S. Hrg. 114-551: The Economic Outlook, Hearing Before the Joint Economic Committee, Congress of the United States, One Hundred Fourteenth Congress, Second Session, November 17, 2016   [open pdf - 442KB]

This is the November 17, 2016 hearing titled, "The Economic Outlook," held before the U.S. Congress Joint Economic Committee. From the opening statement of Daniel Coats, U.S. Senator from Indiana: "Eight years after a deep recession, we are still looking for a higher rate of GDP growth, stronger productivity growth, and increased work opportunities, especially for prime-age workers. Low interest rates have historically been the prescribed treatment for a weak economy. However, the past seven years have clearly taught us that low interest rates alone cannot cure an ailing economy. In response to this continuing challenge of stimulating growth to a more desired level, there seems to be a growing consensus forming that tax and regulatory reforms, plus fiscal stimulus measures such as targeted infrastructure initiatives, may be necessary ingredients, or perhaps are necessary ingredients, to incentivize capital investment and GDP growth. But as we pursue these policy changes, we also have to be mindful of the nearly $20 trillion national debt that looms ominously over the U.S. economy. Where debt-to-GDP stood at 39.3 percent in 2008, it will total 76.6 percent by the end of this year, according to the CBO analysis, and will climb to 85.5 over the next 10 years. We look forward to hearing the Chair's thoughts on this economic outlook, as well as the types of policies that Congress perhaps should be looking at considering during this time of change." Statements, letters, and materials submitted for the record include those of the following: Janet L. Yellen.

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S. Hrg. 114-551; Senate Hearing 114-551
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