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
Biden Administration Extends Attack on the Free Market in New Rules on Student Debt
Instead of addressing the college debt crisis, the Biden administration has proposed new rules designed to punish for-profit colleges and stick taxpayers with billions of dollars in debt forgiveness. Taxpayers deserve accountability from the Department of Education, not carrots and sticks that interfere with a free marketplace for higher education. The rules, proposed last month,… -
opinion
‘So Goes Housing, So Goes the Economy,’ Rep. Ralph Norman Says
For many Americans, buying a home is one of their greatest financial goals. And the health of the economy is tied directly to our ability to purchase real estate, says Rep. Ralph Norman, R-S.C. “So goes housing, so goes the economy,” Norman says. “The reason that is, you have over 130 trades [involved], from the… -
opinion
‘Inflation Reduction Act’ Should Be Renamed ‘Economic Freedom Reduction Act’
On Sunday, all 50 Senate Democrats voted in lockstep to push through the so-called Inflation Reduction Act, the Biden administration’s big government tax-and-spending bill that will unambiguously undermine America’s economic freedom. The deal between Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.Va., resuscitated key elements of President Joe Biden’s euphemistically named Build… -
opinion
Biden Tries to Get Americans to Look Away From Troubling Fact in Unemployment Report
With another strong topline unemployment report released Friday, President Joe Biden already is trying to hide behind the fig leaf of low nominal unemployment, but his party can’t hide the deep economic malaise overshadowing most Americans. Sadly, Democrats want to make things worse with a $740 billion tax-and-spend blowout that would kill jobs and do nothing to fight crippling… -
opinion
A Recession by Any Other Name Is Still a Terrible Economy
Having given up fixing the economy, President Joe Biden and his handlers are instead fixing the dictionary. The recent announcement of two consecutive quarters of economic contraction—the traditional start of a recession—is the result of the policies championed by Biden and his allies in Congress. Unprecedented money printing and federal spending make it harder for… -
news
‘Can’t Hide the Facts’: Majority of Americans Say We’re in Recession
A majority of Americans believe that the country is currently in the midst of a recession despite the Biden administration’s attempts to redefine the term, an Economist/YouGov poll found. Around 61% of Americans believe that the nation is currently in a recession, according to the poll published Tuesday. The poll reflects Americans’ feeling on the economy amid record… -
news
Economy Adds 528,000 Jobs, Double What Predicted, as Unemployment Dips to 3.5%
The U.S. economy added 528,000 jobs in June, according to Department of Labor data released Friday, more than double economists’ projections of 250,000 new jobs. The unemployment rate edged down to 3.5%, according to the Labor Department’s report, which was also below economists’ predictions of 3.6%, according to The Wall Street Journal. The economy outperformed last month’s high job growth… -
news
Manchin’s Reward for Backing Democrats’ Spending Bill Easily Could Be Thrown Out
Sen. Joe Manchin, D-W.Va., sponsored Democrats' new spending bill shortly before party leaders promised to expedite permits for crucial energy infrastructure; however, the arrangement easily could fall apart as little protections exist to make permitting reform a reality. President Joe Biden, House Speaker Nancy Pelosi, and Senate Majority Leader Chuck Schumer promised Manchin that they… -
news
CHIPS Act an Example of Misguided Public Policy, Heritage Foundation President Says
The conservative movement at its best focuses on the lives of real Americans, Heritage Foundation President Kevin Roberts said at the recent American Economic Forum in Washington. “We have to get out of the habit of spending so much and expecting modern monetary theory and/or inflation to pay down debt,” Roberts said, adding that the… -
opinion
Whoops! Department of Education Makes $300 Billion Accounting Mistake on Student Loans
What’s $300 billion between friends? A new report from the Government Accountability Office details a breathtaking discrepancy between what the federal government claimed the student loan program would generate, and what it actually costs taxpayers. As GAO explains: “Although the Department of Education originally estimated federal Direct Loans made in the last 25 years would… -
opinion
Ignore the Doublespeak: We’re in a Recession
American families cannot afford what they were purchasing just a year and a half ago. That means a lower standard of living, but don’t expect any sympathy from Biden administration officials. Their focus seems to be on technicalities, not the average American’s cost of living. The latest economic doublespeak from the Biden administration is a… -
opinion
How CHIPS for America Act Chips Away at America’s Economic Freedom
Congress and the Biden administration are gearing up a bloated Creating Helpful Incentives to Produce Semiconductors for America Act, but the CHIPS for America Act runs the real risk of chipping away at America’s economic freedom and competitiveness, rather than enhancing it. The Senate is scheduled this week to vote on the bill, whose price… -
opinion
House Democrats Ride ‘Minibus’ to Inflation, Economic Ruin
Against the backdrop of a contracting economy and falling real incomes, the House majority is trying to increase federal spending over the next decade by $1.7 trillion—imposing a cost burden of future taxes and inflation that would be equivalent to more than $13,000 per household. As a first step, the House’s Democratic majority has decided… -
opinion
Biden Is Steering Us Into a Recession
If you’re having trouble making it from paycheck to paycheck, you’re hardly alone. A majority of Americans tell pollsters they feel the economy is not in good shape and getting worse. People are now demonstrably poorer than when President Joe Biden took office. Although wages have risen, prices have risen much faster. Worse, these are… -
opinion
Increasing ‘Buy American’ Requirements on Defense Spending Is Still Bad Idea
Congress is once again flirting with new “Buy American” legislation for defense programs. But underneath the patriotic cover of this legislation is an unexpected casualty: military readiness and capability. Buy American legislation can be traced back to 1933, when Congress passed the Buy American Act, requiring that government acquisitions be entirely produced in the United… -
opinion
Biden Pops Champagne Corks Over Jobs Report While Forgetting to Mention 1 Fact
President Joe Biden touted Friday’s jobs report as “significant progress” in economic recovery, but he ignored the uneven unemployment rate, with conservative red states beating out liberal blue states in jobs growth. When it comes to beating a likely recession, red states are leading the charge, adding 341,000 jobs since February 2020. Blue states hemorrhaged… -
opinion
Biden’s Executive Actions on Food Stamps, Obamacare, Student Loans Will Balloon Deficit, CBO Says
A letter from the Congressional Budget Office in response to an inquiry by a Republican congressman from Missouri confirms that the Biden administration’s executive actions will increase cost to federal taxpayers and fuel rising deficits. The response to Rep. Jason Smith from the CBO highlights three major actions taken by the Biden administration—on food stamps,… -
opinion
Biden’s Budget Deficit Victory Lap Is Unearned and Unjustified
President Joe Biden is taking victory laps for last year’s reduced budget deficit. No one would be happier than me to see this number fall in a significant way. But the decline has nothing to do with the president’s policies, and it changes little about the dangers of our fiscal situation. According to monthly reporting… -
opinion
Stephen Moore on Inflation and America’s Ailing Economy
Everyday Americans are feeling the wallop on their wallets from unchecked inflation. From gas prices to food prices, the country is experiencing unprecedented levels of economic woes. But who is to blame for this disaster? “I think that there are two co-conspirators in this economic crime. And one is the Biden administration, for spending so… -
opinion
Student Debt Cancellation ‘Not Fair’ to Taxpayers, Those Who Repaid Loans, Betsy DeVos Says
Roughly 45 million Americans owe a combined total of $1.7 trillion in student loan debt. If that were distributed evenly among the borrowers, each would owe close to $38,000. Over the past two years, the federal government has paused collection of student loan payments because of the COVID-19 pandemic. Now, some Americans contend the government…