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Chairman Vic Fazio
Legislative Branch Subcommittee
Joint Economic Committee FY'88 Budget
January 21, 1987

Finally, the Committee has begun efforts to develop a deeper understanding of how the economic changes taking place in a number of nations on the so-called "Pacific Rim" will affect our economic future. The emerging industrial and financial power of not only Japan but Hong Kong, singapore, Korea, Taiwan and Malaysia promises to have an impact on the U.S. and world economie's that will be even more dramatic in the next decade than it has been in the last.

If I were to make a single criticism of the Congress during the more than 16 years I have served here, it would be that we have ignored the problems that were fundamental and profound in order to wade through the daily mesh of details. What we spend on the JEC is only one of the investments we make each year to look at policy problems below the surface, to think in more depth about the direction events are taking us and the total impact of all policy on that direction, not just how good or bad one piece of legislation is going to be. I think whether or not we increase that investment in the coming fiscal year, we should face up to the fact that we have much greater neecs in this creà than current

resources can address.

The Committee has also requestec ¿ surplemental appropriation for the current fiscal Year of $261,000 of which $155,000 is an increase in agency contributions for tre federal Esployees ReSirenent System and $106,000 is for the three percent cos:-01living pay increase effective January 1, 1987.

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JOINT ECONOMIC COMMITTEE

Summary By Organization and By Object Class

FY'36
ACTUAL

FY'37
ESTIMATE

FY'88
ESTIMATE

NET CHANGE
87/88

Dollar
bollars
Dollars

Dollars
( $000) Staff ($000) Staff ($000) Staff ( $000)

CATEGORIES

Staff

Breakdown by Organization:

JOINT ECONOMIC COMMITTEE

46

2,492

49

2,997

51

2 3,284 +2

287

Breakdown by Object Class:

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