Judd Gregg: “I rise today to dispel a major misconception about the progress of low-income Americans. Those on the other side of the…”

“I rise today to dispel a major misconception about the progress of low-income Americans. Those on the other side of the aisle would have you believe that when one person does better it must be at the expense of another. Nothing could be further from the truth. In fact, when Congress adopts policies that encourages individuals to work harder, save, take risks, and invest more, the economy does better and everyone benefits. Two recent studies I requested from CBO prove a rising tide does lift all boats. The first report issued in December, entitled ``Changes in Low Wage Labor Markets Between 1979 and 2005,'' found that the inflation adjusted hourly earnings of U.S. workers was 10 percent higher now than back in 1979. Since 1990 those in the bottom 10th percentile of wage earners witnessed their inflation adjusted wages increase 12.8 percent, more than 2.5 percentage points faster than those in the statistical middle. CBO's second report entitled ``Changes in the Economic Resources of Low-Income Households with Children'' indicates that poor households with children experienced real earnings gains of 80 percent since 1991, outpacing even those in the top income quintile whose earnings grew 54 percent.”