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
New Tariffs on China Will Translate to More Taxes on Americans
President Donald Trump last week announced he would place new tariffs—a 10% additional tax—on $300 billion worth of products Americans import from China. Starting Sept. 1, nearly every product from China will cost more because of those tariffs. Roughly 20% of U.S. imports come from China. The Trump administration started applying tariffs on imports from… -
opinion
Why Welfare Hasn’t Cured Poverty
When President Lyndon Johnson launched his War on Poverty in the 1960s, he pledged to eliminate poverty in America. More than five decades, several welfare programs, and $25 trillion later, the welfare system has utterly failed the poor. The poverty rate remains mostly unchanged, and tens of millions of Americans are dependent on government assistance…. -
opinion
Strong Jobs Numbers Won’t Last If Tariffs Continue
As the summer rolls on, the American economy is staying hot. That’s the main takeaway from the Bureau of Labor Statistics’ reports on Friday, which shows that the economy added 164,000 jobs in July. That lined up for the most part with expert predictions. The economy is showing signs of resiliency economy due to sound… -
opinion
Why the Federal Reserve Has Done More Harm Than Good
If the Federal Reserve brought home a report card reflecting its performance since its creation in 1914, its parents would not be pleased. Its record for stability is among the worst in the developed world, and it has done little to fix the problems it was invented to address. Moreover, the Federal Reserve is far… -
opinion
Why Postal Banking Would Help Neither the Poor Nor the Postal Service
If a company lost $66 billion in 10 years and was on track to lose another $10 billion this year, would that company make a good banker? Some in Washington think so. They are urging that the United States Postal Service start providing banking services ranging from checking accounts to short-term loans. That would be… -
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… -
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… -
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… -
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… -
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… -
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… -
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… -
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… -
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… -
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… -
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… -
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… -
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… -
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…