Economy News
The Daily Signal reports on economy news with analysis and commentary on growth, recession risks, employment, and financial trends.
-
- Opinion
Leftists’ Wealth Tax Proposal Means Poorer Standard of Living for All
A group of far-left lawmakers has introduced yet another bill to soak the rich. The new bill is called the Oppose Limitless Inequality Growth and Reverse Community Harms Act—the OLIGARCH Act. Get it? It would introduce an entirely new tax on wealth above $120 million, starting at 2% and climbing to 8%. This new tax…Parker Sheppard -
- Opinion
California Transportation Policy Is Not for the Free
MIDLAND, Texas—Here in Texas oil country, your Uber is more likely to be a pickup than a Prius. Daniel, who works in the oil pipeline business when he’s not driving for Uber, picked me up from Midland International Air & Space Port in his Chevy Silverado. Born in Midland Memorial Hospital and raised in Midland,…Diana Furchtgott-Roth -
- News
‘Very Little Keeping Down Prices Going Forward,’ Economist Says After Inflation Report Released
An economist says "[a]s long as the Treasury continues borrowing trillions of dollars, we'll continue to see elevated inflation" after the U.S. Bureau of Labor Statistics reported on Thursday that inflation was 0.2% in July with a year-over-year rate of 3.2% "Inflation has not been trending towards 3%, but 2%. Now that we've arrived there, there's no indication we're…Samantha Aschieris -
- News
Congressman Threatens to Cut DHS and DOJ Funding Ahead of Spending Fight
Texas Congressman Chip Roy says he will not approve funding for the Department of Homeland Security or Justice Department unless “changes” are made. “And I can tell you right now for all my colleagues, I will not vote for a continuing resolution or any funding for DHS or DOJ if we don’t get changes…Virginia Allen -
- Opinion
Welcome Spending Cuts and Major Missed Opportunities in House Spending Bills
The U.S. House of Representatives left Washington July 27 for its lengthy summer recess having only passed one of 12 spending bills required to fund the government for the upcoming fiscal year beginning Oct. 1. While all 12 bills have welcome reductions, they lack the more substantial cuts necessary to trim the deficit and stop…David Ditch -
- Opinion
Government Doesn’t Have Right to ‘Take Whatever It Wants of Your Labors,’ Federal Budget Expert Says
It’s the duty of Congress to use American tax dollars responsibly, Richard Stern says. American taxpayers deserve to know where their money’s going because “the government doesn’t have the moral right to walk up and take whatever it wants of your labors because a bureaucrat thinks they know better than you how to use the…Virginia Allen -
- Opinion
Nation Declines as Government Spending, Inflation Grow; Incomes Fall
Using statistics from the Department of Labor, The Wall Street Journal reports that real hourly wages during the Biden presidency have declined. When Joe Biden took office in January 2021, the average hourly wage adjusted for inflation was $11.39. Now, 29 months later, it stands at $11.03, a 3.16% decline. Stephen Moore of the Committee…Star Parker -
- News
‘REAL WAGE DESTRUCTION’: Small Business Leader Reacts to Latest Inflation Report
An economist says "American families are having to eat the rotten fruit from the tree of government overspending" after the U.S. Bureau of Labor Statistics reported on Wednesday that the consumer price index, a key measure of inflation, rose 0.2% in June. "It's great news for the consumer that inflation has slowed dramatically from 40-year highs,…Samantha Aschieris -
- Opinion
On July Fourth, Remember Why Economic Liberty Matters for America
I’ve often thought there is something providential about the Declaration of Independence being drafted and promulgated throughout the American Colonies the same year that Adam Smith’s book “The Wealth of Nations” was published. After all, both texts were revolutionary, and both were fundamentally concerned with protecting and promoting liberty. The Declaration of Independence was very…Samuel Gregg -
- Opinion
Events and Grievances Besides Taxes Led to Our Revolutionary War
Taxation wasn’t the only reason that America’s 13 colonies declared their independence from Britain, but it was certainly a factor, Hillsdale College’s Bill McClay says. “Americans believed in self-government because they lived self-government,” says McClay, the Victor Davis Hanson Chair in classical history and western civilization at Hillsdale College. The American colonists’ desire to maintain…Virginia Allen -
- News
National Parks Sponsor Pride Marches, Create LGBTQ ‘Teaching’ Resources With Taxpayer Dollars
Instead of spending time preserving natural history, some federally funded parks are sponsoring Pride month events and teaching LGBTQ history to the public. Earlier this month, Yosemite National Park in California held a weeklong Pride celebration sponsored by Yosemite’s LGBTQ+ Employee Resource Group. The events included a speaker series as well as a Pride march…Gigi De La Torre -
- Opinion
As National Debt Hits $32 Trillion, 4 Examples of Absurd ‘Only in Washington’ Budget Logic
American families must find ways to pinch pennies every day, especially in the face of massive inflation since the start of the Biden administration. In contrast, the federal government has just reached the shameful milestone of $32 trillion in gross debt, or more than $245,000 for every household in the country. That's the result of…David Ditch -
- News
GOP Lawmakers Introduce Bill Aimed at Protecting Student Loan Borrowers, Taxpayers
Three House Republicans introduced legislation Thursday that they say aims “to streamline and improve” the system for repaying federal student loans and “to protect borrowers and taxpayers.” Reps. Virginia Foxx, R-N.C.; Burgess Owens, R-Utah; and Lisa McClain, R-Mich., introduced a bill called the Federal Assistance to Initiate Repayment Act, or the FAIR Act, in response…Samantha Aschieris -
- News
‘Tuition Price Gouging’ to Blame for Student Debt Crisis, Job Creators Network Head Says
The president of the Job Creators Network is voicing his support for a package of legislation introduced by a group of Republican senators to reduce the costs of higher education and student loan debt. “While we wait on the Supreme Court’s ruling on Job Creators Network Foundation’s challenge to the Biden administration’s illegal student loan…Samantha Aschieris -
- News
21 Federal Agencies Promote Pride Month With Taxpayer Dollars
While a number of companies have faced public criticism for promoting LGBTQ Pride Month in June, federal organizations promoting “pride” activities have mostly flown under the radar. One of the few times a federal entity came close to being scrutinized occurred when the Navy deleted a pride post on its Instagram account. Even after that…Gigi De La Torre -
- News
EXCLUSIVE: Republicans Introduce Pro-Life Budget as 1-Year Anniversary of Roe v. Wade Reversal Approaches
The Republican Study Committee has introduced “the most pro-life congressional budget ever produced, with dozens of policies that support our fight to protect and uphold the sanctity of life,” Rep. Ben Cline, R-Va., told The Daily Signal. The budget’s release on Wednesday comes just 10 days before the one-year anniversary of the Supreme Court decision in…Virginia Allen -
- Opinion
Republicans Have Second Chance to Strengthen Welfare Work Requirements With Farm Bill
The media has given outsized attention to minor modifications to work requirements for welfare recipients in the debt ceiling deal between President Joe Biden and House Speaker Kevin McCarthy. Such modifications will have a relatively modest impact despite the fact that Republicans, Democrats, and independents alike overwhelmingly support work requirements. That’s why reform-minded politicians should…Jamie Bryan Hall -
- Opinion
Planned Parenthood Taxpayer Funding Up; Abortion and ‘Transgender’ Services High Priorities
Planned Parenthood’s 2021-2022 annual report is out: Taxpayer funding is at an all-time high and abortion remains a key priority. Meanwhile, visits for actual health care—like cancer screening and prevention services and prenatal care—continue to decline. The abortion giant has also been diversifying its portfolio of services, trying to corner the market in so-called transgender…Melanie Israel -
- News
Sen. Rand Paul Offers ‘Conservative Alternative’ to Cap Spending in Debt Ceiling Bill
Sen. Rand Paul, R-Ky., proposes to cap government spending in an amendment to the House-passed debt ceiling bill that resulted from negotiations between President Joe Biden and House Speaker Kevin McCarthy, R-Calif. “Sixty percent of Americans say Congress should only raise the nation’s debt ceiling if it cuts spending at the same time,” Paul said…Samantha Aschieris -
- Opinion
Our Fake Spending Debates
This week, Speaker of the House Kevin McCarthy, R-Calif., and President Joe Biden cut a deal to raise the debt limit. The breakthrough came after three months of Biden pledging not to even negotiate over the debt limit. Instead, Biden was forced to concede to a 1% cap on increases for non-military spending, a cutback…Ben Shapiro