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Solutions to Rising Economic Inequality Hearing Committee on the Budget House of Representatives SOLUTIONS TO RISING ECONOMIC INEQUALITY HEARING BEFORE THE COMMITTEE ON THE BUDGET HOUSE OF REPRESENTATIVES ONE HUNDRED SIXTEENTH CONGRESS FIRST SESSION HEARING HELD IN WASHINGTON, D.C., SEPTEMBER 19, 2019 Serial No. 116–14 Printed for the use of the Committee on the Budget ( Available on the Internet: www.govinfo.gov U.S. GOVERNMENT PUBLISHING OFFICE 38–006 WASHINGTON : 2020 COMMITTEE ON THE BUDGET JOHN A. YARMUTH, Kentucky, Chairman SETH MOULTON, Massachusetts, STEVE WOMACK, Arkansas, Vice Chairman Ranking Member HAKEEM S. JEFFRIES, New York ROB WOODALL, Georgia BRIAN HIGGINS, New York BILL JOHNSON, Ohio, BRENDAN F. BOYLE, Pennsylvania Vice Ranking Member RO KHANNA, California JASON SMITH, Missouri ROSA L. DELAURO, Connecticut BILL FLORES, Texas LLOYD DOGGETT, Texas GEORGE HOLDING, North Carolina DAVID E. PRICE, North Carolina CHRIS STEWART, Utah JANICE D. SCHAKOWSKY, Illinois RALPH NORMAN, South Carolina DANIEL T. KILDEE, Michigan KEVIN HERN, Oklahoma JIMMY PANETTA, California CHIP ROY, Texas JOSEPH D. MORELLE, New York DANIEL MEUSER, Pennsylvania STEVEN HORSFORD, Nevada WILLIAM R. TIMMONS IV, South Carolina ROBERT C. ‘‘BOBBY’’ SCOTT, Virginia DAN CRENSHAW, Texas SHEILA JACKSON LEE, Texas TIM BURCHETT, Tennessee BARBARA LEE, California PRAMILA JAYAPAL, Washington ILHAN OMAR, Minnesota ALBIO SIRES, New Jersey SCOTT H. PETERS, California JIM COOPER, Tennessee PROFESSIONAL STAFF ELLEN BALIS, Staff Director DAN KENIRY, Minority Staff Director (II) CONTENTS Page Hearing held in Washington D.C., September 19, 2019 ....................................... 1 Hon. John A. Yarmuth, Chairman, Committee on the Budget .................... 1 Letter and reports submitted for the record ........................................... 4 Prepared statement of ............................................................................... 36 Hon. Bill Johnson, Vice Ranking Member, Committee on the Budget ........ 39 Prepared statement of ............................................................................... 41 Heather Boushey, Ph.D., President and CEO, Washington Center for Equitable Growth .......................................................................................... 43 Prepared statement of ............................................................................... 46 Hon. William E. Spriggs, Ph.D., Chief Economist, AFL-CIO, and Pro- fessor, Department of Economics, Howard University .............................. 64 Prepared statement of ............................................................................... 66 Kismet Evans, Home Healthcare Worker, Las Vegas, Nevada .................... 80 Prepared statement of ............................................................................... 82 Ramesh Ponnuru, Visiting Fellow, American Enterprise Institute ............. 83 Prepared statement of ............................................................................... 85 Hon. Sheila Jackson Lee, Member, Committee on the Budget, statement submitted for the record ............................................................................... 123 (III) SOLUTIONS TO RISING ECONOMIC INEQUALITY THURSDAY, SEPTEMBER 19, 2019 HOUSE OF REPRESENTATIVES, COMMITTEE ON THE BUDGET, Washington, D.C. The Committee met, pursuant to notice, at 10:01 a.m., in Room 210, Cannon House Office Building, Hon. John A. Yarmuth, [Chair- man of the Committee] presiding. Present: Representatives Yarmuth, Horsford, Moulton, Higgins, Morelle, Scott, Kildee, Lee of California, DeLauro, Cooper, Khanna, Sires; Womack, Johnson, Smith, Holding, Meuser, Timmons, Flo- res, Hern, Roy, Crenshaw, and Woodall. Chairman YARMUTH. Good morning and welcome to the Budget Committee’s hearing on Solutions to Rising Economic Inequality. It is possible that we will have votes during this hearing. So I ask unanimous consent that the Chair be authorized to declare a recess at any time. Without objection, so ordered. I want to welcome our witnesses here with us today. This morn- ing we will be hearing from Dr. Heather Boushey, President and CEO of the Washington Center for Equitable Growth; the Honor- able William E. Spriggs, Chief Economist at the AFL–CIO and Pro- fessor of Economics at Howard University; Ms. Kismet Evans, one of Mr. Horsford’s constituents and a home healthcare worker from Las Vegas, Nevada; and Mr. Ramesh Ponnuru, Visiting Fellow at the American Enterprise Institute and a frequent television com- mentator. Nice to have you all with us today. I will now yield myself five minutes for my opening statement. As a Congress, we have a responsibility to support policies that give all hardworking Americans the opportunity to succeed no mat- ter where they started out. Unfortunately, policies implemented over the past few decades have helped usher in an era of economic inequality that remains one of our most pressing economic and fis- cal challenges. During today’s hearing, we will examine the causes and con- sequences of inequality and discuss possible solutions to strengthen our families and our federal budget. Over the past 30 years, the richest 1 percent of Americans have seen their wealth grow by nearly 300 percent. At the same time, the poorest 50 percent saw no growth, even as the cost of housing, healthcare, food, childcare and other basic necessities have gone up (1) 2 and up and up, making it nearly impossible for millions of Amer- ican families to make ends meet. The share of national income held by the wealthiest Americans has also increased to levels not seen since the 1920s, right before the Great Depression. In short, our economy has left working families behind. The in- equality it has created has impacted every generation. Our nation’s seniors are struggling to retire. Recent college graduates and young people are putting off buying their first homes or investing in as- sets that could increase their wealth. Parents are finding it harder and harder to afford college, job training and childcare, all of which are key to finding success in a changing world. Our nation’s economic future depends on the success of working Americans. Plain and simple, if they do not succeed, our country does not succeed. Economic inequality is suppressing economic growth and eroding our tax base. It is putting pressure on federal, state, and local budgets, and it is increasing the likelihood of a financial downturn. In fact, income inequality has cost the United States up to 9 per- centage points in cumulative economic growth over the past two decades. But it is important to understand that the rise in inequality is not just rooted in structural changes, globalization, or other forces beyond our control. It is also a result of decades of policy geared to help the very rich at the expense of everyone else. Beginning in the 1970s, as the United States experienced major technological advancements, our country failed to take the steps needed to ensure shared prosperity. Instead, workers suffered from trickle-down economic policies, financial industry deregulation, and attacks on organized labor. As a result, wage growth slowed, and income and wealth consoli- dated with the top 1 percent. Unfortunately, here we are again. Rapid advancements in auto- mation and artificial intelligence are set to reshape a broad swath of industries. In fact, a top official at IBM told me earlier this year that in the next three years alone, artificial intelligence will elimi- nate or significantly change 120 million jobs around the world, 120 million jobs in just three years. We need to make sure that the new industries of the future and the skilled workers they demand will call the United States home, not China or any other country. Instead, we just blew $1.9 trillion on the Republican tax law that overwhelmingly benefitted the wealthy and did little to improve our nation’s economy or prepare us for the future. Continued efforts to deregulate the financial industry and roll back consumer protections are endangering working Americans. Legislation aimed at weakening unions is spreading in state houses across the country, and we are setting a record for the longest pe- riod in U.S. history without an increase in the federal minimum wage. What is worse, the current Administration is advancing policies that would expand work requirements and redefine poverty to 3 make fewer people eligible for assistance, which in turn makes it even harder for them to succeed. America’s greatest asset has always been our people, more spe- cifically, our workforce. And in this rapidly changing world, it is also our greatest opportunity, but the federal government must step up. We must make a national commitment to early childhood edu- cation and work to make college more affordable, raise the min- imum wage, expand job training opportunities, and invest in the programs that help struggling families get ahead. We need to address our aging infrastructure by overhauling our crumbling roads and bridges, updating communications systems, expanding broadband services to rural areas, all while creating the new jobs of the future. And we need responsible tax policies that will ensure companies invest here, in U.S. workers and in the new industries that will drive innovation for generations. We must do all of this and more, not only because economic in- equality hurts American families and hinders their success, which should be enough, but because it also threatens our ability to com- pete in a rapidly changing global economy. I look forward to hearing from our witnesses on the importance of creating an economy
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