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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- News
These 9 House Republicans Vote for Omnibus Spending Bill
The House of Representatives voted 225 to 201 to pass the $1.85 trillion omnibus spending bill on Friday afternoon. This comes a day after the Senate voted 68-29 for the legislation, meaning that the bill will end up on President Joe Biden’s desk for his signature. Nine Republicans voted in favor of the omnibus bill…Jarrett Stepman -
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Omnibus Spending Bill Will Threaten America’s Public Health, on Purpose
Among the glut of pork and woke spending loaded into the lame-duck omnibus spending bill, you’ll find $1.5 billion in taxpayer funding for something called the Advanced Research Projects Agency – Health (ARPA-H). You’ve probably never heard of ARPA-H because it didn’t exist before March of this year. But this obscure agency cannot be ignored because…David Gortler -
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18 Absurdities of the McConnell-Schumer Omnibus Spending Bill
Congressional leaders have dropped 6,825 pages of text for their “omnibus” spending bill, plus explanatory materials that include a list of at least 4,000 earmarks, on the doorstep of every American family. When announcing the gargantuan spending bill, its authors put “the federal government” before “American families,” and that is exactly what this bill is…Richard Stern -
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‘This Has Got to Stop’: GOP Lawmakers Slam Democrat-Led Efforts to Pass Massive Spending Bill
Conservative lawmakers are continuing to rally against Democrat-led efforts to pass funding for the government for the fiscal year that began Oct. 1. The omnibus spending package text was released in the early hours of Tuesday morning and is 4,155 pages long. "It's loaded up with earmarks again so it's the classic worst case of…Samantha Aschieris -
- Opinion
Welfare Programs Based on Race and Gender Identity Demonstrate Where Institutional Wokeness Is Going
What happens in Oakland doesn’t stay in Oakland. In 2021, the California city announced a universal basic income program created specifically for so-called BIPOC, or black, Indigenous, and people of color. It was set to give $500 a month to 600 low-income families for 18 months in partnership with a nonprofit organization. Shortly after it…Jarrett Stepman -
- News
‘We Cannot Afford It’: GOP House Leaders Advise Against Omnibus Spending Bill
Republican leadership in the House is barreling ahead with efforts to prevent Democrats from passing a lame-duck omnibus spending bill this year. “We’re 20 days before the new members are being sworn in. We’ve got two members leading appropriations in the Senate who will no longer be here or be able to be held accountable…Samantha Aschieris -
- Opinion
Securities and Exchange Commission Case Could Take Down Administrative State’s ‘Home Court Advantage’
The Securities and Exchange Commission, the federal agency tasked with enforcing the nation’s securities laws, has been a foundational piece of the administrative state constructed by the Left over the past century. Over the past few years, however, the SEC has come under fire for potential abuses of power, particularly involving its use of administrative…Joseph Postell -
- Opinion
House Can Sue to Block Biden’s Student Loan Bailout
In February, the Supreme Court will hear not one but two cases challenging President Joe Biden’s plan to cancel student loan debt. The most important question remains, however: Will the high court reach the question of whether Biden has the authority to cancel student debt? To most, it seems the court has only two options:…GianCarlo Canaparo -
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Transportation Chief Buttigieg Uses Taxpayer-Funded Private Jets Despite Calling for Curbing Carbon Emissions
A Biden administration Cabinet member has taken at least 18 taxpayer-funded private jets since taking office despite a strong stance on curbing carbon emissions, according to a Monday release by Americans for Public Trust. Pete Buttigieg, the 19th secretary of transportation, has reportedly taken a minimum of 18 taxpayer-funded flights while using private jets managed by…Bronson Winslow -
- Opinion
Unhappy New Year: CBO Forecasts Poor Economy, Soaring Deficits in 2023
The nonpartisan Congressional Budget Office on Nov. 29 released an analysis describing its “current view of the economy in 2023 and 2024 and the budgetary implications.” In short, everything looks bleaker than it did a little more than six months ago, when the CBO published its Budget and Economic Outlook report in May. In the…Preston Brashers -
- Opinion
Biden’s Student Loan Bribe in Midterms: Unconstitutional but Successful
As the dust settles on the midterm elections, and the Republican Party emerges victorious in its bid for control of the House of Representatives, we can take a moment to reflect on the reasons behind the outcome. But, as we move forward, we must not forget the underhanded tactics employed by the Biden administration in…Armstrong Williams -
- Opinion
Republicans Off to Rocky Start as Wasteful Washington Spending Makes a Comeback
“Everyone knew that wasteful Washington spending would spur inflation.” —House GOP Commitment to America, September 2022 For a party that campaigned relentlessly against Bidenflation this year, you’d think Republicans might use their new power in Washington to make it a priority to curtail wasteful government spending. Think again. Earmarks are the very symbol of “wasteful Washington spending.”…Rob Bluey -
- Opinion
Incoming Missouri State Auditor Outlines Plans to Combat ESG Policies
A newly elected official in Missouri says his emphasis in his role as state auditor will be to focus on combating left-wing “environmental, social, and governance”—or “ESG”—policies with respect to investments. “Well, as the state treasurer, I’ve gained … a lot more exposure to ESG issue than pretty much anybody in elected office in Missouri….Samantha Aschieris -
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Biden’s Student Loan Forgiveness Gambit Collides With Rule of Law
President Joe Biden’s $400 billion 2022 election bribe—also known as student loan forgiveness—has been now stopped in its tracks on two fronts. First, in Texas, federal District Court Judge Mark Pittman, one of nearly 300 federal judges appointed by former President Donald Trump, ruled the initiative unconstitutional. The judge rejected Biden’s claim that the 2003…Star Parker -
- Opinion
Red State Coalition Halts Biden’s Cancellation of Student Loan Debt
Efforts to challenge presidential priorities in court are akin to military campaigns with opening salvos, intermittent skirmishes, daring attacks, and bold defenses. In many respects, the legal battles over President Joe Biden’s executive action canceling federal student loan debts fit this pattern. The latest news from the front is a victory, albeit a preliminary one,…Jack Fitzhenry -
- Opinion
Federal Court Blocks Biden’s Student Loan Bailout. Will the Opinion Stand?
A federal district judge blocked President Joe Biden’s student loan bailout, holding that it is “an unconstitutional exercise of Congress’s legislative power and must be vacated.” Biden’s plan cancels $10,000 of debt for borrowers who have federal student loans and make less than $125,000 per year, and $20,000 for borrowers who received a Pell Grant….GianCarlo Canaparo -
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Voters Pass Constitutional Amendment Forcing Democrat City to Increase Police Spending
Missouri voters approved a constitutional amendment Tuesday requiring Kansas City to increase spending on its state-controlled police department, according to The Associated Press. The amendment effectively raises the amount of general revenue the city must use for police from 20% to 25%, the outlet reported. The Missouri General Assembly passed legislation earlier in the year to make that…Trevor Schakohl -
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Kentucky AG Daniel Cameron: Prioritizing ESG Investments ‘Inconsistent’ With Law
Kentucky Attorney General Daniel Cameron previously warned that the state pension funds cannot legally make environmental, social, and governance considerations when investing the dollars of public employees. This week, Cameron and state Treasurer Allison Ball, both elected Republicans, asked two state pension systems to provide proof that pension funds are primarily focused on return on…Fred Lucas -
- Opinion
2 States That Should Be Able to Sue Over Biden’s Student Loan Bailout
President Joe Biden’s student loan bailout is illegal. That’s not a hard call, but before a court can consider the merits of Biden’s scheme, a plaintiff must have what the law refers to as “standing.” Standing is a doctrine that says that a court doesn’t have jurisdiction to hear a case unless the plaintiff has…GianCarlo Canaparo -
- Opinion
Why New GDP Report Showing Economic Growth Is Misleading
The U.S. economy grew by 2.6% in the third quarter of 2022, according to the U.S. Bureau of Economic Analysis report released Thursday. Compared with the gross domestic product figure from the second quarter, which showed the economy shrunk 0.6%, that appears to be solid economic growth. Not quite—according to EJ Antoni, a research fellow in…Samantha Aschieris