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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‘Self-Sufficiency, Not a Sinkhole’: JOBS Act Updates Work Requirements for Welfare Recipients
Republicans in the House and Senate are making another legislative push to enforce work requirements for able-bodied adults on welfare. Sen. Steve Daines, R-Mont., and Republicans on the House Ways and Means Committee on Thursday announced the Jobs and Opportunity with Benefits and Services Act. The JOBS Act comes as the Trump administration makes a…Fred Lucas -
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Bernie Sanders Says ‘Many Thousands’ Will Die as Budget Chief Predicts Stronger Medicare
President Donald Trump’s budget proposal would extend the life of Medicare by eight years, the administration’s budget chief told a Senate committee Wednesday. But Sen. Bernie Sanders, I-Vt., had a sharp question during the Senate Budget Committee hearing. “How many thousands do you think will die because of massive cuts to Medicare and Medicaid?” Sanders…Fred Lucas -
- Opinion
What Liberals Forget: Before the Welfare State, Americans Took Care of Each Other
Over the weekend, Democratic fresh face and socialist darling Rep. Alexandria Ocasio-Cortez, D-N.Y., spoke at the South by Southwest conference. While sitting amidst the enormous bounty provided by capitalism—top-notch electronic equipment, a massive crowd of paid ticket holders—AOC tore into capitalism. She called the system that has raised 80 percent of the globe from extreme…Ben Shapiro -
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Government Lays Out $4.6 Million on Lobster and Crab in Spending Spike
Against the backdrop of a record-breaking $22 trillion in national debt, the revelation that the federal government spent $4.6 million on lobster tail and crab is only one line item in a report that may disturb cash-strapped taxpayers. OpenTheBooks.com, a government watchdog nonprofit working to put all government spending online, has published “The Federal…Courtney Joyner -
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Trump’s Military Budget Request Would Build on Recent Gains
The Pentagon on Tuesday released the president’s budget request for defense, which calls for the resources needed to sustain the increase in military readiness experienced over the last two years. The total funding request of $750 billion would represent an increase of 4.7 percent over the 2019 budget, largely aligned with the needs expressed by…Frederico Bartels -
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Why the Commerce Secretary Shouldn’t Testify to Lawmakers About the Census
Commerce Secretary Wilbur Ross is scheduled to testify Thursday before the House Oversight and Reform Committee in a hearing on the Trump administration’s reinstating a standard citizenship question on the U.S. census. But with civil litigation over that very issue now before the Supreme Court, the House committee should cancel the hearing in recognition of…Hans von Spakovsky -
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Trump’s Budget Reaffirms Commitment to Work-Based Welfare Policy
President Donald Trump issued an executive order last April that called for policy reforms to, among other things, “improve employment outcomes and economic independence.” Nearly one year later, the president’s budget proposal for fiscal year 2020 doubles down on this goal by renewing policies to promote work in means-tested welfare programs. Trump’s “Budget for a…Vijay Menon -
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US-China Trade Dispute Is Already Hurting US Farmers and Ranchers
The ongoing U.S.-China trade dispute is threatening the U.S. economy as a whole, and is hurting American farmers and ranchers. In recent years, China has been among the top two largest markets for U.S. agricultural exports. And much more potential for increased exports remains. The U.S. Department of Agriculture has said that “China offers our…Daren Bakst -
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Trump’s 2020 Budget Seeks More Border Wall Funding, Work Requirements for Welfare
President Donald Trump’s fiscal 2020 budget proposal would eliminate the federal deficit in 15 years, add new work requirements for welfare recipients, and fund additional construction of a border wall. The reaction to the spending blueprint by Democrats was predictably negative. The $4.7 trillion proposal, which projects a $1.1 trillion deficit, also asks Congress to…Fred Lucas -
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Kosovo’s Leaders Say a Durable Peace With Serbia Is Key to Economic Growth
PRISTINA, Kosovo—A former soldier whose nom de guerre was “The Snake,” Kosovar President Hashim Thaçi demonstrates both the easygoing demeanor characteristic of a combat veteran and the polished charisma of a politician as he explains how he has put old animosities aside for the sake of his country’s future. “I want to achieve lasting peace…Nolan Peterson -
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Trump’s Budget Would Chip Away at the Debt, but More Work Still Needed
Budget season is officially upon us. On Monday, President Donald Trump released a preliminary sketch of his fiscal year 2020 budget proposal. The outline reflects a good first step toward restoring fiscal sustainability. It would cut spending by trillions of dollars and rejects the notion that another massive budget cap-lifting deal is essential to provide…Justin Bogie -
- Opinion
Whirlpool Advocated for Tariffs on Washers. Now, It’s Going Through the Wringers.
Last year, the Trump administration implemented a three-year tariff rate quota on residential washing machines and parts. The tariffs were implemented because the government determined that washer imports were injuring Whirlpool Corp., the petitioning company and primary domestic manufacturer. The U.S. International Trade Commission recently initiated an investigation to monitor the impact of the tariffs….Michael Bugay -
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February Jobs Report Underwhelms, but Economy Remains Strong
On Friday, the Bureau of Labor Statistics reported that employers added 20,000 jobs in February, falling well below expert predictions that estimated 180,000 jobs added. While this number can and should be higher, the report also reflects that the job market in general is still strong; posting 101 consecutive months of job creation, showing a…Timothy Doescher -
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New Bill to Tax Stock Market Could Devastate Ordinary Savings and Retirement
A new tax proposal in Congress aims to stick it to the rich. But if passed, it could devastate the U.S. financial system and ruin the value of ordinary Americans’ retirement accounts. The proposal, introduced by a team of Democrats in the House and Senate, would assess a penalty each time someone sells a stock,…Adam Michel -
- Opinion
How America’s Wealthy Often Become the Biggest Welfare Recipients
When I hear “welfare payments,” I think “poor people.” But America’s biggest welfare recipients are often politically connected corporations—like America’s sugar producers. The industry gets billions of dollars in special deals while deceitfully running ads that say, “American farmers don’t get subsidy checks.” That ad confused me. If they “don’t get subsidy checks,” then what…John Stossel -
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Tax Refunds Are on the Rise, Treasury Reports
Tax refunds have increased this week, the Treasury Department announced Thursday, after critics attacked the initial lower refunds that resulted from Americans paying less to government coffers. Through four weeks of the filing season, the average tax refund in 2019 increased to $3,143—up from last week’s average of $2,640, according to the Treasury Department. Treasury…Fred Lucas -
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Congress Should Separate Debt Limit From Spending Battle
Two major issues will dominate the congressional budget debate over the coming months—the debt limit and the future of the Budget Control Act discretionary spending caps. If past is prologue, Congress may be tempted to deal with the two issues simultaneously as part of one broader debt and spending agreement. That strategy makes it easier…Justin Bogie -
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Why the Reciprocal Trade Act’s Tit-for-Tat Tariffs Aren’t a Good Idea
“Reciprocal trade policy” sounds good in theory, but the proposed Reciprocal Trade Act sounds less like the golden rule—“Do unto others as you would have them do unto you” (Matt. 7:12)—than the ancient Code of Hammurabi: “An eye for an eye, a tooth for a tooth.” The U.S. Reciprocal Trade Act would cause unnecessary, self-inflicted…Patrick Tyrrell -
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New Data Bucks Conventional Wisdom on Free Markets and the Environment
Politicians on the left are pushing a radical “Green New Deal,” which they say is necessary to save the environment. It wouldn’t save the environment—though it would do serious damage to our economy. The surprising truth is that saving the environment and improving the economy are not at odds. In fact, new research from The…Patrick Tyrrell