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
Here’s a Promising Plan to Finally Get a Grip on Federal Spending
The massive spending deal, negotiated by Treasury Secretary Steve Mnuchin and House Speaker Nancy Pelosi and agreed to by the president, looks poised to kill off the Budget Control Act of 2011—the law that was meant to restrain federal spending. With that law on the way out, the question arises: Where can fiscal conservatives turn…Romina Boccia -
- News
Hill Conservatives Sound Alarm Over Spending Deal
Some conservatives in Congress are denouncing a spending compromise between President Donald Trump and congressional Democrats “that increases spending by about $2 trillion over the next 10 years, but provides only $77 billion in offsets,” according to the chairman of the Republican Study Committee. “While conservatives can appreciate the agreement’s restrictions on poison-pill riders, the…Rachel del Guidice -
- Opinion
Sen. Braun Describes How He’s Trying to Bring ‘Accountability’ to Washington’s Spending
Sen. Mike Braun, R-Ind., joins the podcast to explain the downsides of the new spending bill and how his MAP Act would boost the economy. The CEO-turned-senator, a newcomer to Washington, D.C., also shares why it seems so hard to get any kind of spending control to occur in Congress. Read the exclusive interview, posted…Rachel del Guidice -
- Opinion
What Led to This Nasty, Ugly Spending Bill
Americans should not be celebrating the spending deal agreed to by congressional leaders and President Donald Trump. They should be appalled and insist Washington stop spending money we do not have. The debt currently stands at a jaw-dropping $22 trillion, or $67,000 for every man, woman, and child in the country. Worse, it’s set to…David Ditch -
- Opinion
Massive Budget Deal Would Add Huge Debt on Trump’s Watch
Trillion-dollar deficits are back, and they’re here to stay. That’s the message being sent by President Donald Trump and congressional leaders through their recently agreed to budget mega-deal, announced on Monday. The Bipartisan Budget Act of 2019 is the fourth two-year agreement to raise the discretionary spending caps set in 2011 as part of the…Justin Bogie -
- News
3 Things to Know About Eugene Scalia, Trump’s Pick for Labor Secretary
President Donald Trump has tapped Eugene Scalia, the son of a judicial icon, to be the new labor secretary. The nomination comes a week after Alex Acosta announced he was stepping down from the post, effective today. Scalia—a former solicitor for the Labor Department and now a partner in the law firm of Gibson, Dunn…Fred Lucas -
- Opinion
Global Threats Make US Defense Spending an Urgent Priority
America needs to have a serious debate about the nature of its national defense and associated budget. Questions such as how the country should deal with the rising challenge of China, Russia’s adventurism, as well as the threats posed by the rogue regimes of Iran and North Korea need serious consideration and discussion. That’s why…Thomas Spoehr -
- News
Trump to Nominate Justice Scalia’s Son as Labor Secretary
President Donald Trump will nominate the late Justice Antonin Scalia’s son Eugene Scalia as labor secretary. The New York Times was first to report that Trump is considering Scalia for the position. The pair reportedly met at the White House on Thursday afternoon. The president confirmed the news in a late Thursday tweet. “I am pleased to…Kevin Daley -
- News
House Votes to Raise Minimum Wage to $15 an Hour
The House voted 231-199 Thursday to raise the national minimum wage from $7.25 to $15 an hour over six years, with Democrats contending the bill would raise wages for millions of Americans. “If the advocates of this legislation really cared about American workers, they would not fire them,” Rep. Mo Brooks, R-Ala., said on the…Rachel del Guidice -
- Opinion
Washing Machine Tariffs Are Still Putting Consumers Through the Wringers
While tariffs are forcing American families to pay 12% more for their washing machines, 12 members of Congress from Ohio—from both sides of the political aisle—are urging President Donald Trump to maintain tariffs on washers. These tariffs, which range from 20% to 50%, were imposed back in January 2018 after an investigation that determined the…Derek Hosford -
- Opinion
Leader McCarthy: House Democrats Dead Set on Erasing Economic Gains
Over the last 18 months, the American economy has grown at a record-breaking rate, and the results have had a far-reaching positive impact on communities nationwide. Since January 2017, 5.6 million jobs have been created with the help of Republican-led tax reform, deregulation, and other pro-growth reforms. The unemployment rate is near a 50-year low…Rep. Kevin McCarthy -
- Opinion
Hiking the Minimum Wage Will Hurt, Not Help, Low-Income Americans
Democrats in Congress have again brought the minimum wage to the national political stage. Legislation moving forward in the House, H.R. 582, the Raise the Wage Act, would increase the national minimum wage from the current $7.25 per hour to $15 per hour in increments spanning the next five years. The minimum wage is a…Star Parker -
- Opinion
Podcast: What’s Wrong With the $15 Minimum Wage?
House Democrats are poised to pass a $15 minimum wage this week—a policy that’s become more and more mainstream within the Democratic Party. But would it actually help workers? What effect would it have on the economy? And what effect has it already had in places where it’s been tried? We ask those questions and…Katrina Trinko -
- News
Labor Secretary Acosta Resigns Amid Epstein Controversy
Unable to put to rest questions of his handling of the Jeffrey Epstein case, Labor Secretary Alex Acosta resigned Friday after serving more than two years in the position. “A Cabinet position is a temporary trust. I must set aside a part of me that wants to continue my service with thousands of talented professionals…Fred Lucas -
- Opinion
Here Are 6 Ways a New Report Devastates the $15 Minimum Wage
Just in time for next week’s likely House vote on a federal $15 minimum wage, the nonpartisan Congressional Budget Office has come out with a caustic report on the consequences of the policy. The report confirms what even liberal economists caution: A $15 minimum wage would “risk undesirable and unintended consequences” and lead to a…Rachel Greszler -
- Opinion
The Unintended Consequences of Student Loans
Every year, colleges raise tuition prices yet again. That’s helped create the student debt crisis, and it’s causing more young people to skip college altogether. But what’s the government’s role here? Is it making things worse? And if so, what’s the solution? Richard Vedder, author of “Restoring the Promise: Higher Education in America” shares his…Daniel Davis -
- Opinion
USDA Is Funneling ‘Trade Aid’ to the Agriculture Sector. It’s Old-Fashioned Corporate Welfare.
There is renewed hope for trade talks with China—a welcome development for the American economy. But the damage caused by the fight continues. The U.S. Department of Agriculture is using the situation as an excuse to funnel more taxpayer money to the agricultural industry. It is spending $16 billion on trade aid for farmers affected…Daren Bakst -
- Opinion
Switzerland Has a Budget Surplus. Here’s How, and What the US Could Learn.
As much of Washington seems resigned to sit idly by and allow the federal government to gorge on trillion-dollar deficits and push the national debt to 78% of gross domestic product—the highest levels in the post-World War II era—it might seem like a fiscally prudent budget is the stuff of fantasy. After all, the Congressional…Justin Bogie -
- Opinion
The Injustice of Canceling Student Debt
This week, Rep. Alexandria Ocasio-Cortez claimed that it was “literally easier” for her to win the congressional election than pay off her student loan debt—which says something unfortunate about both the cost of college and the electorate’s choices. Ocasio-Cortez was commenting on Sen. Bernie Sanders’ new plan to eliminate $1.6 trillion in student debt and…David Harsanyi -
- Opinion
Forgiving Student Debt Is Not the Way to Ensure Economic Freedom
In today’s dynamic society, we have a general consensus that investments in time and effort, such as excelling in the classroom and earning degrees, help to achieve intended goals. But when it comes to financial investments in our futures, especially in the case of student loans, consensus surrounding sacrifices and consequences associated with the pursuit…Anthony B. Kim