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
‘A Good Sign’: Fewer People File for Unemployment in States Cutting Federal Bonus, Data Shows
States that withdrew from the federal pandemic unemployment bonus in June saw improving jobs numbers and fewer individuals filing for benefits compared to other states, according The Daily Caller News Foundation’s analysis of federal data. The states, most of which are Republican-led, that stopped offering residents the federal benefit in early June experienced a 33%… -
opinion
4 Reasons Why Federal Government Shouldn’t Permanently Expand Jobless Benefits
Historically, about 40% of unemployed workers have received unemployment insurance benefits. But since Congress passed massive unemployment insurance expansions in response to the COVID-19 pandemic, that figure has more than quadrupled, to unemployment benefits equaling 176% of the number of unemployed workers. Between April 2020 and May of this year, state and federal unemployment insurance… -
opinion
Long-Suffering Cuban People Yearn for Economic Freedom
Thousands of Cubans have taken to the streets, demanding greater economic freedom and an end to the country’s socialist dictatorship. The rallies, quite notable for a country that limits and suppresses dissent, unambiguously stem from a deepening economic crisis, particularly worsened by the ongoing COVID-19 pandemic. It’s not surprising that after decades of suffering from… -
opinion
Economist Sowell’s Long March From Marxism to Free Markets—With a Little Help From His Friends Friedman and Hayek
The following is the second of three excerpts from Jason Riley’s new book “Maverick: A Biography of Thomas Sowell,” about the iconoclastic economist. The book is available here. When Thomas Sowell arrived at the University of Chicago in the fall of 1959 to begin his Ph.D. studies, economist Milton Friedman had been on the faculty for… -
opinion
Why You Should Still Care About Big Labor’s Disproportionate Clout
Though its power has declined since the 1950s, when it commanded the loyalty—and commandeered the dues payments—of about one-third of the U.S. workforce, Big Labor remains a potent force in American culture and politics. Big Labor’s decline was the result of a confluence of factors, including state and federal laws and competitive market forces providing… -
news
Sen. Toomey: Federal Reserve ‘Stonewalling’ Transparency Requests Over New Racism Focus
The Federal Reserve has thus far refused to respond to requests for congressional oversight regarding what the Senate Banking Committee’s top Republican calls its “politically charged” focus on “racial justice,” social, and environmental policies. On Wednesday, Sen. Pat Toomey, R-Pa., suggested legal changes to make the often secretive bank more transparent. Toomey followed up on… -
news
Exclusive: Rep. Ted Budd Introduces Amendment to Nix Over 1,400 Earmarks From Transportation Bill
A North Carolina congressman is introducing an amendment to remove all earmarks from a transportation spending bill slated for a House vote this week. “Taxpayers across the country are getting their first look at what Washington is like in the new earmark era,” Rep. Ted Budd, R-N.C., said in a statement to The Daily Signal. … -
opinion
Understanding How Much the Government Is Spending
Let’s imagine you’re on a road trip. You’ve been planning for a while and you’re well prepared. You’ve got snacks, great company, navigation, your car has been serviced recently, and you have one very important thing: a full gas tank. It’s more than enough to get you to the next gas station. Except, instead of… -
opinion
Senate China Bill Cuts Tariffs, Increases Regulations
Earlier this month, the Senate approved the 2021 United States Innovation and Competition Act, which includes a significant trade amendment called the Trade Act of 2021. The amendment renews two tariff-cutting trade programs, the Generalized System of Preferences and the Miscellaneous Tariff Bill. While the renewal of these programs would represent a huge tax savings for… -
news
Democrats Reject Amendment Requiring Companies to Disclose Ties to Uighur Forced Labor
House Democrats voted against an amendment Wednesday that would have required companies to inform their shareholders if they engaged in activities with a Chinese official or company using forced labor. The amendment, introduced by Rep. Andy Barr, R-Ky., would require companies to disclose to shareholders annually their activities with any “foreign entity” that “engages in,… -
opinion
US Relationship With Vietnam Blossoms as Former Foe Opens Up Economically
It’s been almost half a century since the end of the Vietnam War, and the relationship between the United States and Vietnam, particularly in terms of trade and investment, has been steadily improving since the normalization of relations in 1995. According to a 2021 report by the Congressional Research Service, bilateral trade between the two… -
opinion
9 Reasons Why Federal Unemployment Bonus Subsidies Need to Go
Now 15 months after Congress first responded to the COVID-19 pandemic, it’s evident that unprecedented federal unemployment insurance bonus benefits are hurting the recovery, making it harder for businesses to find the workers they need to recover, and harder for consumers to find the products and services they want at prices they can afford. Moreover,… -
opinion
We Hear You: Securing Elections, Cutting Spending, and Countering Wokeism
Editor's note: Clean elections, lower taxes and spending, and back to the basics in education. All three are on the minds of The Daily Signal's audience, judging from the mailbag at [email protected]. Take a look.—Ken McIntyre Dear Daily Signal: The last thing we need is federal laws governing elections, the subject of Hans von Spakovsky's… -
opinion
Steeper Tariff on Canadian Softwood Lumber Isn’t Solution
Despite lumber prices soaring to a record high of $1,670.50 per thousand board feet, and the housing market booming at a 17.2% price increase from April 2020, the U.S. Commerce Department, rather than helping, plans to impose further burdens on U.S. consumers through increased taxes on imported softwood lumber. On Friday, the Department of Commerce… -
opinion
Republican Study Committee Budget Would Reclaim America’s Fiscal Future
Even before the outbreak of COVID-19 and the spending binge that followed, the federal budget was on an unsustainable trajectory. The Republican Study Committee, the caucus of conservative GOP members of the House of Representatives, has put forward a comprehensive policy proposal to address the fiscal challenges the country faces in its recently released “Reclaiming… -
opinion
Woke Foundations Use Dollars Acquired Through Capitalism to Undermine Free Market Principles
Recently, the Ford Foundation announced plans to provide $1 billion in funding toward social justice programs, an extension of the $1 billion it handed out in 2015. The resulting press coverage, including a profile of its president on “60 Minutes,” was effusive. Ford is not alone in its philanthropic wokeism. Many other large foundations have followed suit. The… -
opinion
Tariffs on Canadian Softwood Lumber Hitting US Homebuyers Hard
Lumber prices have gone through the roof over the past year—up 370%. The lumber needed to build a new home now costs nearly $36,000 more than just 12 months ago. The reasons include lower production levels at U.S. sawmills when the pandemic was raging, high demand for new homes as millennials enter the peak homebuying… -
opinion
Time to Act on a Trade Deal With Taiwan
In a recent joint letter to U.S. Trade Representative Katherine Tai, Sen. Tom Carper, D-Del., chairman of the Senate Finance subcommittee on international trade, customs, and global competitiveness, and Sen. John Cornyn, R-Texas, ranking member on the trade subcommittee, made a case for strategic trade reengagement in the Indo-Pacific region. The two senators pointed out,… -
opinion
Bernie Sanders’ Attack on US Defense Spending Gets the Facts Wrong
The Senate Committee on the Budget held a hearing on “Waste, Fraud, Cost Overruns, and Auditing at the Pentagon” on May 12. By the title you might think the conclusion of the hearing was preordained: The Department of Defense is the greatest example of fraud and mismanagement in the federal government. You would have been… -
opinion
Liberals Should Learn From Weak Jobs Report That Incentives Matter
“Experts” predicted 1 million jobs would be created in April. The actual number fell far short, at 266,000. Republicans warned that overly generous COVID-19 relief benefits create a disincentive to work. The day before this disappointing jobs report, Bloomberg wrote: In earnings calls and business surveys, executives often blame stimulus checks and generous unemployment benefits…