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
Transportation Chief Buttigieg Uses Taxpayer-Funded Private Jets Despite Calling for Curbing Carbon Emissions
A Biden administration Cabinet member has taken at least 18 taxpayer-funded private jets since taking office despite a strong stance on curbing carbon emissions, according to a Monday release by Americans for Public Trust. Pete Buttigieg, the 19th secretary of transportation, has reportedly taken a minimum of 18 taxpayer-funded flights while using private jets managed by… -
opinion
Unhappy New Year: CBO Forecasts Poor Economy, Soaring Deficits in 2023
The nonpartisan Congressional Budget Office on Nov. 29 released an analysis describing its “current view of the economy in 2023 and 2024 and the budgetary implications.” In short, everything looks bleaker than it did a little more than six months ago, when the CBO published its Budget and Economic Outlook report in May. In the… -
opinion
Biden’s Student Loan Bribe in Midterms: Unconstitutional but Successful
As the dust settles on the midterm elections, and the Republican Party emerges victorious in its bid for control of the House of Representatives, we can take a moment to reflect on the reasons behind the outcome. But, as we move forward, we must not forget the underhanded tactics employed by the Biden administration in… -
opinion
Republicans Off to Rocky Start as Wasteful Washington Spending Makes a Comeback
“Everyone knew that wasteful Washington spending would spur inflation.” —House GOP Commitment to America, September 2022 For a party that campaigned relentlessly against Bidenflation this year, you’d think Republicans might use their new power in Washington to make it a priority to curtail wasteful government spending. Think again. Earmarks are the very symbol of “wasteful Washington spending.”… -
opinion
Incoming Missouri State Auditor Outlines Plans to Combat ESG Policies
A newly elected official in Missouri says his emphasis in his role as state auditor will be to focus on combating left-wing “environmental, social, and governance”—or “ESG”—policies with respect to investments. “Well, as the state treasurer, I’ve gained … a lot more exposure to ESG issue than pretty much anybody in elected office in Missouri…. -
opinion
Biden’s Student Loan Forgiveness Gambit Collides With Rule of Law
President Joe Biden’s $400 billion 2022 election bribe—also known as student loan forgiveness—has been now stopped in its tracks on two fronts. First, in Texas, federal District Court Judge Mark Pittman, one of nearly 300 federal judges appointed by former President Donald Trump, ruled the initiative unconstitutional. The judge rejected Biden’s claim that the 2003… -
opinion
Red State Coalition Halts Biden’s Cancellation of Student Loan Debt
Efforts to challenge presidential priorities in court are akin to military campaigns with opening salvos, intermittent skirmishes, daring attacks, and bold defenses. In many respects, the legal battles over President Joe Biden’s executive action canceling federal student loan debts fit this pattern. The latest news from the front is a victory, albeit a preliminary one,… -
opinion
Federal Court Blocks Biden’s Student Loan Bailout. Will the Opinion Stand?
A federal district judge blocked President Joe Biden’s student loan bailout, holding that it is “an unconstitutional exercise of Congress’s legislative power and must be vacated.” Biden’s plan cancels $10,000 of debt for borrowers who have federal student loans and make less than $125,000 per year, and $20,000 for borrowers who received a Pell Grant…. -
news
Voters Pass Constitutional Amendment Forcing Democrat City to Increase Police Spending
Missouri voters approved a constitutional amendment Tuesday requiring Kansas City to increase spending on its state-controlled police department, according to The Associated Press. The amendment effectively raises the amount of general revenue the city must use for police from 20% to 25%, the outlet reported. The Missouri General Assembly passed legislation earlier in the year to make that… -
news
Kentucky AG Daniel Cameron: Prioritizing ESG Investments ‘Inconsistent’ With Law
Kentucky Attorney General Daniel Cameron previously warned that the state pension funds cannot legally make environmental, social, and governance considerations when investing the dollars of public employees. This week, Cameron and state Treasurer Allison Ball, both elected Republicans, asked two state pension systems to provide proof that pension funds are primarily focused on return on… -
opinion
2 States That Should Be Able to Sue Over Biden’s Student Loan Bailout
President Joe Biden’s student loan bailout is illegal. That’s not a hard call, but before a court can consider the merits of Biden’s scheme, a plaintiff must have what the law refers to as “standing.” Standing is a doctrine that says that a court doesn’t have jurisdiction to hear a case unless the plaintiff has… -
opinion
Why New GDP Report Showing Economic Growth Is Misleading
The U.S. economy grew by 2.6% in the third quarter of 2022, according to the U.S. Bureau of Economic Analysis report released Thursday. Compared with the gross domestic product figure from the second quarter, which showed the economy shrunk 0.6%, that appears to be solid economic growth. Not quite—according to EJ Antoni, a research fellow in… -
news
Biden Claims Congress ‘Passed’ His Student Loan Forgiveness Plan. It Didn’t.
President Joe Biden recently said Congress approved his plan to “forgive” student loan debt. While talking with a group of young people at the White House during an on-camera interview published Sunday by NowThis News, Biden said he had “just signed a law” that would forgive $20,000 in student debt for Pell Grant recipients and $10,000… -
news
Fact-Checking 4 Biden Claims on His Student Loan Bailout
President Joe Biden used his home state of Delaware on Friday to promote his “forgiveness” of student loan debt, which he did through executive action in August rather than through Congress. Some of Biden’s assertions during 24 minutes of remarks at Delaware State University in Dover were factual, and some less so. Biden spoke at… -
news
California’s Economy Looks Headed for Disaster
California officials are sounding the alarm after recent statistics showing that less corporate and start-up activity in the state will lead to a decline in tax revenue, according to a report by Bloomberg News. This year, just nine companies based in California have held initial public offerings, or IPOs, which is when a company first… -
opinion
American Free Enterprise Chamber of Commerce Fights Wokeness, the Left’s ESG Agenda
American corporations are increasingly taking sides on political issues—and it seems they’re often embracing socialist ideas rather than the free market. That’s led former Iowa Gov. Terry Branstad and others to create the American Free Enterprise Chamber of Commerce. The group launched earlier this year to put the focus back on pro-business policies and limited… -
opinion
The Left’s ESG Movement Is Coming After All Americans. Here’s How It Can Be Stopped.
Americans were just issued a dire warning after “Dilbert,” a comic beloved by many over the years, was dropped from 77 publications after over three decades. Created by cartoonist Scott Adams, “Dilbert” uses satire to poke fun at traditional office life on a number of issues, which recently included “ESG.” As this particular comic strip explained, the… -
opinion
Government Micromanagement Running Economy Into Ground
It’s almost certainly true that the company president didn’t set the price of the last product you bought at Walmart, Costco, or Amazon. If the head of a major multinational retailer did set the day-to-day prices of tens of thousands of items across hundreds of different markets, he wouldn’t have time to do much else…. -
opinion
How FTC v. Walmart Has Become Walmart v. Fourth Branch of Government
It looks like Walmart and the administrative state are going to court. The case has the potential, however, to affect not only Walmart, but also the entire federal bureaucracy. The Federal Trade Commission has sued the retail giant, seeking civil penalties in what Walmart is calling “an egregious instance of agency overreach” undertaken in spite… -
opinion
6 States Sue to Block Biden’s Student Loan ‘Forgiveness’ Scheme
Nebraska, Missouri, Arkansas, Iowa, Kansas, and South Carolina sued the Biden administration Thursday to block the president’s plan to “forgive” student loan debt. The lawsuit by the six states follows another one filed by the Pacific Legal Foundation on behalf of an individual borrower. President Joe Biden’s student loan forgiveness scheme is an illegal…