Economic Policy News
The Daily Signal provides economic policy news with reporting, analysis, and commentary on markets, growth, and fiscal responsibility.
-
Omnibus Spending Bill Will Threaten America’s Public Health, on Purpose
Among the glut of pork and woke spending loaded into the lame-duck omnibus spending bill, you’ll find $1.5 billion in taxpayer funding for something called the Advanced Research Projects Agency – Health (ARPA-H). You’ve probably never heard of ARPA-H because it didn’t exist before March of this year. But this obscure agency cannot be ignored because…David Gortler -
18 Absurdities of the McConnell-Schumer Omnibus Spending Bill
Congressional leaders have dropped 6,825 pages of text for their “omnibus” spending bill, plus explanatory materials that include a list of at least 4,000 earmarks, on the doorstep of every American family. When announcing the gargantuan spending bill, its authors put “the federal government” before “American families,” and that is exactly what this bill is…Richard Stern -
‘This Has Got to Stop’: GOP Lawmakers Slam Democrat-Led Efforts to Pass Massive Spending Bill
Conservative lawmakers are continuing to rally against Democrat-led efforts to pass funding for the government for the fiscal year that began Oct. 1. The omnibus spending package text was released in the early hours of Tuesday morning and is 4,155 pages long. "It's loaded up with earmarks again so it's the classic worst case of…Samantha Aschieris -
‘We Cannot Afford It’: GOP House Leaders Advise Against Omnibus Spending Bill
Republican leadership in the House is barreling ahead with efforts to prevent Democrats from passing a lame-duck omnibus spending bill this year. “We’re 20 days before the new members are being sworn in. We’ve got two members leading appropriations in the Senate who will no longer be here or be able to be held accountable…Samantha Aschieris -
Unhappy New Year: CBO Forecasts Poor Economy, Soaring Deficits in 2023
The nonpartisan Congressional Budget Office on Nov. 29 released an analysis describing its “current view of the economy in 2023 and 2024 and the budgetary implications.” In short, everything looks bleaker than it did a little more than six months ago, when the CBO published its Budget and Economic Outlook report in May. In the…Preston Brashers -
Republicans Off to Rocky Start as Wasteful Washington Spending Makes a Comeback
“Everyone knew that wasteful Washington spending would spur inflation.” —House GOP Commitment to America, September 2022 For a party that campaigned relentlessly against Bidenflation this year, you’d think Republicans might use their new power in Washington to make it a priority to curtail wasteful government spending. Think again. Earmarks are the very symbol of “wasteful Washington spending.”…Rob Bluey -
Voters Pass Constitutional Amendment Forcing Democrat City to Increase Police Spending
Missouri voters approved a constitutional amendment Tuesday requiring Kansas City to increase spending on its state-controlled police department, according to The Associated Press. The amendment effectively raises the amount of general revenue the city must use for police from 20% to 25%, the outlet reported. The Missouri General Assembly passed legislation earlier in the year to make that…Trevor Schakohl -
Why New GDP Report Showing Economic Growth Is Misleading
The U.S. economy grew by 2.6% in the third quarter of 2022, according to the U.S. Bureau of Economic Analysis report released Thursday. Compared with the gross domestic product figure from the second quarter, which showed the economy shrunk 0.6%, that appears to be solid economic growth. Not quite—according to EJ Antoni, a research fellow in…Samantha Aschieris -
California’s Economy Looks Headed for Disaster
California officials are sounding the alarm after recent statistics showing that less corporate and start-up activity in the state will lead to a decline in tax revenue, according to a report by Bloomberg News. This year, just nine companies based in California have held initial public offerings, or IPOs, which is when a company first…Arjun Singh -
Government Micromanagement Running Economy Into Ground
It’s almost certainly true that the company president didn’t set the price of the last product you bought at Walmart, Costco, or Amazon. If the head of a major multinational retailer did set the day-to-day prices of tens of thousands of items across hundreds of different markets, he wouldn’t have time to do much else….Preston Brashers -
In 5 Charts, How Heritage’s Budget Blueprint Would Clean Up Washington’s Mess
It’s no secret that the federal government’s finances are a wreck. Washington has spent too much and added far too much to the national debt for the sake of political convenience and payoffs to well-connected special interests. We’re now paying a heavy price for years of irresponsible governing, with inflation hitting 40-year highs. Waves of…David Ditch -
Biden’s Spendy, Bloated Government Corrodes Our Economic Freedom
America’s economic freedom is in growing peril. That was one of the core findings of The Heritage Foundation’s 2022 Index of Economic Freedom, published in February. The annual global benchmark report, which compares countries’ economic governance and competitiveness, underscored the urgent need for America to change policy course. The latest index reported that the U.S….Anthony B. Kim -
Beijing’s Economic Problems Complicate Its Designs on Taiwan
As China continues military drills near the island of Taiwan, the tense security environment brings up a question: Is China going to invade Taiwan soon? Fortunately, China’s current economic mess says it’s not likely. A few weeks before House Speaker Nancy Pelosi’s visit to Taiwan, China reported a sharp economic slowdown to 0.4% growth in…Min-Hua Chiang -
‘So Goes Housing, So Goes the Economy,’ Rep. Ralph Norman Says
For many Americans, buying a home is one of their greatest financial goals. And the health of the economy is tied directly to our ability to purchase real estate, says Rep. Ralph Norman, R-S.C. “So goes housing, so goes the economy,” Norman says. “The reason that is, you have over 130 trades [involved], from the…Virginia Allen -
‘Inflation Reduction Act’ Should Be Renamed ‘Economic Freedom Reduction Act’
On Sunday, all 50 Senate Democrats voted in lockstep to push through the so-called Inflation Reduction Act, the Biden administration’s big government tax-and-spending bill that will unambiguously undermine America’s economic freedom. The deal between Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.Va., resuscitated key elements of President Joe Biden’s euphemistically named Build…Anthony B. Kim -
Manchin’s Reward for Backing Democrats’ Spending Bill Easily Could Be Thrown Out
Sen. Joe Manchin, D-W.Va., sponsored Democrats' new spending bill shortly before party leaders promised to expedite permits for crucial energy infrastructure; however, the arrangement easily could fall apart as little protections exist to make permitting reform a reality. President Joe Biden, House Speaker Nancy Pelosi, and Senate Majority Leader Chuck Schumer promised Manchin that they…Jack McEvoy -
CHIPS Act an Example of Misguided Public Policy, Heritage Foundation President Says
The conservative movement at its best focuses on the lives of real Americans, Heritage Foundation President Kevin Roberts said at the recent American Economic Forum in Washington. “We have to get out of the habit of spending so much and expecting modern monetary theory and/or inflation to pay down debt,” Roberts said, adding that the…Gillian Richards -
How CHIPS for America Act Chips Away at America’s Economic Freedom
Congress and the Biden administration are gearing up a bloated Creating Helpful Incentives to Produce Semiconductors for America Act, but the CHIPS for America Act runs the real risk of chipping away at America’s economic freedom and competitiveness, rather than enhancing it. The Senate is scheduled this week to vote on the bill, whose price…Anthony B. Kim -
House Democrats Ride ‘Minibus’ to Inflation, Economic Ruin
Against the backdrop of a contracting economy and falling real incomes, the House majority is trying to increase federal spending over the next decade by $1.7 trillion—imposing a cost burden of future taxes and inflation that would be equivalent to more than $13,000 per household. As a first step, the House’s Democratic majority has decided…Richard Stern -
Increasing ‘Buy American’ Requirements on Defense Spending Is Still Bad Idea
Congress is once again flirting with new “Buy American” legislation for defense programs. But underneath the patriotic cover of this legislation is an unexpected casualty: military readiness and capability. Buy American legislation can be traced back to 1933, when Congress passed the Buy American Act, requiring that government acquisitions be entirely produced in the United…Conner Bolanos