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
2021 Index Finds Rise in Global Economic Freedom, but US Score Falls
America’s economic freedom ranking has fallen to an all-time low, according to The Heritage Foundation’s 2021 Index of Economic Freedom. The United States fell three places since last year and now ranks 20th in the world among countries evaluated, with an economic freedom score of 74.8 out of 100. The 27th annual Index of Economic…Virginia Allen -
- Opinion
Fox Business’ Charles Payne Assesses Where US Headed at Launch of 2021 Index of Economic Freedom
Charles Payne of the Fox Business Network sat down with Jack Spencer, vice president of the Institute for Economic Freedom at The Heritage Foundation, to discuss the revealing—and alarming—key points from the 2021 Index of Economic Freedom at the index’s launch event Thursday. The index shows that the United States suffered a large setback in…Patrick Tyrrell -
- Opinion
Improving Job Market Shows Solution Includes Employment Opportunities, Not Unemployment Rewards
The latest employment report shows gradual but welcome improvements, with 379,000 jobs added to the economy and the unemployment rate edging down to 6.2%. The easing of lockdown restrictions in many areas of the country, along with more children having the option to attend school in person, has helped ease the employment struggles of…Rachel Greszler -
- Opinion
Job Creation, Not a $15 Minimum Wage, Will Reduce Poverty
Though the Senate parliamentarian rejected their efforts to include a $15-an-hour minimum wage in President Joe Biden’s so-called COVID-19 relief bill, Senate Democrats are scrambling for a way to include it. Their efforts demonstrate the importance of this issue for the progressive left. But should they succeed, would such a measure truly help struggling Americans…Andy Puzder -
- Opinion
Advancing Economic Freedom Matters More Than Ever, 2021 Index Shows
The year 2020 was extraordinary for the global economy, with slowing growth and economic turmoil caused and exacerbated by the COVID-19 pandemic, which engulfed the entire world. In the midst of the health crisis, perhaps not so unexpectedly, our free-market system was questioned yet again by some as a root cause of systemic economic woes…Anthony B. Kim -
- News
Better Foster Care System Would Cut ‘Economic Inequity,’ Child Welfare Veteran Says
The nation would reduce “economic inequity” and “race inequity” if the federal government focused more on helping foster care children find a permanent family and create a life where they don’t rely on the government, a former health and human services official in the Trump administration says. “We would move kids so they’re not spending…Steven Hall -
- Opinion
With Peronists Back in Power, Inflation Up and Economic Freedom Down in Argentina
The results of The Heritage Foundation’s 2021 edition of the Index of Economic Freedom will be announced soon. But here is a sneak peek: economic freedom in Argentina, which had registered considerable improvement during the four years of the center-right Macri government, has begun to decline (again) in the year since the Peronist Party returned…James M. Roberts -
- Opinion
Despite 2 Strikes at Job-Killing Minimum Wage Hike, Senators Keep Swinging
First, the Democrats’ $15 federal hourly minimum wage mandate was ruled out by the Senate’s parliamentarian because it didn’t conform to the rules of the Senate for passing reconciliation bills with a 50-vote threshold. So, Democrats pivoted to a new, even worse plan. They wanted to tax businesses that hire entry-level and lower-skilled workers. They…Adam Michel -
- News
Minimum Wage Increase Not Allowed in Biden Rescue Plan, Senate Rules Official Says
Democrats aren’t allowed to attach a provision increasing the federal minimum wage to $15 per hour to their coronavirus relief package, a top Senate official ruled, according to reports. Senate parliamentarian Elizabeth MacDonough, who oversees the interpretation of the chamber’s rules and precedents, decided Thursday evening that the proposed minimum wage hike couldn’t be included…Thomas Catenacci -
- Opinion
How the Gig Economy Helps American Workers, Explained
Sure, you know that being an Uber driver is great for someone who wants to make their own hours. But did you know that many Americans are choosing freelance work because they need flexibility because of family or other responsibilities? Did you know that small businesses rely on independent contractors? Or that Americans who were…Daily Signal Staff -
- Opinion
Harmful Minimum Wage Increase Not Eligible for Reconciliation
House Democrats’ deeply flawed “stimulus” bill includes a provision that would increase the minimum wage to $15 per hour, a policy change that would be extremely harmful. It would kill jobs, increase prices, harm the economic recovery, and even make child care unaffordable for many families. Because Congress is considering the bill under the budget…Matthew Dickerson -
- Opinion
Economic Freedom Is Key to Enhancing Relationship Between Sri Lanka and US
Speaking on the 73rd Independence Day of Sri Lanka on Feb. 4, President Gotabaya Rajapaksa observed: “The foundation of our citizen-centric economic policy is that the true potential of the economy cannot be unleashed without economic freedom.” He further noted that “to achieve the government’s aims of eliminating poverty, providing equal opportunity for improvement of…Anthony B. Kim -
- Opinion
$15 Minimum Wage Would Harm Those It’s Supposed to Help
As someone who grew up in poverty and worked much of her career to help others out of it, I know the importance of having a good job with a good income. It’s a way out of poverty for many. It allows people to provide for their families. And we all know the sense of…Kay C. James -
- News
Here’s What $15 Minimum Wage Would Mean for This Frozen Yogurt Shop Owner
Some lawmakers’ push to raise the national minimum wage to $15 an hour is “truly maddening,” small business owner Stuart Hornsby says. Hornsby owns a frozen yogurt shop, a business he built from the ground up in 2013, in a small city in northwest Georgia. With the exception of the manager and a few other…Virginia Allen -
- News
Restaurant Owners, Workers Warn of ‘Unintended Consequences’ of $15 Minimum Wage
Restaurant owners and tipped employees alike are expressing concerns over a proposal to raise the national minimum wage to $15 an hour, with one going so far as to say it would amount to a “death knell” for the restaurant industry. President Joe Biden has called for a $15 an hour minimum wage in his…Steven Hall -
- Opinion
Unintended Consequence of $15 Minimum Wage: Higher Child Care Costs
Many families struggle to find child care, especially at a cost they can afford. A $15 federal minimum wage could make child care unattainable for millions more families. Higher wages are a great thing, especially for child care workers who serve such an important role in the lives of children and families. But the reality…Rachel Greszler -
- Opinion
Call Transportation Bailouts What They Are: More Welfare for Labor Unions
Congress is moving full steam ahead on ramming through a bloated, wasteful, and debt-exploding $1.9 trillion legislative package. Although it’s supposedly justified by the COVID-19 pandemic, most of the spending is designed to appease progressive ideological causes and politically connected interest groups. A prime example is the $57.5 billion currently earmarked for various parts of…David Ditch -
- Opinion
We Shouldn’t Rinse and Repeat When It Comes to Costly Washing Machine Tariffs
Sunday was supposed to mark the end of a three-year rinse cycle for Americans, at least when it comes to higher prices for washing machines. But before leaving office, former President Donald Trump put washer tariffs on repeat for another two years. Americans have paid taxes of up to 50% on washers and their inputs…Rachael Wilfong -
- Opinion
Biden OMB Nominee Neera Tanden Will Expand Left’s Power Through Big Government Bureaucracy
President Joe Biden’s pick for the director of the Office of Management and Budget, Neera Tanden, participated Tuesday in one of her two Senate committee hearings. If our senators fail to recognize and defend their duty to preserve democratic power for the American people and allow Tanden to hold this position, we can expect her…May Davis -
- Opinion
Remembering Free Market Economist George P. Shultz
George P. Shultz, one of America’s leading statesmen and champions of free markets, died Saturday. He was 100. During his distinguished career, Shultz, a former Marine, served as secretary of labor, secretary of the treasury, and secretary of state. On top of that, he was the first director of the Office of Management and Budget….Anthony B. Kim