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
Are Labor Markets Really Improving? Pulling Back Curtain on ‘Magic of Government Statistics’
As America enters the thick of this year’s second quarter, the repercussions of the Biden administration’s economic policies become more apparent. New numbers from the government’s Job Openings and Labor Turnover Survey, released Tuesday, revealed that the number of job openings dropped to the lowest level since May 2021. The drop in job openings from…Kristen Eichamer -
- Opinion
House Republicans ‘Did What They Had to Do’ on Debt Ceiling, CEO Says
The U.S. may “potentially” default on its debt “as early as June 1, if Congress does not raise or suspend the debt limit before that time,” Treasury Secretary Janet Yellen said in a letter Monday to House Speaker Kevin McCarthy, R-Calif. Alfredo Ortiz, president and chief executive officer of the nonpartisan Job Creators Network, says…Samantha Aschieris -
- Opinion
Iowa Taxpayers Shouldn’t Be at Mercy of Woke Investment Managers
Iowans have an opportunity to make asset managers decide whether they will operate to further the financial interests of Iowa residents or weaponize their duties to further a political agenda. Proposed state legislation known as Senate File 507 would protect free enterprise and Iowa’s taxpayers by codifying two commonsense principles: Taxpayer dollars—specifically public pension funds—should…Joel Griffith -
- Opinion
Here Are Winners, Losers If House’s Debt Ceiling Plan Becomes Law
The House of Representatives passed the Limit, Save, Grow Act on Wednesday, marking a significant victory for House Speaker Kevin McCarthy, R-Calif. McCarthy managed to corral just enough votes to secure a slim 217-215 majority in favor of the deficit-reducing bill. The Congressional Budget Office estimated Monday that the legislation would reduce the budget deficit…Preston Brashers -
- Opinion
Virginia Governor Elevates State’s Economic Partnership With Taiwan
“Together, we will continue to build a deep and lasting partnership.” That was the unmistakable, powerful message Virginia Gov. Glenn Youngkin conveyed Monday to President Tsai Ing-wen of Taiwan and the people of the Asian island nation. In his first official overseas trade mission for the commonwealth of Virginia, Youngkin made a notable visit…Anthony B. Kim -
- Opinion
Democrats Refuse to Deal as House Republicans Deliver a Pro-Growth Bill to Reduce Spending
House Speaker Kevin McCarthy, R-Calif., released text April 19 of legislation dubbed the Limit, Save, Grow Act. The bill, a focus of internal negotiations among House Republicans, would provide an increase in the federal debt ceiling lasting into next spring in exchange for a package of reforms aimed at lowering future deficits and boosting economic…David Ditch -
- Opinion
Why Work Requirements Are Less About Welfare Savings Than About Human Well-Being
Most Americans think that work in exchange for government benefits is common sense. For safety-net benefits, work-capable beneficiaries should begin to work, look for work, or participate in education and training at least part time. That’s a reasonable ask and essential to long-term well-being. The Republicans in the House of Representatives get that. The draft…Leslie Ford -
- Opinion
Bitter Fruit of Bidenomics: 2 Years of Inflation-Ravaged Wages for US Workers
Last week marked the two-year anniversary of declining real wages for ordinary American workers due to ongoing high inflation. The latest consumer price index, released last week, shows prices grew 20% faster than wages over the past 12 months. This sad anniversary is the result of President Joe Biden and congressional Democrats’ reckless spending that has diluted the value of…Alfredo Ortiz -
- Opinion
How Enormous Boost in IRS Funding Is Warping Tax Agency’s Priorities
The IRS released its strategic operating plan on April 6, describing its intentions for spending the nearly $80 billion of supplemental funding it’s receiving under the so-called Inflation Reduction Act. The report was 48 days late beyond the Feb. 17 deadline the IRS was given and only included funding and staffing details for two of…Preston Brashers -
- News
Economic Freedom Being ‘Strangled Into Stagnation,’ Ex-British Prime Minister Warns
The ideas of low taxes, limited government, and free enterprise won the Cold War, but now they are being “strangled into stagnation,” former British Prime Minister Liz Truss warned Wednesday. Truss made her remarks in Washington at The Heritage Foundation's 2023 Margaret Thatcher Freedom Lecture, hosted by Nile Gardiner, director of the foundation's Margaret Thatcher…Elizabeth Troutman Mitchell -
- News
63% of Small Business Employers Concerned ‘Shaky Economic Environment Could Force Their Business to Close’
FIRST ON THE DAILY SIGNAL—A Job Creators Network Foundation monthly survey is providing somber insight into how some small businesses view the U.S. economy. Sixty-three percent of small business owners "said they’re worried that the shaky economic environment could force their business to close—a six-point jump compared to February," a press release said. The March…Samantha Aschieris -
- News
10 House Republicans to File Amicus Brief in Suit Seeking to Overturn Omnibus Spending Bill
House Democrats violated the Constitution in December in approving the $1.7 trillion Consolidated Appropriations Act of 2023 omnibus spending bill with proxy voting, according to an amicus brief introduced by Rep. Chip Roy, R-Texas. Roy, along with nine other Republican members of Congress, were set to submit the amicus brief Tuesday about the harms of…Elizabeth Troutman Mitchell -
- Opinion
6 Charts Show Why Washington Must Cut Spending ASAP
The recently released Biden administration budget for 2024 was layered with problems. It doesn’t take the surging size of the national debt seriously; it views shaking down taxpayers as the solution to fiscal problems; it would hand massive raises to federal bureaucrats; and it offers bad medicine for Medicare while allowing Social Security to go…David Ditch -
- Opinion
I’ll Continue to Block Biden’s Nominees Until Pentagon Stops Facilitating Taxpayer-Funded Abortions
Federal law permits the U.S. military to only provide abortions in very narrow circumstances: rape, incest, and threat to the life of the mother. Yet, the Biden administration has turned our Department of Defense into an abortion travel agency. Defense Secretary Lloyd Austin did it using a memo—without congressional approval. >>> Grassroots Army Backs Senator’s…Sen. Tommy Tuberville -
- News
Why ‘Climate Alarmism’ Is Seen by Many in Developing World as Economic Threat
OXON HILL, Md.—The Earth is warming, and while many worry about the potential consequences of the change, it is not unprecedented or dangerous, and will be a net benefit for humanity, Vijay Jayaraj said. Numerous figures in the mainstream media have pushed “climate alarmism,” but Jayaraj, a research associate at the nonpartisan, nonprofit CO2 Coalition,…Michael Ippolito -
- Opinion
If You’re Woke and Go Broke, Should Taxpayers Pay Your Bills?
It’s feeling like 2007 all over again as Silicon Valley Bank and other financial institutions are going belly up and asking for bailouts from the federal government. President Joe Biden insists that he won’t be bailing out Silicon Valley Bank, but he certainly is. The bailouts are coming. They’ve already begun. The official reason for…Jarrett Stepman -
- News
19 ‘Freedom-Loving States’ Form Anti-ESG Alliance
A group of 19 Republican governors from "freedom-loving states" announced an anti-environmental, social, and governance, or ESG, alliance on Thursday. "This month, Congress exercised its powers under the Congressional Review Act to disapprove of the Department of Labor Rule relating to 'Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights,’" the governors' joint statement…Samantha Aschieris -
- News
Treasury Secretary: US ‘Banking System Is Sound’
Treasury Secretary Janet Yellen said the U.S. “banking system is sound” just days after the collapse of Silicon Valley Bank and Signature Bank. “This week the government took decisive and forceful actions to stabilize and strengthen public confidence in our financial system,” Yellen said before the Senate Finance Committee on Thursday. “First, we worked with…Samantha Aschieris -
- Opinion
From Liquidity to Insolvency, Big Government Shows How to Crash Economy
We are in a looming financial crisis, even if we don’t want to see it. Silicon Valley Bank was, according to Moody’s, worthy of an investment-grade rating as of March 8. S&P Global Ratings similarly held a high opinion of SVB. Two days later, SVB was shut down. Immediately, Moody’s dropped SVB into junk territory….Ben Shapiro -
- Opinion
Biden’s $7 Trillion Budget Shell Game Takes More of Everyone’s Money, Despite His Promises
The president’s budget for fiscal year 2024 is less a display of prudent finance as it is reminiscent of a carnival shell game. If you don’t pay close attention to the details, you’ll wind up suckered by the man moving the ball around. President Joe Biden’s political talking points may appease his Democrat colleagues, but…EJ Antoni