WASHINGTON, D.C. — U.S. Senator Bob Menendez, a senior member of the Senate Banking, Housing, and Urban Affairs Committee, asked Federal Reserve Chair Jay Powell if working families are reaping the benefits of the Trump Administration’s CEO-friendly economic policies. The senator questioned Powell during a hearing on the Federal Reserve’s semi-annual monetary report to Congress.
“Working families not only can’t get ahead but they’re actually falling behind,” Sen. Menendez said. “Families in New Jersey can’t keep up with surging costs, particularly for prescription drugs. By comparison, after-tax corporate profits increased by 8.7 percent just in the last quarter. There’s something fundamentally wrong in our economy when workers are seeing their pay cut while corporations are benefiting from a $2 trillion dollar tax giveaway.”
Under questioning from the Senator, Powell admitted that, contrary to the Trump Administration’s claims, economic growth is not reaching all families.
“I think we're aware and I'm aware that, while the aggregate numbers are good and unemployment is low and surveys, overall, of households are very positive about the job market, not everybody is experiencing the recovery; not every demographic group, not every place are experiencing this,” said Chairman Powell.
October 27, 2020