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
Call Transportation Bailouts What They Are: More Welfare for Labor Unions
Congress is moving full steam ahead on ramming through a bloated, wasteful, and debt-exploding $1.9 trillion legislative package. Although it’s supposedly justified by the COVID-19 pandemic, most of the spending is designed to appease progressive ideological causes and politically connected interest groups. A prime example is the $57.5 billion currently earmarked for various parts of… -
opinion
We Shouldn’t Rinse and Repeat When It Comes to Costly Washing Machine Tariffs
Sunday was supposed to mark the end of a three-year rinse cycle for Americans, at least when it comes to higher prices for washing machines. But before leaving office, former President Donald Trump put washer tariffs on repeat for another two years. Americans have paid taxes of up to 50% on washers and their inputs… -
opinion
Biden OMB Nominee Neera Tanden Will Expand Left’s Power Through Big Government Bureaucracy
President Joe Biden’s pick for the director of the Office of Management and Budget, Neera Tanden, participated Tuesday in one of her two Senate committee hearings. If our senators fail to recognize and defend their duty to preserve democratic power for the American people and allow Tanden to hold this position, we can expect her… -
opinion
Remembering Free Market Economist George P. Shultz
George P. Shultz, one of America’s leading statesmen and champions of free markets, died Saturday. He was 100. During his distinguished career, Shultz, a former Marine, served as secretary of labor, secretary of the treasury, and secretary of state. On top of that, he was the first director of the Office of Management and Budget…. -
opinion
6 Bleak Consequences From CBO’s Report on the $15 Minimum Wage
Rising incomes are a great thing, and it would be wonderful if all jobs paid at least $15 per hour. After all, that would reduce government welfare spending and give people more freedom and greater financial security. Hence liberal lawmakers’ Raise the Wage Act of 2021 (S. 53), which would incrementally increase the federal minimum… -
opinion
GameStop, Robinhood, and Short Selling: Not a Free Market
For many years, researchers at The Heritage Foundation have pointed out that U.S. financial markets have been highly regulated for more than a century, especially after the 1930s. Regulatory intrusion in the capital markets has increased steadily, with major new legislation imposing ever more rules about every decade. That fact is critically important in understanding the recent… -
opinion
It’s Time to Engage Allies to Protect Defense Supply Chains
In World War II, the United States became known as “the arsenal of democracy” and has filled that role ever since, with a robust defense industry sustaining a strong military. But according to a new administration report, the U.S. defense industrial base faces threats at a time when the country can least afford them—challenges it… -
opinion
Leading by Example, Barstool Fund Steps Up to Save Small Businesses
Victor Child Care Center in Victor, New York, was on the brink. Ravaged by costs incurred as a result of COVID-19, Laurie Lavery, owner of the business, needed to cut back more and more services to stay afloat. Eventually, Lavery, 64, was forced to scrub the floors and bathrooms of the center by herself on… -
news
Will Biden’s Policies Lead to Job Losses? Here Are Possible Economic Impacts of 4 of Them.
President Joe Biden’s policies, announced in the first days of his administration, potentially could kill millions of jobs, according to estimates from both government and private studies. Since taking office Jan. 20, Biden has announced a slew of policies, including executive actions to immediately take effect and legislative proposals. By his third day in office,… -
opinion
$15 Federal Minimum Wage: An Anchor on Struggling Businesses
President Joe Biden has proposed a nationwide $15 minimum wage as part of his so-called “American Rescue Plan.” Talk about bad timing: Raising labor prices on businesses that are struggling to stay afloat is like throwing them a load of bricks instead of a life preserver. State and local governments raising their minimum wages is… -
opinion
House Democrats’ Deja Vu Tax Agenda for ‘Equity’ Would Hurt (Not Help) Economic Opportunity
House Ways and Means Committee Democrats recently released their framework to “make our nation a more just and equitable place.” The goal of lifting more “people onto career ladders” and providing more robust economic opportunities for American families is admirable. But the committee’s framework simply expands tax programs that have for decades failed to meet… -
opinion
On 1st Anniversary, China Phase One Trade Deal Has Not Aged Well
Jan. 15 marks one year since the U.S. and China signed a bilateral agreement, known as the Phase One deal, establishing new rules on trade. After a full year, and as a new administration and Congress assume power, it’s important to evaluate the effectiveness of the deal at achieving its goals. It’s not a pretty… -
opinion
9 Wasteful Programs From Massive Spending Bill That Can, and Should, Be Reversed
President Donald Trump is right: There’s a lot of ridiculous gimmicks and wasteful projects in the new massive spending bill. And the good news is there’s something that Trump can do about it, even though he recently signed the huge COVID-19 stimulus and omnibus spending bill into law. While signing the bill, the president released… -
opinion
Christmas Shoppers Beware: Chinese Slave Labor Is on the Rise
As Americans peruse store aisles and websites in search of Christmas gifts this year, many may not be aware of a sinister and growing problem with the products they are buying: If it was made in China, there’s a good chance that it was produced through slave labor. Ken Cuccinelli, acting deputy secretary of the… -
opinion
Whole Foods Market CEO’s Defense of Free Markets Is Food for Thought
In a recent event hosted by the American Enterprise Institute, Whole Foods Market CEO John Mackey highlighted the many ways in which business elevates humanity. Mackey specifically praised the innovation and value creation inherent in free market capitalism that have resulted in astonishing growth and real, measurable human progress from a world of near-universal poverty… -
news
Recovery Slows as Economy Adds 245,000 Jobs
The U.S. economy added 245,000 jobs in November, far below economists’ expectations, while unemployment fell to 6.7%, according to Department of Labor data released Friday. Total non-farm payroll employment rose by 245,000 last month, according to the Bureau of Labor Statistics report, and the number of unemployed Americans fell by 400,000 to 10.7 million. The U.S. added 638,000… -
opinion
Walter Williams’ Legacy: Fierce Advocate for Liberty and Economic Freedom
The world this week lost a great defender of economic freedom with the passing of the great American economist Walter E. Williams. He was 84. Williams’ legacy will be one of fighting for lasting liberty at every turn against those who would be dictators over their fellow man. As an economics professor at George Mason… -
news
Nikki Haley Criticizes Biden’s OMB Pick, Neera Tanden
Former Ambassador to the United Nations Nikki Haley criticized former Vice President Joe Biden’s choice of Neera Tanden to serve in his administration. “Tanden has shown bad judgment in the past. She said that @realDonaldTrump is ‘part of [a] conspiracy against [the] US’ & has a track record of disparaging Rep Senators,” Haley tweeted Tuesday…. -
opinion
Christmastime Is Not the Time to Hold Tariff-Cutting Program Hostage
After a year that was tough on businesses and consumers alike, the Christmas season could give a much-needed boost to the economy—as well as the morale of people across the country. But if a federal program that cuts tariffs is allowed to expire—thanks to political game-playing by liberals in the Senate—then the resulting spike in… -
opinion
The Mayflower Compact and the Roots of Economic Freedom and Private Property
With the Thanksgiving season upon us, a group of scholars is meeting today to discuss the Mayflower Compact, in a webinar series honoring the 400th anniversary of the signing of this quintessential and seminal American document. Hosted by The Heritage Foundation and the Religious Liberty Institute, the concluding webinar examines the impact of the Mayflower…