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
This Calculator Tells You the Size of Inflation’s Bite Into Your Household Budget
While many economic pundits point to cooling inflation, The Heritage Foundation’s new Personal Inflation Calculator showcases the cumulative effect of inflation on the average American. Since the Biden-Harris administration took office in January 2021, Americans have felt the pain of rising prices. The federal government’s excessive spending and borrowing habits led to record-high inflation….Nicole Huyer -
- Opinion
Why America’s Soaring Debt Is Biggest Threat to US Dollar
The United States’ federal debt has soared to $35.3 trillion. In less than a year, the federal government has increased that debt by $1.9 trillion. That occurred during years of record tax revenues and acceptable economic growth. If the current administration remains in power, the Treasury’s own estimates predict an additional $16 trillion increase in…Daniel Lacalle -
- News
These 2 Freedom Caucus Lawmakers Say They Won’t Support Spending Package Without SAVE Act
Reps. Ralph Norman, R-S.C., and Chip Roy, R-Texas, said they will only vote for the continuing resolution to fund the federal government beyond the end of the fiscal year on Sept. 30 if it includes the SAVE Act, which would require proof of citizenship for voting. “It’s not enough to say it’s illegal,” Roy told…Elizabeth Troutman Mitchell -
- Opinion
Mike Johnson’s Opening Salvo in Upcoming Spending Fight
Former President Donald Trump and Vice President Kamala Harris are running out of time to court voters before Americans go to the polls on Nov. 5. But time is running out on another deadline before Election Day that has the potential to significantly affect the election and beyond. On Sept. 30, the end of fiscal…Bradley Devlin -
- Opinion
Congressman Calls on Fellow GOP Lawmakers to Quit Jogging Toward ‘Fiscal Cliff’
The House of Representatives returns next week to Washington, and a budget fight showdown is expected. The fiscal year ends Sept. 30, and Congress is tasked with having the fiscal 2025 budget ready to go by then, but it’s all but guaranteed it won’t be. “What usually happens at this time is, we’ll get to…Virginia Allen -
- Opinion
The Danger of Taxing Unrealized Capital Gains
Some ideas are like horror movie villains. They’re dangerous, and no matter how many times they’re defeated, they never seem to die. The misguided idea of taxing unrealized capital gains is back on the scene. Sen. Ron Wyden, D-Ore., floated a proposal to tax unrealized capital gains in 2021. It was widely debated in 2022,…Preston Brashers -
- Opinion
Kamala Unveils $5 Trillion Tax in Hikes Targeting Small Businesses, Employees, More
Editor’s note: This is a lightly edited transcript of the accompanying video from professor Peter St. Onge. Kamala Harris’ economic plan is taking shape, starting with $5 trillion in new taxes—because Washington clearly does not have enough money to spend. In the past fortnight alone, Harris has promised to hike taxes on small businesses to…Peter St. Onge -
- Opinion
Biden-Harris Admin Uses Loopholes to Expand Welfare Benefits, Again
It seems reasonable that a program designed to assist those with low incomes should go only to low-income households. But the Biden-Harris administration is using a dubious mechanism to get around that expectation in a program designed to help low-income families pay for broadband internet service. Congress created the Emergency Broadband Benefit Program in 2020,…Rachel Sheffield -
- Opinion
Experts, Media Got It Wrong: The Economy Is in Far Worse Shape Than We Thought
The government, for the past year, has overstated joblessness by 818,000 jobs. That revision comes on top of the monthly revisions already made. It is probably not a conspiracy to help Joe Biden and Kamala Harris look good or they would have waited until after the election, not before early voting, to announce the revision….Erick Erickson -
- Opinion
The College Graduates’ Presidential Candidate Doesn’t Know Economic History
Learning isn’t necessarily cumulative. Human experience over the centuries provides lessons, some clearer than others. But each generation has to learn lessons anew, and some do not. The lessons about economic growth taught over the long run of history are clear. Growth is not inevitable, and while riches may be accumulated, or appropriated, by the…Michael Barone -
- News
Kamala Harris Looks to Jack Up Corporate Tax Rate as President
DAILY CALLER NEWS FOUNDATION—Vice President Kamala Harris is looking to raise the corporate tax rate to 28% if elected president, NBC News reported on Monday. The federal corporate tax rate in the U.S. is currently 21%, as enshrined in former President Donald Trump’s 2017 Tax Cuts and Jobs Act. But Harris seeks to move the tax rate…Jake Smith -
- Opinion
American Peronism: Kamala Harris’ Economic Plan to Ruin the US
Price controls, higher taxes, government intervention, and subsidies paid for by printing a constantly devalued currency. These are the essential pillars of “21st-century socialism” and of the radical left ideology of Peronism that obliterated Argentina. These are also the main elements of the economic plan presented by Kamala Harris and the Democratic Party. Undoubtedly, this…Daniel Lacalle -
- Opinion
Two Years In, Inflation Reduction Act Proves to Be the Climate Boondoggle Critics Predicted
DAILY CALLER NEWS FOUNDATION—In a recent interview, World Energy Council Secretary General Angela Wilkinson told me that one of the main impediments to the energy transition today is a lack of what she calls “systems thinking.” “Energy transitions are a change in the organization of society,” she pointed out. “They’re not a simple case of swapping out one…David Blackmon -
- Opinion
From Inflation to Recession
Editor’s note: This is a lightly edited transcript of the accompanying video from professor Peter St. Onge. Regime journalists across America wet themselves last week as year-on-year ticked below 3% for the first time since 2021. As The New York Times put it, “Easing inflation has Democrats tasting victory.” That’s quite a lot to taste…Peter St. Onge -
- News
FACT CHECK: Economist Pours Cold Water on Kamala Harris’ Explanation for Inflation
Vice President Kamala Harris blamed price-gouging for high food prices, though experts say Biden administration policies are to blame for the high cost of living and for inflation. “I will work to pass the first-ever federal ban on price-gouging on food,” Harris said Friday in Raleigh, North Carolina. “My plan will include new penalties for…Elizabeth Troutman Mitchell -
- News
Housing Costs Drive Inflation, Shocking Economists
DAILY CALLER NEWS FOUNDATION—The cost of housing surged in July, accounting for nearly 90% of total inflation, according to the latest Bureau of Labor Statistics consumer price index data released Wednesday. Shelter costs rose 5.1% year-over-year and 0.4% month-over-month, after rising 0.2% in June, the bureau showed. The 0.4% monthly increase was greater than Bank of America…Owen Klinsky -
- News
Kamala Harris Gains Americans’ Confidence on Economy, Poll Shows
DAILY CALLER NEWS FOUNDATION—Americans trust Vice President Kamala Harris over former President Donald Trump to handle the economy despite most having a poor view of the Biden-Harris administration’s economic policies, a new August poll finds. By a slim margin, Democratic presidential nominee Harris leads Republican nominee Trump at 42% compared to 41%, despite nearly half of…Jaryn Crouson -
- News
‘Stop Illegals From Voting’: House Freedom Caucus Urges Amendment to Omnibus Spending Bill
The conservative House Freedom Caucus is calling for Republican leadership in Congress to tie appropriations to fund the government next year to a recently passed House bill to prevent foreign nationals from voting in U.S. elections. In July, the House passed the SAVE Act—short for the Safeguard American Voter Eligibility Act. If enacted and signed…Fred Lucas -
- News
‘Slightly Less Bad Version of Democrats’: Chip Roy Rips House Republicans for Enabling Big Government Spending
ATLANTA—For too long, Republicans have caused the things they campaign against, like big government spending, Rep. Chip Roy said Saturday. “Republicans give lip service to wanting to … shrink the size of government,” the Texas Republican said at Erick Erickson’s The Gathering conference in Atlanta, “and they won’t do it.” Many Republican members of the…Elizabeth Troutman Mitchell -
- Opinion
Does America Really Have a ‘Medical Debt Crisis’?
Sen. Bernie Sanders, I-Vt., made a startling claim in his opening statement as the Senate Health Committee held a hearing on “the medical debt crisis in America.” Sanders said that “over 66% of all personal bankruptcies in this country, some 530,000 per year, are connected to unpaid medical bills.” That certainly sounds like a crisis,…Mark Howell