Economy News
The Daily Signal reports on economy news with analysis and commentary on growth, recession risks, employment, and financial trends.
-
- 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 -
- News
Biden Claims Congress ‘Passed’ His Student Loan Forgiveness Plan. It Didn’t.
President Joe Biden recently said Congress approved his plan to “forgive” student loan debt. While talking with a group of young people at the White House during an on-camera interview published Sunday by NowThis News, Biden said he had “just signed a law” that would forgive $20,000 in student debt for Pell Grant recipients and $10,000…Virginia Allen -
- News
Fact-Checking 4 Biden Claims on His Student Loan Bailout
President Joe Biden used his home state of Delaware on Friday to promote his “forgiveness” of student loan debt, which he did through executive action in August rather than through Congress. Some of Biden’s assertions during 24 minutes of remarks at Delaware State University in Dover were factual, and some less so. Biden spoke at…Fred Lucas -
- News
California’s Economy Looks Headed for Disaster
California officials are sounding the alarm after recent statistics showing that less corporate and start-up activity in the state will lead to a decline in tax revenue, according to a report by Bloomberg News. This year, just nine companies based in California have held initial public offerings, or IPOs, which is when a company first…Arjun Singh -
- Opinion
American Free Enterprise Chamber of Commerce Fights Wokeness, the Left’s ESG Agenda
American corporations are increasingly taking sides on political issues—and it seems they’re often embracing socialist ideas rather than the free market. That’s led former Iowa Gov. Terry Branstad and others to create the American Free Enterprise Chamber of Commerce. The group launched earlier this year to put the focus back on pro-business policies and limited…Rob Bluey -
- Opinion
The Left’s ESG Movement Is Coming After All Americans. Here’s How It Can Be Stopped.
Americans were just issued a dire warning after “Dilbert,” a comic beloved by many over the years, was dropped from 77 publications after over three decades. Created by cartoonist Scott Adams, “Dilbert” uses satire to poke fun at traditional office life on a number of issues, which recently included “ESG.” As this particular comic strip explained, the…Jessica Anderson -
- Opinion
Government Micromanagement Running Economy Into Ground
It’s almost certainly true that the company president didn’t set the price of the last product you bought at Walmart, Costco, or Amazon. If the head of a major multinational retailer did set the day-to-day prices of tens of thousands of items across hundreds of different markets, he wouldn’t have time to do much else….Preston Brashers -
- Opinion
How FTC v. Walmart Has Become Walmart v. Fourth Branch of Government
It looks like Walmart and the administrative state are going to court. The case has the potential, however, to affect not only Walmart, but also the entire federal bureaucracy. The Federal Trade Commission has sued the retail giant, seeking civil penalties in what Walmart is calling “an egregious instance of agency overreach” undertaken in spite…Joseph Postell -
- Opinion
6 States Sue to Block Biden’s Student Loan ‘Forgiveness’ Scheme
Nebraska, Missouri, Arkansas, Iowa, Kansas, and South Carolina sued the Biden administration Thursday to block the president’s plan to “forgive” student loan debt. The lawsuit by the six states follows another one filed by the Pacific Legal Foundation on behalf of an individual borrower. President Joe Biden’s student loan forgiveness scheme is an illegal…GianCarlo Canaparo -
- Opinion
Nowhere Left to Hide: Neither White House nor Common Man Can Evade Recession Data
Newly released data from the Commerce Department show what some people have been saying for months: The nation is in recession. Furthermore, the Biden administration’s cherry-picking of data has come back to bite it, with even its selected data points now being revised to indicate a recession. And while these numbers confirm the economy shrank…EJ Antoni -
- Opinion
Borrower Sues to Stop Biden’s Unfair, Illegal Student Loan Bailout
Probably the most common legal argument against the Biden administration’s student loan bailout plan is that the federal Department of Education simply doesn’t have the authority to accomplish it. That’s a core argument in a new lawsuit filed by the Pacific Legal Foundation on behalf of an employee whose student debt is affected by the…Adam Kissel -
- News
‘Allows Our Borders to Remain Open’: Biden Administration Makes It Easier for Illegal Migrants on Welfare to Stay
The Department of Homeland Security will make it easier for certain illegal migrants benefiting from certain welfare programs to stay in the country beginning Dec. 23. The “Public Charge” rule, which applies to noncitizens “likely at any time to become a public charge,” will no longer consider certain nutrition, health, and housing benefits for inadmissibility, according to…Jennie Taer -
- Opinion
In 5 Charts, How Heritage’s Budget Blueprint Would Clean Up Washington’s Mess
It’s no secret that the federal government’s finances are a wreck. Washington has spent too much and added far too much to the national debt for the sake of political convenience and payoffs to well-connected special interests. We’re now paying a heavy price for years of irresponsible governing, with inflation hitting 40-year highs. Waves of…David Ditch -
- Opinion
Student Debt Relief: Reparations for Rich White People
To reduce inflation, battle climate change, reduce gas prices, stem rising crime, and protect our southern border, President Joe Biden has forgiven $10,000 in federal student loans and extended $20,000 in debt cancellation to Pell Grant recipients for borrowers making less than $125,000 a year. A study by the University of Pennsylvania’s Wharton School found…Larry Elder -
- Opinion
3 Biden Lies About His Student Debt Bailout Scheme
By my count, there are at least three lies behind President Joe Biden’s “student loan relief” plan: a bald-faced lie, a half-lie, and a lie of omission. First, in its Aug. 24 “fact sheet,” the White House advances the falsehood that college is the “ticket to a middle-class life.” That’s untrue. The ticket to a…Catherine R. Pakaluk -
- Opinion
5 Reasons Biden’s Student Loan Scheme Is Terrible, Corrupt Idea
There’s a long list of reasons why the the Biden administration’s scheme to write off upward of $20,000 per person in student loan debt, announced Aug. 24, is a terrible and corrupt idea: It’s flagrantly illegal and usurps powers reserved for Congress, which even House Speaker Nancy Pelosi acknowledged a year ago. It’s unfair, especially…David Ditch -
- Opinion
4 More Reasons to Be Mad About Biden’s Student Loan Debt Amnesty
With every passing day, the scope of the Biden administration’s regressive, expensive, unfair, and potentially illegal amnesty for student loan debt becomes clearer. Some 43 million borrowers will be eligible for the loan cancellation, courtesy of the millions of Americans who did not, or could not, attend college. According to the Biden administration, 27 million…Lindsey Burke -
- Opinion
On Student Debt, More Government Spending Is Problem, Not Solution
No sooner had President Joe Biden announced his plan for student loan debt forgiveness ($10,000 for nonrecipients of Pell Grants and $20,000 for Pell Grant recipients), the president of the NAACP was complaining that it should be more than twice as much. At least $50,000. Brookings Institution scholar Andre M. Perry echoed the sentiment. The…Star Parker -
- Opinion
China’s Heat Wave, Water Shortage Threaten Its Role in Global Supply Chain
A record-breaking heat wave across China is exacerbating underlying issues that threaten its future role in the global supply chain, an Asian studies expert says. China has long struggled with water shortages, food prices, power grid issues, and inflation, all of which have been magnified by the record heat wave the country is facing, says Dean Cheng, a senior…Samantha Aschieris -
- Opinion
Can Biden Cancel Student Loan Debt? Here’s Why It’s a ‘Major Question.’
Although the Biden administration has announced its student loan “forgiveness” program, the specifics of the plan’s implementation remain murky. However, what is crystal clear is House Speaker Nancy Pelosi’s statement just last year that “the president can’t do it.” “So that’s not even a discussion,” Pelosi told reporters, adding: “The president can only postpone, delay,…Joseph Postell