Economy News
The Daily Signal reports on economy news with analysis and commentary on growth, recession risks, employment, and financial trends.
-
- Opinion
It’s a Bad Idea to Tap Medicare to Bail Out Postal Service
The U.S. Postal Service is in trouble. So Congress is coming to the rescue by debating a proposed “Postal Service Reform Act” (HR 3076) to “stabilize” the independent agency’s financing and put it on a path of fiscal responsibility. But although the legislation passed Tuesday by the House and now before the Senate might end…Robert Moffit -
- News
Report: Ineligible Labor Unions Received Over $36 Million in Federal COVID-19 Relief Loans
Up to 226 forgivable loans totaling more than $36 million were given to labor unions and related organizations that weren’t eligible to receive the loans, according to a new report by the Freedom Foundation, a free market conservative think tank. The loans were administered by the Small Business Administration through the Paycheck Protection Program, which…Maggie Hroncich -
- Opinion
No Surprise: Study Finds Enhanced Jobless Benefits Prolong Unemployment
If common sense and reports from thousands of employers weren’t enough, a recent National Bureau of Economic Research paper found conclusively that paying people not to work during the COVID-19 pandemic was why many of them remained unemployed. That shouldn’t come as a surprise to anyone, except that last year, major news reports were saying…Patrick Tyrrell -
- News
Biden Taps Fossil Fuel Industry Critic for Federal Reserve Post
President Joe Biden’s choice for the No. 2 post at the Federal Reserve Board has advocated for the central bank to use its “powerful role” to discourage investment in oil, gas, and coal companies and to try to boost alternative energy sources amid the “climate crisis.” On Friday, Biden announced the nomination of Sarah Bloom…Fred Lucas -
- Opinion
How This Labor Department Nominee Threatens 59 Million Workers
According to a study by Upwork, 59 million Americans, or 1 in 3 workers, performed independent work in 2021. And 9 out of 10 of them believe that “the best days are ahead” for freelancing. (Freelancing, independent work, contracting, gig work, and self-employment all describe work that individuals perform independently instead of for a traditional…Rachel Greszler -
- Opinion
Where Former Soviet Republics Stand Economically, 30 Years After Demise of USSR
On Dec. 25, 1991, the once seemingly invincible Union of Soviet Socialist Republics fell when Mikhail Gorbachev, then-secretary of the Soviet Communist Party, transferred his presidential powers to Boris Yeltsin, the leader of the new Russian Federation. Armenia, Azerbaijan, Belarus, Estonia, Georgia, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Moldova, Tajikistan, Turkmenistan, Ukraine, Uzbekistan, and Russia were on…Johnathan Little -
- News
GOP Leaders Slam Biden After Jobs Report Shows ‘Massive Miss’
Republican leaders slammed President Joe Biden after December’s jobs report released Friday reported numbers well below economists’ projections, highlighting the report as another example of how the president mishandled the post-pandemic recovery. The U.S. economy added only 199,000 jobs in December while unemployment dipped to 3.9%, the U.S. Bureau of Labor Statistics (BLS) announced Friday. Economists surveyed by The Wall Street Journal projected that the…Harry Wilmerding -
- Opinion
The Reckless Push for Electric Vehicles at US Postal Service
As Democrats regroup and forge ahead with plans to implement components of the Build Back Better legislation killed by Sen. Joe Manchin, D-W.Va., calls for the U.S. Postal Service to be given billions to electrify its vehicle fleet are likely to soon reach a fever pitch. The Postal Service is a high-profile, well-regarded institution through which progressives…Paul Steidler -
- Opinion
Left Melts Down as Sen. Joe Manchin Says He Can’t Support Biden’s ‘Mammoth’ Spending Bill
A single Democrat came out against President Joe Biden’s massive, multitrillion-dollar Build Back Better plan and the left is having a collective conniption. Sen. Joe Manchin, D-W.V., said Sunday that he would have to cast a “no” vote for Democrats’ current Build Back Better bill, a version of which already has passed the House. “I…Jarrett Stepman -
- Opinion
Treasury Secretary Janet Yellen Falsely Advertises Build Back Better in Memo to Senate
Treasury Secretary Janet Yellen is carrying out a desperate, last-ditch effort to sell the increasingly unpopular Build Back Better Act before the year ends. Yellen sent a memo to the Senate Dec. 9 titled “Fiscal Responsibility and the Build Back Better Act.” She wanted to get ahead of major reports that delivered a one-two punch…Scott Zipperle -
- Opinion
Pause Before You Give Congress Credit for Trying to Stop Slave Labor in China
American corporate and political leaders are more eager than ever to burnish their do-gooder credentials. Companies are taking stands on social issues more than ever before. Politicians also want to make sure the voters know they are socially just. It's no surprise, therefore, that each house of Congress has passed a bill to stop the…Neil Patel -
- Opinion
Biden’s Spending Plan Makes Americans Even More Dependent on Government
President Joe Biden’s Build Back Better plan aims to build, sure enough. That is, build atop the massive amount of welfare that the federal government doles out. Right now, there are a huge number of Americans simply not working, as most Americans know, given the huge number of “help wanted” signs in front of businesses…Jarrett Stepman -
- News
Democrat Senator Concedes Inflation ‘Is Real,’ Faults Supply Chain, Federal Reserve
Higher prices on everything from groceries to automobiles are increasingly common across the United States. It’s a phenomenon that’s becoming impossible to ignore. That’s what Sen. Mark Warner, D-Va., said in a recording of a Wednesday night teleconference obtained by The Daily Signal. He also said that the higher prices are the result of a…Jarrett Stepman -
- News
Biden’s Pick for FTC Commissioner Called ICE ‘Out-of-Control Domestic Surveillance’
President Joe Biden’s nominee to fill the empty seat on the Federal Trade Commission has a history of opposing immigration authorities’ use of data to enforce the law. Alvaro Bedoya, a Georgetown Law professor and privacy advocate who is scheduled to have his committee nomination hearing Wednesday, is a staunch proponent of limiting the ability of immigration…Ailan Evans -
- Opinion
Why Biden’s Infrastructure Bill Will Likely Only Worsen Supply Chain Crisis
President Joe Biden on Nov. 15 signed his infrastructure bill, a trillion-plus-dollar handout to left-wing special interests masquerading as a solution to the supply chain crisis he created. The administration is touting the bill as a fix, but the truth is, the bill is at best irrelevant, and most likely will make the crisis worse,…Peter St. Onge -
- Opinion
Biden’s Truly Reckless Spending Will Likely Be His Undoing
News flash: Prices are going up. They are going up broadly across many products and services. And they are going up quickly. Inflation is here. It’s already bad, and there are many signs that it could get worse. In the wake of this news, President Joe Biden has announced that he’s committed to continuing…Neil Patel -
- Opinion
California Fraudsters Get Rich Off Unemployment Benefits
California has shelled out at least $20 billion in fraudulent unemployment benefits since the beginning of the pandemic, with 11% of all benefits paid in the Golden State. That is more than the 2021 budgets of Delaware, Maine, and Montana combined. The $20 billion given to criminals who fraudulently collected benefits comes out of the more than $178 billion…Adam Andrzejewski -
- Opinion
Post-Brexit Britain Gains Prosperity via Trade Freedom, but Tax-and-Spend Policies Threaten These Gains
In the months and years before Britain voted to leave the European Union in 2016, Brexit’s enemies based their case overwhelmingly on economic arguments. That is what they have always done. The reason is simple: The political case for the European Union in Britain is not popular, because it means subordinating the elected House of…Ted Bromund -
- Opinion
Biggest Means-Tested Welfare Increase in US History Would Hurt, Not Help, Poor
Democrats are proposing the largest increase in means-tested welfare in U.S. history by far. The latest Democrat tax-and-spend reconciliation bill (also known as the Build Back Better bill), would increase means-tested welfare spending by $756 billion over the next five years. In addition, the Biden administration has used administrative action to increase permanently food stamp…Robert Rector -
- Opinion
Massive Spending Bill Sends Your Tax Dollars to Corrupt Corporate Media
Editor’s note: Deadline reports, “Under the text of the [Build Back Better] bill released Wednesday, per Punchbowl News, employers would get a credit against employment taxes for local news journalists. It would provide a credit up to $25,000 to defray employment taxes in the first year, and $15,000 in the next four years, for each employee….David Ditch