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
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… -
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… -
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… -
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… -
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… -
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… -
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,… -
opinion
Lessons From Biden’s Reckless Student Loan ‘Forgiveness’ Ploy
President Joe Biden’s new plan to “cancel” up to $10,000 in student loan debt for those making less than $125,000 annually is at once a dereliction of constitutional duty, a crass political gambit in the lead-up to a contested midterm election, and a morally perverse value judgment that lavishes the regime’s insular, well-heeled voting base… -
opinion
Biden’s Spendy, Bloated Government Corrodes Our Economic Freedom
America’s economic freedom is in growing peril. That was one of the core findings of The Heritage Foundation’s 2022 Index of Economic Freedom, published in February. The annual global benchmark report, which compares countries’ economic governance and competitiveness, underscored the urgent need for America to change policy course. The latest index reported that the U.S…. -
opinion
Why Biden’s Student Loan ‘Forgiveness’ Will Make Inflation, Labor Shortage Worse
Since the pandemic started, the federal government has erased over $100 billion of student loan debt through a moratorium on loan repayments. President Joe Biden just extended that pause yet again—and added $10,000 to $20,000 per borrower in student loan cancellation along with limits on monthly repayments. This comes at a time when out-of-control inflation… -
opinion
Biden Student Loan Amnesty a Windfall for DC Staffers
After announcing executive action to unilaterally and retroactively wipe away $300 billion in federal student debt, President Joe Biden looked over his shoulder to answer a question: Was this debt forgiveness fair to those who had sacrificed and saved to pay their way through college? Biden deflected. “Is it fair to people who, in fact,… -
opinion
Biden’s ‘Forgiveness’ of Student Loan Debt Isn’t Just a Bailout. It’s a Slap in the Face.
President Joe Biden announced Wednesday that he will launch a massive effort to “forgive” student loan debt for borrowers who still owe. This plan isn’t just a bailout for well-off college degree holders. It’s a slap in the face for hardworking Americans. It’s a slap in the face to the working-class father who dreamed of… -
opinion
Why Biden’s Student Loan Bailout Is Unfair
In unilaterally “canceling” up to $20,000 in student loan debt for borrowers earning less than $125,000 annually, the Biden administration on Wednesday put into motion a plan that will further inflate college costs, hinder economic growth, reward upper-income earners, and provide a major handout to woke institutions of higher education. The administration has stuck its… -
news
‘Widen the Racial Wealth Gap’: Economist Breaks Down Effects of Biden’s Student Loan Forgiveness
An economics professor from Johns Hopkins University said during a Tuesday CNN appearance that President Joe Biden’s plan to forgive student loan debt would make the racial wealth gap wider and make inflation worse. “The issue is debt cancellation might reduce the racial wealth gap between two rich doctors, a rich black doctor and rich… -
opinion
‘Forgiving’ Student Loan Debt Would Be Illegal, Raise Inflation
The Biden White House is reportedly considering “forgiving” $10,000 worth of student debt for some borrowers, a move that is likely illegal and definitely will increase inflation and force poor people to subsidize rich people. President Joe Biden is possibly considering subsidizing Americans earning less than $150,000 or $300,000 for married couples filing jointly—households in… -
opinion
Beijing’s Economic Problems Complicate Its Designs on Taiwan
As China continues military drills near the island of Taiwan, the tense security environment brings up a question: Is China going to invade Taiwan soon? Fortunately, China’s current economic mess says it’s not likely. A few weeks before House Speaker Nancy Pelosi’s visit to Taiwan, China reported a sharp economic slowdown to 0.4% growth in… -
opinion
Biden Administration Extends Attack on the Free Market in New Rules on Student Debt
Instead of addressing the college debt crisis, the Biden administration has proposed new rules designed to punish for-profit colleges and stick taxpayers with billions of dollars in debt forgiveness. Taxpayers deserve accountability from the Department of Education, not carrots and sticks that interfere with a free marketplace for higher education. The rules, proposed last month,… -
opinion
‘So Goes Housing, So Goes the Economy,’ Rep. Ralph Norman Says
For many Americans, buying a home is one of their greatest financial goals. And the health of the economy is tied directly to our ability to purchase real estate, says Rep. Ralph Norman, R-S.C. “So goes housing, so goes the economy,” Norman says. “The reason that is, you have over 130 trades [involved], from the… -
opinion
‘Inflation Reduction Act’ Should Be Renamed ‘Economic Freedom Reduction Act’
On Sunday, all 50 Senate Democrats voted in lockstep to push through the so-called Inflation Reduction Act, the Biden administration’s big government tax-and-spending bill that will unambiguously undermine America’s economic freedom. The deal between Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.Va., resuscitated key elements of President Joe Biden’s euphemistically named Build… -
opinion
Biden Tries to Get Americans to Look Away From Troubling Fact in Unemployment Report
With another strong topline unemployment report released Friday, President Joe Biden already is trying to hide behind the fig leaf of low nominal unemployment, but his party can’t hide the deep economic malaise overshadowing most Americans. Sadly, Democrats want to make things worse with a $740 billion tax-and-spend blowout that would kill jobs and do nothing to fight crippling…