Tags: America's Forum | Exclusive Interviews | economy | policy | lawmakers | index

Rep. Brady: New Economic Index Will Help Policy Makers

By    |   Tuesday, 16 Dec 2014 02:27 PM

The Bureau of Labor Statistics is developing a new stress index that will give lawmakers a clearer picture of the impact of the economy on working families, Rep. Kevin Brady told Newsmax TV's "America's Forum" on Tuesday.

"This new index, which goes back 15 years . . . will be developed by the Bureau of Labor Statistics each month. So, we'll be able to track just how stressful things are on working families. That'll help policy makers," the Texas Republican said.

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Brady, who chairs the House and Senate Joint Economic Committee, said it isn't entirely correct when the administration of President Barack Obama "tells us the economy is doing great, families are doing great," because the impact of costs on Americans was nearly identical to what it was during the recent recession.

"What surprised me the most is that, even though the recession ended five years ago, the stress level on families is almost what it was then, today. So, while fuel has gone down a little recently, which has been very helpful, the stress level on families is nearly as high as it was during the financial crisis," he said. "It really explains why so many people feel like this recovery has left them behind."

The index tracks "key" expenses, Brady explained, including food, fuel, medicine, healthcare costs, and college tuition. He said the data would "reveal more the true economy for people."

Falling gas prices have been "hugely helpful" in reducing some of the financial burdens for families, Brady said. However, he maintained people were still significantly under economic stress, and the index would help lawmakers make decisions on "tax reform and regulation issues."

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The Bureau of Labor Statistics is developing a new stress index that will give lawmakers a clearer picture of the impact of the economy on working families, Rep. Kevin Brady told Newsmax TV's "America's Forum."
economy, policy, lawmakers, index
305
2014-27-16
Tuesday, 16 Dec 2014 02:27 PM
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