Cecilia Rouse Testifies to the Senate

Today, our country is living through the worst economic crisis since the Great Depression. Millions of families have had their lives turned upside down. The economic security they’ve worked so hard to build eroded almost overnight by the economic impact of the pandemic. Far too many have slipped through our safety net into hardship and hopelessness, and structural inequities that have always existed within our economy have not just been exposed, but exacerbated — their impact more devastating than ever before. As important as it is for the C.E.A. to interpret and translate data and academic research, it is also vital that we utilize the right data. Too often, economists focus on average outcomes instead of examining a range of outcomes. As a result, our analyses tell us about average economic growth and the middle of the distribution. But as our economy grows more and more unequal, that analysis fails to capture the experience of the many people who are left behind, particularly people of color. Therefore, one of my priorities as chair will be to try to understand how policies will impact all in our country as we strive to ensure the economy works for everyone.