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
Democrats Erase Women Through Budget ‘Reconciliation’
According to Senate rules, a reconciliation package should be limited to budget questions. But in 2021, $3.5 trillion tax-and-spend bill Democrats are trying to push through via the reconciliation process offers the chance for radical gender activists to slip the language and assumptions of their ideology into federal legislation. For instance, the text on “Maternal… -
opinion
Democrats’ Destructive Spending Spree Would Turn America Into a European Social Welfare State
Capitol Hill staffers are working around the clock to hammer into some twisted shape a spending bill that warring factions of the Democratic Party will support in their goal to transform America. The cradle-to-grave subsidies in the 2,448-page, $3.5 trillion spending bill that Democrats in Congress are crafting will create a welfare trap for millions… -
opinion
More Bad Policies and Government Spending Will Worsen Labor Shortage
The September employment report released on Oct. 8 showed a modest employment gain, with 194,000 new jobs added, and a drop in unemployment from 5.2% in August to 4.8%. What appears to be good news in the report—a 0.4 percentage point drop in the unemployment rate to 4.8%—is not all positive news. The decline is… -
opinion
Fact Check: Would Biden’s Spending Bill Hike Taxes on Those Making Less Than $400,000?
President Joe Biden repeatedly has promised that his massive tax increases won’t hit people earning less than $400,000. Biden even put his family honor on the line, tweeting, “I give you my word as a Biden: If you make under $400,000 a year, I’ll never raise your taxes one cent.” But now that the official… -
opinion
Biden’s ‘Build Back Better’ Budget Gets ‘F’ for Its Second Grade Math
President Joe Biden, 78, has a 7-year-old’s grasp of basic math. “My Build Back Better Agenda costs zero dollars,” Biden claimed via Twitter on Sept. 25. Regarding this multitrillion-dollar budget, he continued: “And it adds zero dollars to the national debt.” One can imagine a second grader named Joey Biden showing off his new train set and telling his playmates,… -
opinion
Democrats’ Spending Bill Unprecedented in Every Way
There was a time not very long ago when political parties never would have entertained the idea of jamming through any massive, generational reform without some form of buy-in from the other party. Today, Democrats argue that the filibuster’s imaginary threat of “minority rule” has compelled them to use (really, abuse) the budgetary reconciliation process… -
opinion
Rep. McClintock ‘Terrified’ for Economy as Democrats Push Massive Spending Bills
America’s national debt has topped $28.4 trillion, but Democrats want to raise the debt limit and keep on spending. For months, Democrats have been pushing a $3.5 trillion tax-and-spend bill, but they may have hit a roadblock Thursday. Sen. Joe Manchin, D-W.Va., said he can’t support the social welfare spending package. “My top line has… -
opinion
Puerto Rico’s Minimum Wage Hike Will Only Increase Its Already High Jobless Rate
Puerto Rico’s governor, Pedro Pierluisi, signed a bill on Sept. 21 to increase the island’s minimum wage from $7.25 an hour to $8.50 in 2022, to $9.50 in 2023, and potentially to $10.50 in 2024. That’s like mandating a $16-an-hour minimum wage on the U.S. mainland next year, rising to $20 an hour in 2024…. -
opinion
No, Government Spending Isn’t ‘Zero Cost’
This week, President Joe Biden made the incredible statement—sycophantically repeated by the press—that his $3.5 trillion budget bill, which includes major spending initiatives on everything from climate change to Medicare, would be “free.” Biden tweeted, “My Build Back Better Agenda costs zero dollars. Instead of wasting money on tax breaks, loopholes, and tax evasion for… -
news
Sen. Cynthia Lummis Grills Treasury Secretary Yellen About Privacy Fears Over ‘Unconscionable’ IRS Bank Proposal
Editor’s note: During a Senate Banking, Housing, and Urban Affairs Committee hearing Tuesday, Sen. Cynthia Lummis, R-Wyo., grilled Treasury Secretary Janet Yellen on a Biden administration proposal to compel banks to report to the Internal Revenue Service every transaction Americans make worth $600 or more. Watch the video here, or read this lightly edited transcript: Sen. Cynthia Lummis: Thank you,… -
opinion
Preschool Funding in $3.5 Trillion Spending Bill Is Modeled After Failed Head Start Program
Fraud, abuse, poor outcomes, and high costs. Those aren’t exactly hallmarks of successful programs, and yet, those pushing for universal preschool and child care in the $3.5 trillion spending bill currently making its way through Congress have landed on the ineffective federal Head Start program as their model. “It is very much built around the… -
opinion
5 Things You Need to Know About Paid Family Leave Program in Progressives’ $3.5 Trillion Spending Package
We all want to have the ability to take leave from work when major or even minor life circumstances necessitate it. Having access to paid leave is incredibly important because without a paycheck, many workers cannot afford to take the leave they need. Fortunately, there’s been a huge upswing in access to employer-provided paid family… -
opinion
4 Ways to Understand Democrats’ $3.5 Trillion Spending Bill
House Democrats have unveiled pieces of the $3.5 trillion spending bill over the past several weeks. Most legislation focuses on specific issues, which makes it possible to have constructive debate. However, this bill covers welfare, immigration, taxes, energy, families, and much more, making it extremely difficult to comprehend. Providing context on this tax-and-spend bill’s size… -
opinion
Health Policy Changes in Democrats’ Spending Bill Would Reduce Patients’ Choices, Raise Taxpayer Costs
The left’s health policy strategy is simple: Step by step, centralize government control over larger chunks of the health care sector of the economy, add more and more taxpayer subsidies (requiring ever higher taxes), and block the emergence of any independent alternatives for coverage and care. In the end, the coverage and care that individuals… -
opinion
Democrats’ Massive Spending Bill Would Hasten America’s Fundamental Transformation
The massive spending bill backed by President Joe Biden and Democrat leadership in Congress highlights just how radical their party has become and the farce behind billing the Biden presidency as a “moderate” alternative to the far left. The $3.5 trillion spending measure has been billed as a way to promote health care and repair… -
opinion
Media Hides Secret in $3.5 Trillion Spending Bill
There’s one piece of the $3.5 trillion spending bill that the media is unlikely to tell you about—their bailout. The massive, bloated $3.5 billion spending bill has so much pork that fiscal hawks could eat it for weeks. One piece that hasn’t received much attention yet is a special journalism “tax credit” equal to 50%… -
opinion
Why Is There So Little Outrage at All of the Corporate Welfare?
Today’s politicians want to spend more on everything: Amtrak subsidies, sports stadium subsidies, green energy subsidies, even fossil fuel subsidies. President Joe Biden says the handouts will “put more money in your pocket.” House Speaker Nancy Pelosi claims they will “protect the planet for the children.” They might. But a disproportionate amount of the money… -
opinion
Even Some Democrats Sound Alarm on Radical $3.5 Trillion Spending Bill
Despite already spending trillions of dollars on COVID-19 relief legislation, for the past few months, Democrats have been focused on designing the largest tax-and-spend bill in U.S. history. As the House and Senate move the legislation through at freight-train speed, troubling details about the plan have emerged. All Americans should be concerned about Democrats’ plans… -
opinion
There’s (Cradle to) Grave Waste in Democrats’ $3.5 Trillion Spending Plan
Congressional Democrats are proposing to spend an enormous amount of taxpayer dollars on what The New York Times calls “cradle to the grave” additions to U.S. social welfare. When budgeting shenanigans are ignored, the Committee for a Responsible Federal Budget estimates that the full cost is not the $3.5 trillion that has been widely advertised,… -
news
How Democrats Plan to Hike Taxes to Pay for $3.5 Trillion in Spending
House Democrats will consider nearly $3 trillion in tax hikes over the next decade in an attempt to pay for their $3.5 trillion budget that includes most of President Joe Biden’s domestic agenda and would overhaul the nation’s social safety net. The hikes are predominantly focused on wealthy Americans and large corporations. Among the increases…