Joint Economic Committee Hearing on U.S. Economic Outlook (2017)

• •The hearing took place on October 25, 2017, in the Longworth House Office Building.
• •Chairman Tiberi stated that the Congressional Budget Office lowered its assessment of U.S. economic output potential every year from 2007 to 2016.
• •The 2016 U.S. output potential was estimated to be over 12 percent lower than what was projected in 2007.
• •The committee discussed that 33 out of 34 countries analyzed reduced their corporate tax rates between 2000 and 2017, while the U.S. rate remained unchanged.
• •Data presented indicated that 26 out of 27 countries analyzed eased product market regulations between 1998 and 2013.
• •The committee identified aging population, slowing population growth, and technological changes as factors impacting production.
• •The Chairman cited low business investment and declining labor force participation among prime-age workers as primary concerns.

The hearing provides insight into the economic policy priorities of the 115th Congress, specifically regarding arguments for corporate tax reform and regulatory changes intended to boost GDP and labor participation.

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.