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
Rep. McClintock ‘Terrified’ for Economy as Democrats Push Massive Spending Bills
America’s national debt has topped $28.4 trillion, but Democrats want to raise the debt limit and keep on spending. For months, Democrats have been pushing a $3.5 trillion tax-and-spend bill, but they may have hit a roadblock Thursday. Sen. Joe Manchin, D-W.Va., said he can’t support the social welfare spending package. “My top line has…Virginia Allen -
- Opinion
Puerto Rico’s Minimum Wage Hike Will Only Increase Its Already High Jobless Rate
Puerto Rico’s governor, Pedro Pierluisi, signed a bill on Sept. 21 to increase the island’s minimum wage from $7.25 an hour to $8.50 in 2022, to $9.50 in 2023, and potentially to $10.50 in 2024. That’s like mandating a $16-an-hour minimum wage on the U.S. mainland next year, rising to $20 an hour in 2024….Elizabeth Hanke -
- Opinion
No, Government Spending Isn’t ‘Zero Cost’
This week, President Joe Biden made the incredible statement—sycophantically repeated by the press—that his $3.5 trillion budget bill, which includes major spending initiatives on everything from climate change to Medicare, would be “free.” Biden tweeted, “My Build Back Better Agenda costs zero dollars. Instead of wasting money on tax breaks, loopholes, and tax evasion for…Ben Shapiro -
- News
Sen. Cynthia Lummis Grills Treasury Secretary Yellen About Privacy Fears Over ‘Unconscionable’ IRS Bank Proposal
Editor’s note: During a Senate Banking, Housing, and Urban Affairs Committee hearing Tuesday, Sen. Cynthia Lummis, R-Wyo., grilled Treasury Secretary Janet Yellen on a Biden administration proposal to compel banks to report to the Internal Revenue Service every transaction Americans make worth $600 or more. Watch the video here, or read this lightly edited transcript: Sen. Cynthia Lummis: Thank you,…Daily Signal Staff -
- Opinion
Preschool Funding in $3.5 Trillion Spending Bill Is Modeled After Failed Head Start Program
Fraud, abuse, poor outcomes, and high costs. Those aren’t exactly hallmarks of successful programs, and yet, those pushing for universal preschool and child care in the $3.5 trillion spending bill currently making its way through Congress have landed on the ineffective federal Head Start program as their model. “It is very much built around the…Lindsey Burke -
- Opinion
5 Things You Need to Know About Paid Family Leave Program in Progressives’ $3.5 Trillion Spending Package
We all want to have the ability to take leave from work when major or even minor life circumstances necessitate it. Having access to paid leave is incredibly important because without a paycheck, many workers cannot afford to take the leave they need. Fortunately, there’s been a huge upswing in access to employer-provided paid family…Rachel Greszler -
- Opinion
4 Ways to Understand Democrats’ $3.5 Trillion Spending Bill
House Democrats have unveiled pieces of the $3.5 trillion spending bill over the past several weeks. Most legislation focuses on specific issues, which makes it possible to have constructive debate. However, this bill covers welfare, immigration, taxes, energy, families, and much more, making it extremely difficult to comprehend. Providing context on this tax-and-spend bill’s size…David Ditch -
- Opinion
Health Policy Changes in Democrats’ Spending Bill Would Reduce Patients’ Choices, Raise Taxpayer Costs
The left’s health policy strategy is simple: Step by step, centralize government control over larger chunks of the health care sector of the economy, add more and more taxpayer subsidies (requiring ever higher taxes), and block the emergence of any independent alternatives for coverage and care. In the end, the coverage and care that individuals…Robert Moffit -
- Opinion
Democrats’ Massive Spending Bill Would Hasten America’s Fundamental Transformation
The massive spending bill backed by President Joe Biden and Democrat leadership in Congress highlights just how radical their party has become and the farce behind billing the Biden presidency as a “moderate” alternative to the far left. The $3.5 trillion spending measure has been billed as a way to promote health care and repair…Jarrett Stepman -
- Opinion
Media Hides Secret in $3.5 Trillion Spending Bill
There’s one piece of the $3.5 trillion spending bill that the media is unlikely to tell you about—their bailout. The massive, bloated $3.5 billion spending bill has so much pork that fiscal hawks could eat it for weeks. One piece that hasn’t received much attention yet is a special journalism “tax credit” equal to 50%…Adam Guillette -
- Opinion
Why Is There So Little Outrage at All of the Corporate Welfare?
Today’s politicians want to spend more on everything: Amtrak subsidies, sports stadium subsidies, green energy subsidies, even fossil fuel subsidies. President Joe Biden says the handouts will “put more money in your pocket.” House Speaker Nancy Pelosi claims they will “protect the planet for the children.” They might. But a disproportionate amount of the money…John Stossel -
- Opinion
Even Some Democrats Sound Alarm on Radical $3.5 Trillion Spending Bill
Despite already spending trillions of dollars on COVID-19 relief legislation, for the past few months, Democrats have been focused on designing the largest tax-and-spend bill in U.S. history. As the House and Senate move the legislation through at freight-train speed, troubling details about the plan have emerged. All Americans should be concerned about Democrats’ plans…David Ditch -
- Opinion
There’s (Cradle to) Grave Waste in Democrats’ $3.5 Trillion Spending Plan
Congressional Democrats are proposing to spend an enormous amount of taxpayer dollars on what The New York Times calls “cradle to the grave” additions to U.S. social welfare. When budgeting shenanigans are ignored, the Committee for a Responsible Federal Budget estimates that the full cost is not the $3.5 trillion that has been widely advertised,…John Goodman -
- News
How Democrats Plan to Hike Taxes to Pay for $3.5 Trillion in Spending
House Democrats will consider nearly $3 trillion in tax hikes over the next decade in an attempt to pay for their $3.5 trillion budget that includes most of President Joe Biden’s domestic agenda and would overhaul the nation’s social safety net. The hikes are predominantly focused on wealthy Americans and large corporations. Among the increases…Andrew Trunsky -
- Opinion
$3.5T Spending Bill Would Lavish Hundreds of Billions on Nanny State Education
The massive, unprecedented $3.5 trillion spending bill making its way through Congress includes education spending on an equally unprecedented scale. In all, the plan would spend some $761 billion on education and workforce programs, on par with total annual education spending from all sources—federal, state, and local. The bulk of the proposed education spending in…Lindsey Burke -
- Opinion
Tariffs Are Never a Good Idea. Those on Aluminum Are Especially Bad.
Aluminum prices are up 59% from a year ago, and America’s 10% tariffs on the metal are not relieving any headaches at beer and non-alcoholic beverage manufacturers. The tariffs were originally put in place in 2018, ostensibly to protect domestic aluminum producers. The theory was that China and other foreign producers were “dumping” aluminum into…Patrick Tyrrell -
- Opinion
Federal Handouts Hamper Job Market, Economic Recovery
One thing we know for sure from the COVID-19 pandemic is that it has had and continues to have a lasting impact globally, as well as on the U.S. economy and job market. Despite more than 18 months of hardship, the stock markets have miraculously continued to move upward, indicating a renewed confidence in our…Armstrong Williams -
- Opinion
Congress Should Fund Stronger Efforts to Block Imports Made With Forced Labor
U.S. Customs and Border Protection has issued 13 withhold release orders against imports from China since 2018 to stop goods produced with forced labor from entering the U.S. market. Those orders largely focus on goods from the Xinjiang province, where millions of Uyghur Muslims face what the U.S. government identified as ongoing genocide and crimes…Emily Marsh -
- News
9 Things You Need to Know About the Budget Resolution’s Reckless Tax and Spending Spree
After passing a $1.1 trillion infrastructure spending bill on a bipartisan basis—which is filled with liberal spending priorities—the Senate will now consider a budget resolution that, if enacted, will clear a path to implement a massive progressive agenda. This resolution would reshape the American economy and permanently expand government control over many aspects of peoples’…Matthew Dickerson -
- Opinion
Infrastructure or Democratic Wish List? What to Know About Those $1.1 Trillion and $3.5 Trillion Spending Bills
Congress is forging ahead with a $1.1 trillion infrastructure bill. The measure has received bipartisan support, but many conservatives warn that now is not the time to put America in even more debt. The government has increased America’s national debt by $5.2 trillion just since the start of 2020, but “adding to that with two…Virginia Allen