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
A Budget Blueprint for Freedom, Opportunity, and Prosperity
America faces a stark choice. Will we accept more of the Washington-knows-best, top-down rule by politicians and bureaucrats? Or will we the people be in charge? The current administration and the radical left demands more control over our lives. Thankfully, there’s a plan to change course and promote the common good by preserving the God-given… -
news
Biden Education Department to Cancel $415M in Student Loan Debt for 16,000 Borrowers
The Biden administration will cancel $415 million in student debt for nearly 16,000 borrowers who claim they were misled by for-profit colleges. The loans for almost 16,000 former students will be canceled under a legal provision, called the "borrower defense to repayment," which allows students to have their debts erased if they prove a for-profit… -
opinion
Biden’s $15 Minimum Wage for Federal Workers, Contractors Is Futile
Unable to force a $15 federal minimum wage across the entire country, the Biden administration issued an executive order, now implemented, requiring a $15 minimum wage for all federal workers and federal contractors. While the federal government can avoid some of the harmful effects of wage-setting by politicians, this executive order may provide a temporary—though… -
opinion
Taiwan’s Free and Vibrant Economy Is a ‘Democratic Success Story’
Taiwan stands for freedom, transparency, accountability, and other democratic characteristics that clearly differentiate the island nation from China. Taiwan’s commitment to cultivating a free economy and a vibrant civil society through independent democratic institutions has unambiguously made the country a notable example for Asia and the world in terms of how an emerging country can… -
opinion
5 Takeaways From Heritage Foundation Index of Economic Freedom
The 2022 Index of Economic Freedom—a cross-country study by The Heritage Foundation measuring the economic governance and entrepreneurial environments of 177 countries—went public Monday. The key message? Economic freedom matters more than ever. Heritage’s annual index has tracked economic freedom around the world since 1995. Nations committed to limited government and free enterprise score the… -
opinion
US-China Tensions and the Fight Over Semiconductor Supply Chains
As the COVID-19 pandemic continues to disrupt production and distribution, Western countries must reassess the geostrategic risks of global supply chains. This is a prime opportunity for the United States to show leadership. Supply chains are increasingly at the center of the technological cold war between the U.S. and China—none more so than the semiconductor… -
opinion
Staunch US Ally Singapore Boasts World’s Freest Economy in Annual Heritage Foundation Rankings
Singapore keeps punching above its weight, demonstrating to the world the concrete benefit of preserving transparency, openness, and efficiency, which are the hallmarks of economic freedom. For the third year in a row since 2020, when Singapore eclipsed Hong Kong, the small but vibrant Asian country has been top-rated in The Heritage Foundation’s annual Index… -
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… -
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… -
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… -
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… -
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… -
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… -
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… -
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… -
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… -
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… -
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… -
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… -
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…