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
$3.5T Spending Bill Would Lavish Hundreds of Billions on Nanny State Education
The massive, unprecedented $3.5 trillion spending bill making its way through Congress includes education spending on an equally unprecedented scale. In all, the plan would spend some $761 billion on education and workforce programs, on par with total annual education spending from all sources—federal, state, and local. The bulk of the proposed education spending in… -
opinion
Tariffs Are Never a Good Idea. Those on Aluminum Are Especially Bad.
Aluminum prices are up 59% from a year ago, and America’s 10% tariffs on the metal are not relieving any headaches at beer and non-alcoholic beverage manufacturers. The tariffs were originally put in place in 2018, ostensibly to protect domestic aluminum producers. The theory was that China and other foreign producers were “dumping” aluminum into… -
opinion
Federal Handouts Hamper Job Market, Economic Recovery
One thing we know for sure from the COVID-19 pandemic is that it has had and continues to have a lasting impact globally, as well as on the U.S. economy and job market. Despite more than 18 months of hardship, the stock markets have miraculously continued to move upward, indicating a renewed confidence in our… -
opinion
Congress Should Fund Stronger Efforts to Block Imports Made With Forced Labor
U.S. Customs and Border Protection has issued 13 withhold release orders against imports from China since 2018 to stop goods produced with forced labor from entering the U.S. market. Those orders largely focus on goods from the Xinjiang province, where millions of Uyghur Muslims face what the U.S. government identified as ongoing genocide and crimes… -
news
9 Things You Need to Know About the Budget Resolution’s Reckless Tax and Spending Spree
After passing a $1.1 trillion infrastructure spending bill on a bipartisan basis—which is filled with liberal spending priorities—the Senate will now consider a budget resolution that, if enacted, will clear a path to implement a massive progressive agenda. This resolution would reshape the American economy and permanently expand government control over many aspects of peoples’… -
opinion
Infrastructure or Democratic Wish List? What to Know About Those $1.1 Trillion and $3.5 Trillion Spending Bills
Congress is forging ahead with a $1.1 trillion infrastructure bill. The measure has received bipartisan support, but many conservatives warn that now is not the time to put America in even more debt. The government has increased America’s national debt by $5.2 trillion just since the start of 2020, but “adding to that with two… -
opinion
How Lebanon Can Attain Economic and Political Freedom
The Lebanese people are suffering. A protest in the city of Tripoli turned violent mid-July when a hand grenade exploded, injuring five soldiers. Protests like this have become common in Lebanon due to the dire economic and political situation plaguing the country. Lebanon’s economic hardships were foreshadowed by heightened levels of public sector debt, illiquidity… -
opinion
How Giving Promotes Economic Freedom for All Americans
Giving to good causes is key to maintaining America’s free market system, the head of Philanthropy Roundtable says. It’s not the job of government to meet the needs of all Americans, Elise Westhoff, the organization’s president and CEO, says. So “if we have a strong philanthropic sector,” Westhoff says, “I think that allows us to… -
opinion
Why Massive Informal Economy Is Problematic for the Country
People around the world are hungry for economic freedom. They want the ability to choose how to make a living instead of having the government tell them how to do so. As a result of this desire, a shocking number of people have taken matters into their own hands. A recent International Monetary Fund report… -
opinion
What ‘The Bachelor’ Franchise Teaches Us About Economics
It’s no wonder why America’s youth are so enamored with the idea of socialism and big government while being vehemently opposed to free market capitalism. In a a survey of teenagers conducted by Junior Achievement USA and the Charles Koch Foundation in 2019, 93% of teens view economics as important, but struggle with grasping the… -
opinion
Economic Freedom Best Path to Women’s Equality, Empowerment
Women’s battle for equal rights under the law has progressed significantly in a number of countries, but many other nations still have much room for improvement to establish societies that uphold women’s equality and dignity. So, what’s the solution to decreasing this gender gap worldwide? There’s considerable evidence that the best environment to promote equality… -
news
Biden Administration Sues Texas Over Governor’s Order Restricting Transportation of Illegal Immigrants
The Biden administration filed a lawsuit against the state of Texas challenging Gov. Greg Abbott’s executive order targeting the transportation of migrants spreading COVID-19 in the state, according to court documents filed Friday. Abbott, a Republican, announced restrictions on the ground transportation of illegal migrants in federal custody who could spread COVID-19 around Texas communities… -
opinion
America’s Aim in Indo-Pacific Should Be to Advance Economic Freedom
The Indo-Pacific has become an increasingly more dynamic and critical part of the world’s foreign policy chess board. It’s home to at least five of the world’s trillion-dollar economies and hosts more than half of the world’s population in just two of its countries, India and China. Pre-pandemic, the Indo-Pacific was boasting an average economic… -
news
House Republicans Slam Treasury Secretary for Avoiding Oversight
Top House Republicans are criticizing Treasury Secretary Janet Yellen for avoiding oversight while her agency is accused of mishandling billions of dollars of COVID-19 relief funds. The lawmakers, led by House Minority Whip Steve Scalise, R-La., blasted Yellen in a letter Wednesday for skipping her congressionally mandated testimony before the House Financial Services Committee. Instead of… -
news
FCC Commissioner Targets Corporate Welfare for Big Tech
Federal Communications Commission member Brendan Carr says the agency should require Big Tech to fund internet infrastructure, following the introduction last week of a bill requiring the FCC to consider collecting contributions from technology companies. The bill—introduced July 21 by Senate Republicans Roger Wicker, Todd Young, and Shelley Moore Capito—instructs the Federal Communications Commission to… -
opinion
Democrats’ Spending Could Cost Taxpayers $5.5 Trillion, Sen. Cynthia Lummis Says
Democrats are trying to push both a $1.2 trillion infrastructure bill and another $3.5 trillion spending package through Congress. Although the former provides funding for traditional infrastructure, such as roads and bridges, the other and larger package provides trillions of dollars for a laundry list of left-wing priorities, Sen. Cynthia Lummis, R-Wyo., says. “They have… -
opinion
Besides Lost Jobs, 3 More Ways Minimum Wage Laws Hurt Workers They’re Meant to Help
Many studies have documented the effect of minimum wage laws on lost jobs, including the Congressional Budget Office’s estimate that a $15-an-hour minimum wage would cost 1.4 million jobs. That’s because mandating higher wages for some workers means no wages for others. But it wouldn’t just be workers who lost their jobs that would be… -
news
Former Commerce Secretary Among 7 Sanctioned by China Over Hong Kong
China sanctioned former Commerce Secretary Wilbur Ross and six other U.S. individuals or entities in retaliation for human rights penalties levied against the Chinese government Friday. The Chinese Foreign Ministry said the sanctions were a response to the recent Hong Kong Business Advisory issued by the State Department earlier this month, which warned U.S. companies against engaging in business… -
opinion
Declining US Birthrate Another Reason to Rein in Federal Spending
Initially, COVID-19 lockdowns were projected to produce a baby boom, but what ensued instead was a baby bust. According to the Centers for Disease Control and Prevention, 2020 marked a record-low fertility rate of 1.64 children per woman and the sixth straight year with an outright decline in the number of births. A fertility rate… -
opinion
Democrats’ Budget Agreement Would Burn Economy
July is normally the time of year for vacations and barbecues. Yet instead of grilling steaks or hot dogs, Congress is preparing to send America’s economic recovery up in flames. This week, the Senate will begin a series of votes on a $1.2 trillion infrastructure package that includes highways, mass transit, airports, intercity rail, and…