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
How CHIPS for America Act Chips Away at America’s Economic Freedom
Congress and the Biden administration are gearing up a bloated Creating Helpful Incentives to Produce Semiconductors for America Act, but the CHIPS for America Act runs the real risk of chipping away at America’s economic freedom and competitiveness, rather than enhancing it. The Senate is scheduled this week to vote on the bill, whose price…Anthony B. Kim -
- Opinion
House Democrats Ride ‘Minibus’ to Inflation, Economic Ruin
Against the backdrop of a contracting economy and falling real incomes, the House majority is trying to increase federal spending over the next decade by $1.7 trillion—imposing a cost burden of future taxes and inflation that would be equivalent to more than $13,000 per household. As a first step, the House’s Democratic majority has decided…Richard Stern -
- Opinion
Biden Is Steering Us Into a Recession
If you’re having trouble making it from paycheck to paycheck, you’re hardly alone. A majority of Americans tell pollsters they feel the economy is not in good shape and getting worse. People are now demonstrably poorer than when President Joe Biden took office. Although wages have risen, prices have risen much faster. Worse, these are…EJ Antoni -
- Opinion
Increasing ‘Buy American’ Requirements on Defense Spending Is Still Bad Idea
Congress is once again flirting with new “Buy American” legislation for defense programs. But underneath the patriotic cover of this legislation is an unexpected casualty: military readiness and capability. Buy American legislation can be traced back to 1933, when Congress passed the Buy American Act, requiring that government acquisitions be entirely produced in the United…Conner Bolanos -
- Opinion
Biden Pops Champagne Corks Over Jobs Report While Forgetting to Mention 1 Fact
President Joe Biden touted Friday’s jobs report as “significant progress” in economic recovery, but he ignored the uneven unemployment rate, with conservative red states beating out liberal blue states in jobs growth. When it comes to beating a likely recession, red states are leading the charge, adding 341,000 jobs since February 2020. Blue states hemorrhaged…Carrie Sheffield -
- Opinion
Biden’s Executive Actions on Food Stamps, Obamacare, Student Loans Will Balloon Deficit, CBO Says
A letter from the Congressional Budget Office in response to an inquiry by a Republican congressman from Missouri confirms that the Biden administration’s executive actions will increase cost to federal taxpayers and fuel rising deficits. The response to Rep. Jason Smith from the CBO highlights three major actions taken by the Biden administration—on food stamps,…Nina Owcharenko Schaefer -
- Opinion
Biden’s Budget Deficit Victory Lap Is Unearned and Unjustified
President Joe Biden is taking victory laps for last year’s reduced budget deficit. No one would be happier than me to see this number fall in a significant way. But the decline has nothing to do with the president’s policies, and it changes little about the dangers of our fiscal situation. According to monthly reporting…Veronique de Rugy -
- Opinion
Stephen Moore on Inflation and America’s Ailing Economy
Everyday Americans are feeling the wallop on their wallets from unchecked inflation. From gas prices to food prices, the country is experiencing unprecedented levels of economic woes. But who is to blame for this disaster? “I think that there are two co-conspirators in this economic crime. And one is the Biden administration, for spending so…Richard M. Reinsch II -
- Opinion
Student Debt Cancellation ‘Not Fair’ to Taxpayers, Those Who Repaid Loans, Betsy DeVos Says
Roughly 45 million Americans owe a combined total of $1.7 trillion in student loan debt. If that were distributed evenly among the borrowers, each would owe close to $38,000. Over the past two years, the federal government has paused collection of student loan payments because of the COVID-19 pandemic. Now, some Americans contend the government…Virginia Allen -
- Opinion
11 Ways Republican Study Committee Budget Is Blueprint to Save America
A budget is more than just the sum of its revenues and outlays. It’s also a reflection of the values held by its drafters. Based on the budget proposed Thursday by the Republican Study Committee, the caucus of conservatives in the House of Representatives, its members value America. Here are 11 ways that the Republican…Richard Stern -
- News
EXCLUSIVE: House Conservatives Float Plan to Balance Budget in 7 Years
House conservatives say they’ve crafted a plan to rein in government spending and balance the federal budget in seven years. The budget proposal from the Republican Study Committee would reduce mandatory spending by $11.86 trillion over 10 years while lowering nondefense discretionary spending by $3.64 trillion. The U.S. government faces a budget deficit of $3.1…Fred Lucas -
- Opinion
Rep. Kevin Hern Presents a GOP Budget to Fix America
As Americans watch their government leaders spend more and more, the average citizen is struggling to pay for food and gas. It seems that the Biden administration is more concerned with placating a base of radical leftists than crafting a federal budget designed to help everyday Americans. To Rep. Kevin Hern, R-Okla., the government needs…Douglas Blair -
- Opinion
New Charts Reveal Harms of Biden’s Budget-Busting Binge
The harmful effects of excessive government spending have become the most pressing issue for Americans due to the worst inflation surge in decades. Washington’s reckless choice to pump trillions of dollars into the economy is the reason we face more inflation than other top economies around the world. Yet, incredibly, Congress is still planning an…David Ditch -
- Opinion
CBO Forecasts an Economic Nightmare for All Americans
Months behind schedule and as many Americans look forward to the holiday weekend, the Congressional Budget Office released its new federal budgetary and economic projections. The new CBO numbers portend of a future of bloated government, crushing federal debts, and mounting burdens forced onto American families. The dramatic differences between this update and the CBO’s…Richard Stern -
- Opinion
Janet Yellen Is Wrong. Protecting Life Could Never Damage the Economy.
Life should never be reduced to economics. Yet, in the wake of the leaked Supreme Court draft opinion that could overturn Roe v. Wade, abortion supporters have resorted to shocking claims that limiting abortions will hurt the economy. During a Senate Banking Committee hearing on May 10, Sen. Bob Menendez, D-N.J., asked Treasury Secretary Janet…Rachel Greszler -
- Opinion
Student Loan Bailout Is Handout to Ruling Elite
Democrats are calling for more redistribution of wealth—this time for the benefit of their Ivy League-educated elites. The COVID-19 pandemic and continual government-imposed lockdowns upended our way of life. Many Americans found themselves unemployed or in financial trouble. Now, inflation is eating away at everyone’s wealth, making us all poorer. Large swaths of Americans are…Jarrett Stepman -
- Opinion
Why Economic Freedom Is More Integral to Foreign Policy Than Ever
In an April 27 speech, “The Return of Geopolitics,” British Foreign Secretary Liz Truss made a compelling case for a reboot in the free world’s approach to tackling global aggressors, particularly in the context of Russia’s invasion of Ukraine. Truss pointed out that we “must be prepared for the long haul.” My vision is a…Anthony B. Kim -
- Opinion
Biden Administration Extends Freeze on Student Loan Payments… Again
Student loan debt holders are getting another extension on their break from payments, but that doesn’t mean no one’s paying. American taxpayers are picking up the bill, amid news that inflation soared a shocking 8.5% compared to this time last year. The announcement from the U.S. Department of Education states that the pause on student…Mary Clare Amselem -
- Opinion
How High Inflation Imperils Monetary, Economic Freedom
Economic freedom in the United States is on a perilous journey. The U.S. fell five places in The Heritage Foundation’s 2022 Index of Economic Freedom, to 25th-most economically free country in the world from 20th in last year’s rankings. (The Daily Signal is the news outlet of The Heritage Foundation.) The main culprit for the…Patrick Tyrrell -
- Opinion
8 Varieties of Rancid Pork in Latest Spending Bill
The insane spending spree that Congress has gone on since the start of the pandemic is one of the central causes of today’s brutal inflation. While the Biden administration blames the war in Ukraine and “greedy” energy companies, the timing of the inflation spike is more closely linked to unnecessary stimulus bills passed after the…David Ditch