JEC Hearing "The Economic Situation" October 4, 2011

"Ominous clouds are gathering. Economic growth is nearly stagnant. We have 6.8 million fewer payroll jobs today than when the recession began in December 2007, according to the Bureau of Labor Statistics. At the comparable point during the Reagan recovery, there were 5.4 million more payroll jobs.

According to economists Carmen Reinhart and Kenneth Rogoff, recoveries from financial crises are weak and vulnerable to external shocks that may trigger double-dip recessions. Republican members of Congress recognize this. We are critical of the President’s expensive economic policies because not only they have failed to spur job growth and business confidence, but also, as we feared, they have left America susceptible to a double-dip recession.

Today as we meet, America faces a growing risk from the European debt crisis.

The United States and the European Union are major trading partners. I am very concerned about the effects of contagion from the euro crisis on American financial institutions and markets, as well as the broader economy. I am anxious to hear your assessment of the euro crisis and any steps that the Federal Reserve may take to quarantine any contagion...."


Opening Statement
Rep. Kevin Brady
Vice Chairman
Joint Economic Committee

See Vice Chairman Brady's full opening statement HERE

Also see Federal Reserve Chairman Ben Bernanke's Testimony HERE