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
How Tiny Estonia Became an Outsized Partner for Economic Freedom
Estonia is a shining example of why freedom matters. Since the fall of the Soviet Union, this tiny northern Baltic country that shares a border with Russia has made huge progress in implementing democracy and economic freedom and in developing a strong national defense. Estonia has aligned itself with the West—particularly the United States—and since… -
opinion
Our Pharmaceutical and Medical Supply Chain Poses National Security Issue, Says Rep. French Hill
Rep. French Hill, R-Ark., recently proposed legislation to ensure that the U.S. expands its medical supply chain to decrease dependence on foreign manufacturers, including those in China. Hill joins The Daily Signal Podcast to discuss why is it important to do so, incentives to make it happen, whether decreasing dependence on China for pharmaceuticals would… -
opinion
Celebrating Earth Day by Increasing Economic Freedom Around the World
It's economic freedom that will save the earth. Apart from health care, no other big government policies and actions are more intrusive and economically distortionary than environmental regulations. Rather than relying on civil society, free markets, and a free press to ensure environmental quality and safeguards, a myriad bureaucrats and agencies in governments and international… -
opinion
What Would the Reopening of the Economy Look Like?
As our national lockdown drags on, Americans seem less and less inclined to move swiftly toward societal reopening. Perhaps that’s due to the consistent media focus on the risks of reopening. Perhaps that’s also due to the psychological comfort of the status quo: When we’ve been made to feel safe in our home, it’s difficult… -
opinion
As Joblessness Soars, Paycheck Protection Program Needs More Money, Fast
An additional 5.2 million people filed for unemployment benefits last week, bringing the total number of workers who have lost their jobs over the past four weeks to 22 million. That puts the unemployment rate at about 15.5%. Hopefully, many of these people will be able to go back to work once society starts returning… -
opinion
Kazakhstan’s Investment in Economic Freedom Pays Dividends
Kazakhstan recorded the fifth-largest gain in economic freedom of any country in the world over the past year, according to The Heritage Foundation’s 2020 Index of Economic Freedom. The country’s score (69.6 on a 0-100 point scale) puts it on the threshold of earning the index’s coveted “mostly free” designation. Ranked as having the 39th-freest… -
news
Free Market Group Calls on California, 4 Other States to Suspend Government Union Dues
If elected officials were to suspend the deduction of union dues from the paychecks of public-sector employees for three months, they could pump tens of millions of dollars back into the wallets of workers who are compelled to stay home, according to a free market think tank’s analysis of government records. The savings would be… -
opinion
Lawmakers Need to Reform Postal Service, Not Provide Massive Bailout
Democrats and U.S. Postal Service officials are seeking a $75 billion bailout from taxpayers. While they seek to blame the COVID-19 pandemic, the facts are plain. Unsustainable wage and benefit costs, along with unaffordable and inefficient service requirements in light of reduced demand—not the new coronavirus—are the real reasons for the Postal Service’s financial troubles…. -
opinion
Sending More Money to States Could Make Their Budget Problems Worse
The National Governors Association recently asked Congress for a bailout of $500 billion in addition to the more than $200 billion included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The money sought by the governors would be “unrestricted,” meaning its use need not be tied directly to COVID-19, the disease caused by… -
opinion
With Jobless Claims Soaring, Don’t Hold Aid for Small Businesses Hostage
For a third week in a row, Americans have experienced never-before-seen levels of initial unemployment insurance claims as businesses continue to lay off workers amid COVID-19 closures and slowdowns. Last week, an additional 6.6 million individuals filed for unemployment compensation, following a revised 6.9 million for the week that ended March 28, and 3.3 million… -
opinion
Why Economic Freedom Matters More Than Ever: In 3 Charts
In her recent column, Heritage Foundation President Kay C. James offered a timely message on why economic freedom matters more than ever. As she emphasized: The debate in the United States over whether to move away from free markets and toward socialism may change dramatically as the latest coronavirus spreads throughout the world. That’s because… -
opinion
Prospects for More Economic Freedom Rise With New Slovak Government
Ranked 60th in the world (out of 180 countries), Slovakia’s economic freedom score increased slightly in The Heritage Foundation’s 2020 edition of the Index of Economic Freedom. But the country’s economy remains stalled in the index’s “Moderately Free” category, where it has been for a decade. After it gained independence from the former Czechoslovakia in… -
opinion
Tariffs on Imported Oil Aren’t the Cure for the Industry’s Woes
Saudi Arabia and Russia are engaged in a price war—both increasing oil supplies at a time when world demand is precipitously dropping. To help U.S. producers, President Donald Trump has threatened to impose tariffs on imported crude oil in response. Talks between Russia and Saudi Arabia are now scheduled for Thursday, and reports indicate the… -
opinion
Advancing Economic Freedom: Key to Africa’s Future
During his first trip to Africa as secretary of state earlier this year, Mike Pompeo highlighted the importance of economic freedom. In his speech entitled “Liberating Africa’s Entrepreneurs,” Pompeo said: We want basic security for our families. We want opportunity and reward for the hard work that we invest in. And we want the freedom… -
news
March Jobs Report: 701,000 Jobs Lost, Unemployment Jumps to 4.4%
The U.S. economy lost 701,000 jobs in March, while the unemployment rate rose to 4.4%, according to Department of Labor data released Friday. Total nonfarm payroll employment fell by 701,000 in March, according to the Bureau of Labor Statistics report, reflecting the “effects of the coronavirus (COVID-19) and efforts to contain it.” March’s unemployment rate… -
opinion
As Unemployment Nears 10%, Here’s How Congress Can Soften the Blow
Unemployment claims spiked by 6.6 million last week, meaning more Americans became unemployed during one week than the total already unemployed before COVID-19 hit the U.S. This marks a 3,000% increase compared to the levels of February’s weekly initial claims of unemployment, and it means the unemployment rate likely is around 9.7%—approaching three times the… -
opinion
Unemployment Claims Just Spiked 1,000%. How the Left’s Approach Will Make It Worse.
Unemployment claims spiked more than 1,000% last week, with initial claims rising from 282,000 to 3.3 million as businesses laid off workers during the coronavirus pandemic. This marks the highest level of seasonally adjusted initial unemployment claims since the series of reports began over 50 years ago. Labor Secretary Eugene Scalia noted: “This large increase… -
news
Trump Picks Acting Budget Chief Russ Vought as OMB Director
President Donald Trump will nominate his acting budget director, Russ Vought, to serve as permanent director of the Office of Management and Budget. Trump announced Wednesday that he intends to nominate Vought, who was a fiscal conservative long before joining the administration. The move comes in the midst of the coronavirus pandemic and skyrocketing levels… -
opinion
New Index Finds Rising Tide of Economic Freedom
Governments around the world are responding to the coronavirus epidemic with a variety of measures that have the potential to curtail economic activity. It’s vital that such actions be temporary and of as short a duration as possible. Government restrictions and regulations have a tendency to outlast—sometimes for decades—the crises they were implemented to address…. -
opinion
Government Collaboration ‘Unparalleled,’ New Senator Says of Coronavirus Fight
Sen. Kelly Loeffler is the first woman from Georgia ever to vote in the U.S. Senate. Loeffler, who took the oath of office Jan. 6, was appointed to fill the vacancy caused by the resignation of fellow Republican Johnny Isakson. She joins The Daily Signal Podcast to talk about transitioning from the private sector, what…