Economy News
The Daily Signal reports on economy news with analysis and commentary on growth, recession risks, employment, and financial trends.
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opinion
June Unemployment Rate Drop Can Be Explained by Americans Dropping Out of Work Force
Today’s Bureau of Labor Statistics’ jobs report showed solid but not spectacular labor market growth in June. The payroll survey showed net employment jumping by 223,000 jobs while the household survey reported unemployment falling to 5.3 percent—a drop entirely driven by falling labor force participation. A smaller proportion of Americans are working or looking for… -
news
Poverty Pimps, Free Markets and Freedom: Walter Williams Talks Race and Economics
For decades economist Walter E. Williams has served as a strong supporter for fiscal conservatism. In his interview with The Daily Signal, Williams talks about several different topics, ranging from race to why conservative principles work best for those who are poor and impoverished. “Racial discrimination and racism could have died a well deserved death,… -
news
Top Export-Import Bank Official Deletes Text Messages Sent During 2014 Midterm Elections
A government watchdog has learned a top-ranking official at the Export-Import Bank deleted text messages sent during the 2014 midterm elections, sparking a lawsuit calling for the recovery of the records. Cause of Action, a nonpartisan government accountability organization, submitted a Freedom of Information Act request to Ex-Im on Nov. 14, 2014, asking for text… -
news
The Latest Federal Mandate Threatening Doctor’s Offices
Gerald Harmon, a member of the American Medical Association’s Board of Trustees, owns a small, family medical practice in coastal South Carolina. A doctor for more than 20 years, his practice is among the many private, independent doctor’s offices threatened with financial insolvency because of an impending unfunded government mandate. Doctors have just over 90… -
news
Rhode Island Hikes Minimum Wage for the Fourth Time in Four Years
Rhode Island lawmakers have approved legislation that will raise the state’s minimum wage. The Ocean State will increase its hourly wage from $9 to $9.60 starting on Jan. 1, 2016. According to NECN, the increase will be Rhode Island’s fourth minimum wage hike in four years. Gov. Gina Raimondo, D-R.I., signed the bill into law… -
opinion
Time to Get Federal Government Out of Highway Spending Decisions
America’s interstate highway system, which broke ground in 1956 and was completed in the early 1990s, enables us to affordably travel more than 3 trillion miles per year on its roads. But even 20 years after its completion, funding for maintenance of the interstate highway system remains in the hands of Congress and federal bureaucrats…. -
news
John Kasich on Export-Import Bank: ‘Get Rid of It’
Gov. John Kasich tells The Daily Signal that he’d like to see the Export-Import Bank shut down. “There’s been corruption in the bank. If they can dramatically restructure it, that would be OK with me but I’d rather at this point get rid of it,” the Ohio Republican said in an interview Friday at the… -
opinion
How Liberals Manipulate Data About the Minimum Wage
Does the U.S.-Canadian speed gap bother you? Americans can drive no faster than 65 on Massachusetts highways. Meanwhile Canadian motorists zip along at speeds of up to 100. Congress should close this inequitable speed gap! This argument sounds ridiculous, because it is. Canadians measure speed in kilometers per hour, not miles per hour. Moreover, many… -
news
How the House Revived Obama’s Trade Deal
The House took the first step today to save President Obama’s trade agenda when it granted him negotiating power over a legacy-building deal with 11 Pacific Rim nations. In the first part of an elaborate strategy by Republican leadership, the House voted 218-208 for Trade Promotion Authority, legislation that would make it easier for Obama… -
opinion
Ending the Ex-Im Bank Is a Good Step to Rebuilding Our Economy
With the charter of the Export-Import Bank of the United States set to expire June 30, its supporters claim its demise would result in the loss of jobs, harm to the economy, and damage to U.S. competitiveness overseas. The truth, however, is that eliminating the billions of dollars of subsidies provided by the bank would… -
opinion
Why Jeff Immelt’s Wrong That Letting Ex-Im Bank’s Charter Expire Would Be ‘Economic Catastrophe’
General Electric Chairman and CEO Jeff Immelt unleashed yet another barrage of fearmongering today about the potential expiration of export subsidies. Before a speech at the Economic Club of Washington, Immelt claimed that allowing the charter of the Export-Import Bank to expire would be “economic catastrophe.” The facts say otherwise. GE and the other beneficiaries… -
opinion
CBO’s Long Term Outlook Sees Smaller GDP Growth and Lower Interest Rates
The Congressional Budget Office released its annual 2015 Long Term Budget Outlook today, including the economic assumptions on which that outlook relies. Setting aside the report’s confirmation of rapid growth in federal spending and a daunting fiscal outlook, the report contains some noteworthy changes in economic assumptions that affect the future budget outlook. For starters,… -
opinion
A Spotlight on Government Waste and Corporate Welfare
While it is no surprise to most Americans that government tends to operate less efficiently than the private sector, the amount of money that is lost or mishandled is often much higher than many people imagine. The United States Postal Service (USPS), for example, faced losses of approximately $2 billion per quarter in the 2014… -
opinion
The Cures Act and the Limitations of the Budget Control Act
What do you do when one-third of your budget is limited by a spending cap? Shift funding to the part of the budget that is not capped, of course! That is, if you are a Member of Congress. The House Energy and Commerce Committee recently passed the 21st Century Cures Act (H.R. 6) with unanimous… -
news
Entering 2016 Race, Jeb Bush Pledges 19 Million New Jobs, 4% Economic Growth
Jeb Bush didn’t keep his audience in suspense, announcing within four minutes of taking the stage in his adopted home of Miami that he is indeed a candidate for the Republican nomination for president. Bush made a direct appeal to conservatives in his speech at Miami Dade Community College, echoing Ronald Reagan’s emphasis on getting… -
news
History Lesson: Opposition to Export-Import Bank Has Grown Over Time
Supporters of the Export-Import Bank cheered last week when the majority of United States senators voted in favor of reauthorizing the embattled agency. However, the vote also demonstrated growing opposition to the bank among Republican senators—a trend that has evolved in recent years. Since 1992, opposition to Ex-Im has grown substantially among Republicans in the… -
opinion
Obama Once Called This a Fund for Corporate Welfare. Now Congress Could Kill It.
Congress does two things well: nothing and overreact. Well, I have some good news: Doing nothing when it comes to the Export-Import Bank is exactly what we need right now. That’s because the charter for the Export-Import Bank, which provides taxpayer-backed loans to foreign countries and companies to pay for U.S. products, is set to… -
news
How Obama’s Trade Deal Unraveled in the US House
President Obama’s last-minute push to whip votes for his trade bill backfired Friday as the House of Representatives killed a related measure providing aid to workers displaced by trade. The legislation was critical to the president’s pursuit of greater authority to negotiate trade agreements. The 126-to-302 vote marked a failure for Obama after forging an… -
news
Here’s the Most Critical Amendments to the Military Spending Bill
This week, the Senate is debating the National Defense Authorization Act, which outlines the U.S. Department of Defense budget for fiscal year 2016. The legislation covers a broad scope of U.S. military policies and has been passed for 53 consecutive years. This year’s bill currently has over 500 amendments, ranging from military child care, funding… -
news
What Happens If the Export-Import Bank’s Charter Expires?
As its expiration date nears, the Export-Import Bank’s biggest beneficiaries and supporters are warning that Ex-Im’s end could be bad for business. But what would actually happen if the bank were not reauthorized by June 30? “American exports won’t stop on July 1,” Dan Holler, spokesman for Heritage Action for America, told The Daily Signal….