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JEC to look at faltering economic growth
WASHINGTON (10/21/08)—Sen. Charles Schumer (D-N.Y.), chairman, and Rep. Carolyn Maloney (D-N.Y.), vice chairman, announced that their Joint Economic Committee (JEC) will conduct a hearing next week on “faltering economic growth and the need for economic stimulus.” On Oct. 30, the committee will examine the Bureau of Economic Analysis’ release of the Gross Domestic Product (GDP) numbers for the third quarter. According to a JEC release, preliminary data show that export growth has stalled while real consumer spending declined in July, and did not grow in August, and retail sales have fallen sharply over the past few months. These data indicate that the third quarter GDP will likely will show faltering overall economic performance. The committee investigation is intended to determine whether the new government data points to a need for more economic stimulus and what that stimulus should entail. Scheduled witnesses are: Nouriel Roubini, professor, Economics and International Business, New York University, and Simon Johnson, Ronald A. Kurtz Professor of Entrepreneurship, MIT. Additional witnesses may be added. The Credit Union National Association will be following hearing developments closely.
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