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
With Food Stamps Work Requirement, GOP Budget Takes Important Step
House Republicans released their budget resolution last week, and the proposal takes some important steps to advance reforms in welfare programs. One of the ways it aims to accomplish that is by inserting much-needed work requirements into the Supplemental Nutrition Assistance Program, commonly known as food stamps. Such budget documents typically do not provide…Rachel Sheffield -
- Opinion
House Budget Panel Republicans Deliver Plan to Tackle $33T Debt
The federal government reached an ominous milestone Sept. 15 as the gross national debt exceeded $33 trillion—or more than $57,000 per household. The debt increased by $1.5 trillion in just 15 weeks due to rising spending and declining revenue. That’s understandably concerning, especially at a time of rising interest rates and elevated inflation. Higher interest…David Ditch -
- Opinion
4 Ways Washington’s Spending Spree Caused Inflation With Trillions in Waste, Fraud
Americans are justifiably unhappy with the state of the economy. The inflation figures for August took a turn for the worse—meaning families have now lost $5,100 in purchasing power since President Joe Biden entered the White House. In addition to the burden of inflation, rising interest rates are making home mortgages unaffordable, pushing the American…David Ditch -
- News
Heritage Foundation Backs House Deal on Continuing Resolution With Spending Cuts, Border Security
The Heritage Foundation on Monday threw its support behind a spending agreement reached as a compromise among House Republicans. The budget deal was reached between leaders of the conservative House Freedom Caucus and the Republican Main Street Caucus, a group of House members that describe themselves as pragmatic conservatives. “The proposal cuts spending and seeks…Fred Lucas -
- Opinion
What America’s National Debt and Pumpkin Spice Lattes Have in Common
Interest payments on America’s national debt have a troubling connection to the beloved pumpkin spice latte. America’s national debt is fast approaching $33 trillion. The interest alone on that debt is costing the American people about $2 billion a day, according to Heritage Foundation research. (The Daily Signal is the news outlet of The Heritage…Virginia Allen -
- News
Conservatives, Moderates Reach Spending Deal That Includes Border Provisions
A group of House Republicans has released a draft bill to fund the government after weekend negotiations to avoid a shutdown. The bill, titled the Continuing Appropriations and Border Security Enhancement Act, 2024, was published and introduced in the House by Republican Rep. Byron Donalds of Florida as a compromise between the House Freedom Caucus…Arjun Singh -
- News
SETTING THE RECORD STRAIGHT: Hispanic Leaders Celebrate Smithsonian Suspending ‘Marxist’ Latino Exhibit
The Smithsonian Institution reportedly has suspended an exhibit intended as a foretaste of the forthcoming National Museum of the American Latino in the nation’s capital. One of the critics whose work inspired the move is calling on Congress to defund the planned museum. The exhibit “¡Presente! A Latino History of the United States” opened at…Tyler O’Neil -
- Opinion
Sen. Mike Lee Tells How ‘The Firm’ Hijacks Legislative Process to Continue Reckless Spending
Another year, another “government shutdown” fight on Capitol Hill. As of this writing, 12 appropriations bills need to pass by Sept. 30 or the government will “shut down.” This means that some workers will be furloughed and most agencies will close temporarily. We had a similar situation last December and the result was a rather…Jarrett Stepman -
- Opinion
Federal Spending Bills Must Address Border Crisis, Conservatives Say
If Congressmen are serious about border security, they will use the power of the purse to secure America’s borders, according to Lora Ries. Congress is gearing up for debates over the federal budget and some Republicans say they won’t support any spending bill that gives money to the Department of Homeland Security without action being…Virginia Allen -
- Opinion
A Soda Tax Turns 5
Want a soda? You’ll pay more for one in Philadelphia, because five years ago, local politicians decided to tax it. They’re “protecting” people, they said. The tax would “reduce obesity” and “lower diabetes rates.” But the politicians’ main goal was to bring in more money, which they said would “fund early childhood education” and “help…John Stossel -
- News
‘Crisis of Runaway Prices Is Still Ongoing,’ Job Creators Network President Says of August Inflation Report
"Inflation accelerated significantly again last month, demonstrating the crisis of runaway prices is still ongoing," the president of the Job Creators Network says after a government agency reported that inflation rose last month. The U.S. Bureau of Labor Statistics reported Wednesday that the consumer price index, a key measure of inflation, ticked up 0.6% in August….Samantha Aschieris -
- News
‘American People Are Sick of It’: House Freedom Caucus Vows to Oppose More Reckless Spending
Members of the House Freedom Caucus on Tuesday vowed to oppose another budget continuing resolution without changes, which they said would only promote more irresponsible spending. Rep. Scott Perry, R-Pa., chairman of the House Freedom Caucus, a group comprising conservative Republicans, said the spending binge is driving up inflation. “We are not interested in a…Fred Lucas -
- Opinion
Utah’s Economic Prosperity Illustrates the Importance of Marriage, Family, and Religion
A recently released report says that Utah’s economy ranks No. 1 among all 50 states and attributes this top ranking to the influence of the state’s dominant culture of heterosexual marriage and the strength and stability of its families. Authors Brad Wilcox, Jenet Erickson, and Patrick T. Brown conclude in the Sutherland Institute report that…Arthur Goldberg -
- Opinion
Are the ‘Rich Men North of Richmond’ Really Allowing Our Taxes to Pay for ‘Bags of Fudge Rounds’?
“If you’re five-foot-three and you’re 300 pounds, taxes ought not to pay for your bags of Fudge Rounds,” opines Oliver Anthony in his No. 1 hit debut country song “Rich Men North of Richmond.” The timing of the song’s release could not have been better: Constituents have undoubtedly raised the issue of how our tax…Jamie Bryan Hall -
- News
‘The Labor Market Is Weakening,’ Head of Job Creators Network Says of August Jobs Report
The U.S. unemployment rate increased in August, reaching the highest number since February 2022, according to a Bureau of Labor Statistics report released Friday. "There’s no question about it now: The labor market is weakening," Alfredo Ortiz, chief executive officer and president of the Job Creators Network, said in a statement. "August marks the third…Samantha Aschieris -
- News
The World’s Second-Largest Economy Is Struggling
China‘s economy, the world’s second largest after America’s, is struggling months after the communist regime ended its stringent zero-COVID policy. “China’s economic success was largely down to its size and the speed of its abundant inexpensive labor to produce,” Andrew Hale, senior policy analyst in trade policy at The Heritage Foundation, told The Daily Signal…Samantha Aschieris -
- Opinion
Mayors Who Cut Police Budgets Get Their Own Security Details
Police departments in Los Angeles, Denver, Milwaukee, and Minneapolis provide expensive security details for mayors and other city officials even as those mayors cut funding and positions in those departments. The Los Angeles Police Department’s more than $1.8 billion budget initially was cut by $150 million in 2020 (a portion of the cut was restored in 2021), eliminating…Adam Andrzejewski -
- Opinion
The Economic Benefits of School Choice
It’s back to school this week for Florida students and many others across the country. The first days and weeks of a new school year are always filled with anticipation, adjustments, transitions, and growth for parents and students. Yet, this school year’s “firsts” for an expanding pool of families also includes the first time that…Lindsay Killen -
- Opinion
Do Biden’s Latest Fuel Economy Standards Hurt National Security?
While Americans are paying trillions of dollars for President Joe Biden’s climate change agenda, that agenda is weakening America’s national security, and China is set to profit heavily from this folly. As members of Congress were leaving Washington for the August recess, Biden’s National Highway Transportation Safety Administration quietly published new proposed fuel economy standards…Alex Gage -
- News
House Conservatives Say Any Spending Bill Must Address Border Security, DOJ Weaponization
The House Freedom Caucus, a group of conservative lawmakers in the House, outlined Monday what conditions would need to be met for it to vote for a new spending bill. The group said spending bills should include provisions on border security, the “unprecedented weaponization” of the Justice Department and the FBI, and the Pentagon’s “cancerous…Katrina Trinko