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
Why New Auto Tariffs Won’t Increase Research and Development
In just a few days, the Trump administration could impose new tariffs on automobile and auto parts imports. The administration has erroneously claimed that tariffs are a necessary national security measure, supposedly needed to safeguard the American automobile market from foreign competitors and to create space for U.S. companies to undertake additional research and development….Junsoo Kweon -
- Opinion
‘Medicare for All’ Proposes Economy-Crushing Taxes on Middle Class
No other country in the world has been able to provide government-managed health care without soaking middle-class and lower-income taxpayers with high income and payroll taxes. The “Medicare for All” plan revealed by Sen. Elizabeth Warren, D-Mass., shows how hard it is to raise tens of trillions of dollars without leaving typical Americans economically worse…Adam Michel -
- News
October Jobs Report: 128,000 Jobs Added, Unemployment at 3.6%
The U.S. economy added 128,000 jobs in October, while the unemployment rate rose to 3.6%, according to Department of Labor data released Friday. Despite a General Motors strike, 128,000 jobs were added in October, according to the Bureau of Labor Statistics report—about 8,000 fewer jobs than were added in September. Economists predicted the General Motors strike would heavily impact…Mary Margaret Olohan -
- Opinion
Let’s Not Pay Congress If It Can’t Pass a Budget on Time
The first month of the new federal fiscal year has come and gone with a whimper and not a bang. Congress is hoping to make progress on a package of spending bills, but there’s talk of continuing resolutions and of a government shutdown come Nov. 21. For thousands of federal employees, contractors, and contracts, we’re…Charles Lee Barron -
- Opinion
The Increasing Weight of Health Care Spending on American Taxpayers
Few factors are more critical to economic growth than health care. And few threaten future economic growth more than health care spending. That conundrum lies behind continued political agitation over health care, both in the U.S. and throughout the highly developed world. Advances in medicine have eradicated diseases, extended life expectancy, reduced infant mortality, and…Doug Badger -
- Opinion
Sen. Joni Ernst Wants to Cut Absurd Washington Spending
As the national debt grows larger and larger, our lawmakers continue to spend obliviously—and even on frivolous things. Sen. Joni Ernst, R-Iowa, is not happy about how much government agencies are spending on swag, and she recently introduced legislation to end things like the government spending over $600,000 on coloring books. Read a lightly edited transcript…Rachel del Guidice -
- Opinion
Student Loans Can Be Perilous. Here’s a Better Way to Pay for College.
Student loan debt keeps growing. There is a better solution than the ones politicians offer, which stick the taxpayer or the loan lenders with the whole bill. It’s called an “income share agreement.” Investors give money to a college, and the college then gives a free or partially free education to some students. When those…John Stossel -
- Opinion
White House Enters Into Hopeful ‘Phase 1’ of China Trade Deal
President Donald Trump announced on Friday he has reached a tentative trade deal with Chinese negotiators. This deal, labeled “phase one” of possibly two or three phases, is supposed to be finalized and signed next month when Trump and Chinese President Xi Jinping meet in Santiago, Chile. As an immediate part of the deal, the…Riley Walters -
- Opinion
How to Beat the Student Debt Crisis
The cost of college has gone sky-high, and now Americans are $1.6 trillion in student loan debt. How did we get here? And how do we get out? Sen. Rick Scott, R-Fla., and The Heritage Foundation’s Mary Clare Amselem explain on this week’s episode of Washington Waste Wednesday.Mary Clare Amselem -
- News
Trump Moves to Increase Transparency in Government Regulations
Kevin Lunny and his family ran Drakes Bay Oyster Company for about 50 years on the Northern California coastline before the federal government shut down the business over regulations he wasn’t aware of. “We produced nearly half of all the sustainable oysters in Northern California,” Lunny said Wednesday at the White House, before President Donald…Fred Lucas -
- Opinion
Short-Term Spending Bill Will Create a Headache for the Military
President Donald Trump and Congress did what they had to do to get out of town for Congress’ two-week recess last Friday, agreeing on a continuing resolution that is a symbol of Congress’ inability to finish work on its primary responsibility: to “pay the debts and provide for the common defense and general welfare of…Frederico Bartels -
- News
The Next Generation: Eugene Scalia Confirmed as Labor Secretary
The Senate confirmed a son of late Supreme Court Justice Antonin Scalia as labor secretary Thursday afternoon. Corporate litigator Eugene Scalia will succeed former Secretary Alex Acosta, who resigned on July 12 amid renewed criticism of a nonprosecution agreement he negotiated with convicted sex offender Jeffrey Epstein. The 53-44 vote followed party lines. Scalia’s service as labor secretary will…Kevin Daley -
- Opinion
Toward a Freer Trade Deal With Canada and Mexico
The United States should be doing all it can to maintain a strong economy while protecting Americans’ wallets and jobs. One significant way to help inoculate the economy from a slowdown—and to make it hum along even faster—is more free trade. Trade issues aren’t just the concern of policy wonks—they’re critical to the American way…Kay C. James -
- News
Sen. Joni Ernst Calls Out Use-It-or-Lose-It Government Spending
The fourth-ranking Republican in the Senate called on colleagues Tuesday to pass her legislation to reduce wasteful government spending and rein in agencies’ spending practices. “Government agencies are going on their annual ‘Christmas in September’ use-it-or-lose-it shopping spree,” Sen. Joni Ernst, R-Iowa, said in remarks prepared for delivery on the Senate floor. “If not spent…Rachel del Guidice -
- Opinion
Empowering Women by Advancing Economic Freedom Around the World
The Trump White House has been pushing Ivanka Trump’s brainchild, the Women’s Global Development and Prosperity Initiative, to a greater global audience. The program, which involves the National Security Council, the State Department, and other relevant agencies, focuses on empowering women and seeks to support them in the workplace in developing and Third World countries. How? By helping these women…Anthony B. Kim -
- Opinion
4 Budget Pitfalls Congress Should Avoid in 2020 Appropriations
With less than two weeks remaining before the start of fiscal 2020 on Oct. 1, Congress has yet to pass a single appropriations bill. That’s despite the fact that, back in July, Congress passed a massive deal to increase spending by $324 billion over the next two years. In its first effort to avoid a…Justin Bogie -
- News
Sen. Joni Ernst Aims to Reduce Use-It-or-Lose-It Government Spending
Iowa’s junior senator says she is working to spread the word on legislation to reduce wasteful government spending and rein in agencies’ last-minute spending practices. “We saw this in our own county departments where at the end of the year, that last couple months of the year, they will spend everything they’ve got remaining in…Rachel del Guidice -
- Opinion
Why Strong Intellectual Property Laws Abroad Require a Strong US Example
China has failed to respect intellectual property rights for decades, and U.S. businesses have suffered. Thankfully, those companies are getting help from the Trump administration. In late 2017, the U.S. Chamber of Commerce and other leading business advocates asked the Trump administration to elevate the issue of trade secret protections in trade talks with other…Mark Brady -
- News
EPA Repeals ‘Power Grab’ Water Rule It Says Stifled Innovation, Economic Development
Help is on the way for homeowners and landowners, businesses, developers, and farmers who have been victimized by “regulatory uncertainty” and federal “overreach,” Trump administration officials told business leaders Thursday. EPA Administrator Andrew Wheeler and R.D. James, assistant secretary of the Army for civil works, joined members of Congress and leaders of trade associations to…Kevin Mooney -
- News
Big Labor Said to Exploit ‘Weakness’ in State Laws Despite High Court Ruling on Dues
Labor unions are working with allies in state legislatures to counteract a Supreme Court ruling that invalidated mandatory union dues and fees for government employees, according to a new report from a free-market think tank. In June 2018, the high court ruled that “agency shop” laws requiring nonunion government employees to pay the union violate…Kevin Mooney