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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- 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 -
- News
Exclusive: Rep. Ted Budd Introduces Amendment to Nix Over 1,400 Earmarks From Transportation Bill
A North Carolina congressman is introducing an amendment to remove all earmarks from a transportation spending bill slated for a House vote this week. “Taxpayers across the country are getting their first look at what Washington is like in the new earmark era,” Rep. Ted Budd, R-N.C., said in a statement to The Daily Signal. …Rachel del Guidice -
- Opinion
Understanding How Much the Government Is Spending
Let’s imagine you’re on a road trip. You’ve been planning for a while and you’re well prepared. You’ve got snacks, great company, navigation, your car has been serviced recently, and you have one very important thing: a full gas tank. It’s more than enough to get you to the next gas station. Except, instead of…Sen. Rick Scott -
- Opinion
Senate China Bill Cuts Tariffs, Increases Regulations
Earlier this month, the Senate approved the 2021 United States Innovation and Competition Act, which includes a significant trade amendment called the Trade Act of 2021. The amendment renews two tariff-cutting trade programs, the Generalized System of Preferences and the Miscellaneous Tariff Bill. While the renewal of these programs would represent a huge tax savings for…Maggie Kennon -
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Democrats Reject Amendment Requiring Companies to Disclose Ties to Uighur Forced Labor
House Democrats voted against an amendment Wednesday that would have required companies to inform their shareholders if they engaged in activities with a Chinese official or company using forced labor. The amendment, introduced by Rep. Andy Barr, R-Ky., would require companies to disclose to shareholders annually their activities with any “foreign entity” that “engages in,…Ailan Evans -
- Opinion
US Relationship With Vietnam Blossoms as Former Foe Opens Up Economically
It’s been almost half a century since the end of the Vietnam War, and the relationship between the United States and Vietnam, particularly in terms of trade and investment, has been steadily improving since the normalization of relations in 1995. According to a 2021 report by the Congressional Research Service, bilateral trade between the two…Anthony B. Kim -
- Opinion
9 Reasons Why Federal Unemployment Bonus Subsidies Need to Go
Now 15 months after Congress first responded to the COVID-19 pandemic, it’s evident that unprecedented federal unemployment insurance bonus benefits are hurting the recovery, making it harder for businesses to find the workers they need to recover, and harder for consumers to find the products and services they want at prices they can afford. Moreover,…Rachel Greszler -
- Opinion
We Hear You: Securing Elections, Cutting Spending, and Countering Wokeism
Editor's note: Clean elections, lower taxes and spending, and back to the basics in education. All three are on the minds of The Daily Signal's audience, judging from the mailbag at [email protected]. Take a look.—Ken McIntyre Dear Daily Signal: The last thing we need is federal laws governing elections, the subject of Hans von Spakovsky's…Ken McIntyre -
- Opinion
Steeper Tariff on Canadian Softwood Lumber Isn’t Solution
Despite lumber prices soaring to a record high of $1,670.50 per thousand board feet, and the housing market booming at a 17.2% price increase from April 2020, the U.S. Commerce Department, rather than helping, plans to impose further burdens on U.S. consumers through increased taxes on imported softwood lumber. On Friday, the Department of Commerce…Patrick Tyrrell -
- Opinion
Republican Study Committee Budget Would Reclaim America’s Fiscal Future
Even before the outbreak of COVID-19 and the spending binge that followed, the federal budget was on an unsustainable trajectory. The Republican Study Committee, the caucus of conservative GOP members of the House of Representatives, has put forward a comprehensive policy proposal to address the fiscal challenges the country faces in its recently released “Reclaiming…Matthew Dickerson -
- Opinion
Woke Foundations Use Dollars Acquired Through Capitalism to Undermine Free Market Principles
Recently, the Ford Foundation announced plans to provide $1 billion in funding toward social justice programs, an extension of the $1 billion it handed out in 2015. The resulting press coverage, including a profile of its president on “60 Minutes,” was effusive. Ford is not alone in its philanthropic wokeism. Many other large foundations have followed suit. The…Richard Graber -
- Opinion
Tariffs on Canadian Softwood Lumber Hitting US Homebuyers Hard
Lumber prices have gone through the roof over the past year—up 370%. The lumber needed to build a new home now costs nearly $36,000 more than just 12 months ago. The reasons include lower production levels at U.S. sawmills when the pandemic was raging, high demand for new homes as millennials enter the peak homebuying…Patrick Tyrrell -
- Opinion
Time to Act on a Trade Deal With Taiwan
In a recent joint letter to U.S. Trade Representative Katherine Tai, Sen. Tom Carper, D-Del., chairman of the Senate Finance subcommittee on international trade, customs, and global competitiveness, and Sen. John Cornyn, R-Texas, ranking member on the trade subcommittee, made a case for strategic trade reengagement in the Indo-Pacific region. The two senators pointed out,…Anthony B. Kim -
- Opinion
Bernie Sanders’ Attack on US Defense Spending Gets the Facts Wrong
The Senate Committee on the Budget held a hearing on “Waste, Fraud, Cost Overruns, and Auditing at the Pentagon” on May 12. By the title you might think the conclusion of the hearing was preordained: The Department of Defense is the greatest example of fraud and mismanagement in the federal government. You would have been…Frederico Bartels -
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Liberals Should Learn From Weak Jobs Report That Incentives Matter
“Experts” predicted 1 million jobs would be created in April. The actual number fell far short, at 266,000. Republicans warned that overly generous COVID-19 relief benefits create a disincentive to work. The day before this disappointing jobs report, Bloomberg wrote: In earnings calls and business surveys, executives often blame stimulus checks and generous unemployment benefits…Larry Elder -
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Even in a Pandemic, Welfare for the Rich Thrives
Congress passed the $2.2 trillion HEROES Act. House Democrats said it gives money to “governments who desperately need funds.” But it also gives lots of money to people who don’t need funds. Maryland, which even The Washington Post admits is “flush with cash,” got enough extra money to pass a budget that “hands bonuses to…John Stossel -
- Opinion
6 Charts Highlight Troubling Trends Driven by Growing Nondefense Spending
If you listen to the narrative being promoted by President Joe Biden and his allies on the left, it would be easy to think that the federal government spends more than enough on the military and little on nondefense social programs. Yet the reality is exactly the opposite. The federal government has become home to…David Ditch -
- Opinion
Birth Dearth About Values, Not Economics
The Centers for Disease Control and Prevention reports that births in the U.S. reached another historic low in 2020. For the sixth consecutive year, the birthrate dropped—this time by 4%. The average annual drop in the five previous years was 2%. The rate at which American women are having babies is way below the rate…Star Parker -
- Opinion
Fact Check: Was Biden Right About Federal Unemployment Benefits Having No Effect on Jobs Report?
The $1.9 trillion, partisan COVID-19 relief package was supposed to boost the economy, but it may have stifled it instead. With widespread reopenings, 46% of Americans having received at least one COVID-19 vaccine, and another round of “stimulus” checks boosting Americans’ bank accounts, expectations were high for job gains to exceed 1 million in April….Rachel Greszler -
- Opinion
Abysmal Jobs Report Shows Folly of Biden’s Big-Spending Agenda
The latest national employment numbers were released on Friday. Expectations were high. A combination of vaccinations, relaxing of pandemic-related economic restrictions, and stimulus funding that passed in March were enough to have experts predicting 1 million new jobs in April. The reality was quite different—just 266,000 new jobs in April, the biggest underperformance in memory,…David Ditch