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
Clinton-Appointed Federal Judge Orders Taxpayer-Funded Transgender Surgery for Indiana Inmate
A federal judge ruled that the Indiana Department of Corrections must pay for an incarcerated baby murderer to turn his penis into an imitation-vagina, on the pretext that the Eighth Amendment of the U.S. Constitution, the one prohibiting cruel and unusual punishment, requires it. In 2001, 19-year-old Jonathan C. Richardson strangled his 11-month-old stepdaughter while her mother,… -
opinion
Bankruptcies Soaring Amid Worrisome Inflationary Economic Pressures
Editor’s note: This is a lightly edited transcript of the accompanying video from professor Peter St. Onge. Small-business bankruptcies are up 61% on the year. It is a cackle-nomics miracle. The data comes from bankruptcy analyst Epiq, which reports that commercial filings for Chapter 11 bankruptcies soared to 4,553 so far this year. Meanwhile, total… -
opinion
It’s Long Past Time to Confront the Exploding National Debt
The median age in the United States in 2023 was 39.1 years, according to the Census Bureau. That means that approximately half the people in this country were born in 1984 or later. What was happening four decades ago when about half America’s current population started coming into the world? In 1984, then-President Ronald Reagan… -
news
BACK TO THE DRAWING BOARD: Speaker Johnson’s Next Move in Spending Fight
It’s back to the drawing board for House Speaker Mike Johnson. On Wednesday, the House failed to pass the continuing resolution spending bill, with the SAVE Act attached, that would have funded the federal government beyond the end of the fiscal year ending Sept. 30 and through March. Wednesday evening’s vote failed 202-220. Three Democrats—Reps…. -
opinion
Stopgap Spending Bill Disproportionately Hampers Military Funding
With less than two weeks until the end of the fiscal year, a long-term continuing resolution is currently the best and most realistic option to constrain out-of-control government spending and avoid another lame-duck omnibus appropriations bill. However, Secretary of Defense Lloyd Austin recently sent a “parade of horribles” letter to Congress outlining the dangers of… -
news
House to Vote on Stopgap Spending Bill With SAVE Act Wednesday
House Speaker Mike Johnson announced Tuesday morning that the House will move forward with a vote on Wednesday on a continuing resolution to fund the government beyond the end of the fiscal year on Sept. 30. The continuing resolution would fund the government for six months and avert the looming government shutdown. Johnson has also… -
opinion
Reckless $15 Billion Budget Shortfalls Risk VA Benefits. These Low-Hanging Fruits Could Prioritize Veterans’ Well-Being.
The men and women who’ve defended our nation should not have the veterans benefits they earned threatened by fiscal mismanagement. That’s why Republican lawmakers introduced a supplemental appropriations bill to provide an additional $2.9 billion to cover shortfalls in the Department of Veterans Affairs’ budget for fiscal year 2024. However, this supplemental spending bill… -
news
Speaker Johnson Pulls Spending Bill Vote Amid GOP Opposition
House Speaker Mike Johnson has deferred the vote on a bill to fund the government through March. The temporary government-funding mechanism, called a continuing resolution, would have included the SAVE Act, an election-integrity measure meant to prevent illegal immigrants from voting in federal elections. Johnson has pulled the bill until next week in hopes of… -
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…. -
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… -
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… -
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… -
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… -
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,… -
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… -
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,… -
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…. -
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… -
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… -
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…