Schumer: ‘For Too Long We've Relied on GDP Alone as a Bellwether for How Americans Are Faring’

By CNSNews.com Staff | August 29, 2018 | 4:03pm EDT
Senate Minority Leader Chuck Schumer (Screen Capture)

(CNSNews.com) - Senate Minority Leader Chuck Schumer (D.-N.Y.) held a press briefing on Tuesday—one day before the Bureau of Economic Analysis released its second estimate of Gross Domestic Product (GDP) growth in the second quarter (stating it was 4.2 percent)—at which he stated that Americans “for too long” have been relying “on GDP alone as a bellwether” of how Americans are doing economically.

“For too long we've relied on GDP alone as a bellwether for how Americans are faring in the economy when we should be looking as well at income data across the economic spectrum,” said Schumer.

“America’s working families deserve the full picture when the federal government publishes data showing how the economy is doing, especially with the quarterly numbers,” he said.

Schumer used the press briefing to announce that Senate Democrats were introducing legislation to require the government to release income data along with its quarterly GDP numbers.

Here is an excerpt from Schumer’s statement:

“Too often when we hear that GDP is rising and the economy is booming, as the president claims, there's an assumption that all Americans are reaping the benefit equally, when in fact wages for the middle class remain flat and income inequality gets worse.

“To this end, Senator Heinrich and I, and many others, will be introducing new legislation today--and you'll hear more about it from Martin--that requires new income growth data to be published alongside quarterly GDP reports.

“For too long we've relied on GDP alone as a bellwether for how Americans are faring in the economy when we should be looking as well at income data across the economic spectrum. America’s working families deserve the full picture when the federal government publishes data showing how the economy is doing, especially with the quarterly numbers.

“This legislation cuts right to the heart of the matter; seeks to present a clear and accurate picture of who the economy is really working for.

“So far, corporations are cashing in, American workers are falling behind. We Democrats are committed to fix that.”

 

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