality that no matter how hard they work and try to scrimp and save they will never get ahead--much less get by. Even worse, their children will likely face a similar fate," Beatty said. "This cannot become the "new normal,' and I will continue working with my colleagues on and off the Joint Economic Committee to shrink the wealth gap so that more hardworking families have the opportunity to build a financially brighter tomorrow."
One of four standing committees in the United States Congress, JEC was created following passage of the Employment Act of 1946. The Committee is comprised of 10 Members of Congress and 10 Senators, equally divided between Democrats and Republicans, and chairmanship alternates between the Senate and House every Congress. During the 116th Congress, Senator Mike Lee (R-UT) serves as JEC chair and Congresswoman Carolyn Maloney (D-NY-26) is Democratic Vice-Chair.
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