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 Lebanon Can Attain Economic and Political Freedom
The Lebanese people are suffering. A protest in the city of Tripoli turned violent mid-July when a hand grenade exploded, injuring five soldiers. Protests like this have become common in Lebanon due to the dire economic and political situation plaguing the country. Lebanon’s economic hardships were foreshadowed by heightened levels of public sector debt, illiquidity…Anthony B. Kim -
- Opinion
How Giving Promotes Economic Freedom for All Americans
Giving to good causes is key to maintaining America’s free market system, the head of Philanthropy Roundtable says. It’s not the job of government to meet the needs of all Americans, Elise Westhoff, the organization’s president and CEO, says. So “if we have a strong philanthropic sector,” Westhoff says, “I think that allows us to…Virginia Allen -
- Opinion
Why Massive Informal Economy Is Problematic for the Country
People around the world are hungry for economic freedom. They want the ability to choose how to make a living instead of having the government tell them how to do so. As a result of this desire, a shocking number of people have taken matters into their own hands. A recent International Monetary Fund report…Alexander Jelloian -
- Opinion
What ‘The Bachelor’ Franchise Teaches Us About Economics
It’s no wonder why America’s youth are so enamored with the idea of socialism and big government while being vehemently opposed to free market capitalism. In a a survey of teenagers conducted by Junior Achievement USA and the Charles Koch Foundation in 2019, 93% of teens view economics as important, but struggle with grasping the…Allison Williams -
- Opinion
Economic Freedom Best Path to Women’s Equality, Empowerment
Women’s battle for equal rights under the law has progressed significantly in a number of countries, but many other nations still have much room for improvement to establish societies that uphold women’s equality and dignity. So, what’s the solution to decreasing this gender gap worldwide? There’s considerable evidence that the best environment to promote equality…Anthony B. Kim -
- News
Biden Administration Sues Texas Over Governor’s Order Restricting Transportation of Illegal Immigrants
The Biden administration filed a lawsuit against the state of Texas challenging Gov. Greg Abbott’s executive order targeting the transportation of migrants spreading COVID-19 in the state, according to court documents filed Friday. Abbott, a Republican, announced restrictions on the ground transportation of illegal migrants in federal custody who could spread COVID-19 around Texas communities…Kaylee Greenlee -
- Opinion
America’s Aim in Indo-Pacific Should Be to Advance Economic Freedom
The Indo-Pacific has become an increasingly more dynamic and critical part of the world’s foreign policy chess board. It’s home to at least five of the world’s trillion-dollar economies and hosts more than half of the world’s population in just two of its countries, India and China. Pre-pandemic, the Indo-Pacific was boasting an average economic…Anthony B. Kim -
- News
House Republicans Slam Treasury Secretary for Avoiding Oversight
Top House Republicans are criticizing Treasury Secretary Janet Yellen for avoiding oversight while her agency is accused of mishandling billions of dollars of COVID-19 relief funds. The lawmakers, led by House Minority Whip Steve Scalise, R-La., blasted Yellen in a letter Wednesday for skipping her congressionally mandated testimony before the House Financial Services Committee. Instead of…Thomas Catenacci -
- News
FCC Commissioner Targets Corporate Welfare for Big Tech
Federal Communications Commission member Brendan Carr says the agency should require Big Tech to fund internet infrastructure, following the introduction last week of a bill requiring the FCC to consider collecting contributions from technology companies. The bill—introduced July 21 by Senate Republicans Roger Wicker, Todd Young, and Shelley Moore Capito—instructs the Federal Communications Commission to…Ailan Evans -
- Opinion
Democrats’ Spending Could Cost Taxpayers $5.5 Trillion, Sen. Cynthia Lummis Says
Democrats are trying to push both a $1.2 trillion infrastructure bill and another $3.5 trillion spending package through Congress. Although the former provides funding for traditional infrastructure, such as roads and bridges, the other and larger package provides trillions of dollars for a laundry list of left-wing priorities, Sen. Cynthia Lummis, R-Wyo., says. “They have…Virginia Allen -
- Opinion
Besides Lost Jobs, 3 More Ways Minimum Wage Laws Hurt Workers They’re Meant to Help
Many studies have documented the effect of minimum wage laws on lost jobs, including the Congressional Budget Office’s estimate that a $15-an-hour minimum wage would cost 1.4 million jobs. That’s because mandating higher wages for some workers means no wages for others. But it wouldn’t just be workers who lost their jobs that would be…Rachel Greszler -
- News
Former Commerce Secretary Among 7 Sanctioned by China Over Hong Kong
China sanctioned former Commerce Secretary Wilbur Ross and six other U.S. individuals or entities in retaliation for human rights penalties levied against the Chinese government Friday. The Chinese Foreign Ministry said the sanctions were a response to the recent Hong Kong Business Advisory issued by the State Department earlier this month, which warned U.S. companies against engaging in business…Thomas Catenacci -
- Opinion
Declining US Birthrate Another Reason to Rein in Federal Spending
Initially, COVID-19 lockdowns were projected to produce a baby boom, but what ensued instead was a baby bust. According to the Centers for Disease Control and Prevention, 2020 marked a record-low fertility rate of 1.64 children per woman and the sixth straight year with an outright decline in the number of births. A fertility rate…Rachel Greszler -
- Opinion
Democrats’ Budget Agreement Would Burn Economy
July is normally the time of year for vacations and barbecues. Yet instead of grilling steaks or hot dogs, Congress is preparing to send America’s economic recovery up in flames. This week, the Senate will begin a series of votes on a $1.2 trillion infrastructure package that includes highways, mass transit, airports, intercity rail, and…David Ditch -
- News
‘A Good Sign’: Fewer People File for Unemployment in States Cutting Federal Bonus, Data Shows
States that withdrew from the federal pandemic unemployment bonus in June saw improving jobs numbers and fewer individuals filing for benefits compared to other states, according The Daily Caller News Foundation’s analysis of federal data. The states, most of which are Republican-led, that stopped offering residents the federal benefit in early June experienced a 33%…Thomas Catenacci -
- Opinion
4 Reasons Why Federal Government Shouldn’t Permanently Expand Jobless Benefits
Historically, about 40% of unemployed workers have received unemployment insurance benefits. But since Congress passed massive unemployment insurance expansions in response to the COVID-19 pandemic, that figure has more than quadrupled, to unemployment benefits equaling 176% of the number of unemployed workers. Between April 2020 and May of this year, state and federal unemployment insurance…Rachel Greszler -
- Opinion
Long-Suffering Cuban People Yearn for Economic Freedom
Thousands of Cubans have taken to the streets, demanding greater economic freedom and an end to the country’s socialist dictatorship. The rallies, quite notable for a country that limits and suppresses dissent, unambiguously stem from a deepening economic crisis, particularly worsened by the ongoing COVID-19 pandemic. It’s not surprising that after decades of suffering from…Anthony B. Kim -
- Opinion
Economist Sowell’s Long March From Marxism to Free Markets—With a Little Help From His Friends Friedman and Hayek
The following is the second of three excerpts from Jason Riley’s new book “Maverick: A Biography of Thomas Sowell,” about the iconoclastic economist. The book is available here. When Thomas Sowell arrived at the University of Chicago in the fall of 1959 to begin his Ph.D. studies, economist Milton Friedman had been on the faculty for…Jason Riley -
- Opinion
Why You Should Still Care About Big Labor’s Disproportionate Clout
Though its power has declined since the 1950s, when it commanded the loyalty—and commandeered the dues payments—of about one-third of the U.S. workforce, Big Labor remains a potent force in American culture and politics. Big Labor’s decline was the result of a confluence of factors, including state and federal laws and competitive market forces providing…Michael Watson -
- News
Sen. Toomey: Federal Reserve ‘Stonewalling’ Transparency Requests Over New Racism Focus
The Federal Reserve has thus far refused to respond to requests for congressional oversight regarding what the Senate Banking Committee’s top Republican calls its “politically charged” focus on “racial justice,” social, and environmental policies. On Wednesday, Sen. Pat Toomey, R-Pa., suggested legal changes to make the often secretive bank more transparent. Toomey followed up on…Fred Lucas