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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news
Better Foster Care System Would Cut ‘Economic Inequity,’ Child Welfare Veteran Says
The nation would reduce “economic inequity” and “race inequity” if the federal government focused more on helping foster care children find a permanent family and create a life where they don’t rely on the government, a former health and human services official in the Trump administration says. “We would move kids so they’re not spending… -
opinion
With Peronists Back in Power, Inflation Up and Economic Freedom Down in Argentina
The results of The Heritage Foundation’s 2021 edition of the Index of Economic Freedom will be announced soon. But here is a sneak peek: economic freedom in Argentina, which had registered considerable improvement during the four years of the center-right Macri government, has begun to decline (again) in the year since the Peronist Party returned… -
opinion
Despite 2 Strikes at Job-Killing Minimum Wage Hike, Senators Keep Swinging
First, the Democrats’ $15 federal hourly minimum wage mandate was ruled out by the Senate’s parliamentarian because it didn’t conform to the rules of the Senate for passing reconciliation bills with a 50-vote threshold. So, Democrats pivoted to a new, even worse plan. They wanted to tax businesses that hire entry-level and lower-skilled workers. They… -
news
Minimum Wage Increase Not Allowed in Biden Rescue Plan, Senate Rules Official Says
Democrats aren’t allowed to attach a provision increasing the federal minimum wage to $15 per hour to their coronavirus relief package, a top Senate official ruled, according to reports. Senate parliamentarian Elizabeth MacDonough, who oversees the interpretation of the chamber’s rules and precedents, decided Thursday evening that the proposed minimum wage hike couldn’t be included… -
opinion
How the Gig Economy Helps American Workers, Explained
Sure, you know that being an Uber driver is great for someone who wants to make their own hours. But did you know that many Americans are choosing freelance work because they need flexibility because of family or other responsibilities? Did you know that small businesses rely on independent contractors? Or that Americans who were… -
opinion
Harmful Minimum Wage Increase Not Eligible for Reconciliation
House Democrats’ deeply flawed “stimulus” bill includes a provision that would increase the minimum wage to $15 per hour, a policy change that would be extremely harmful. It would kill jobs, increase prices, harm the economic recovery, and even make child care unaffordable for many families. Because Congress is considering the bill under the budget… -
opinion
Economic Freedom Is Key to Enhancing Relationship Between Sri Lanka and US
Speaking on the 73rd Independence Day of Sri Lanka on Feb. 4, President Gotabaya Rajapaksa observed: “The foundation of our citizen-centric economic policy is that the true potential of the economy cannot be unleashed without economic freedom.” He further noted that “to achieve the government’s aims of eliminating poverty, providing equal opportunity for improvement of… -
opinion
$15 Minimum Wage Would Harm Those It’s Supposed to Help
As someone who grew up in poverty and worked much of her career to help others out of it, I know the importance of having a good job with a good income. It’s a way out of poverty for many. It allows people to provide for their families. And we all know the sense of… -
news
Here’s What $15 Minimum Wage Would Mean for This Frozen Yogurt Shop Owner
Some lawmakers’ push to raise the national minimum wage to $15 an hour is “truly maddening,” small business owner Stuart Hornsby says. Hornsby owns a frozen yogurt shop, a business he built from the ground up in 2013, in a small city in northwest Georgia. With the exception of the manager and a few other… -
news
Restaurant Owners, Workers Warn of ‘Unintended Consequences’ of $15 Minimum Wage
Restaurant owners and tipped employees alike are expressing concerns over a proposal to raise the national minimum wage to $15 an hour, with one going so far as to say it would amount to a “death knell” for the restaurant industry. President Joe Biden has called for a $15 an hour minimum wage in his… -
opinion
Unintended Consequence of $15 Minimum Wage: Higher Child Care Costs
Many families struggle to find child care, especially at a cost they can afford. A $15 federal minimum wage could make child care unattainable for millions more families. Higher wages are a great thing, especially for child care workers who serve such an important role in the lives of children and families. But the reality… -
opinion
Call Transportation Bailouts What They Are: More Welfare for Labor Unions
Congress is moving full steam ahead on ramming through a bloated, wasteful, and debt-exploding $1.9 trillion legislative package. Although it’s supposedly justified by the COVID-19 pandemic, most of the spending is designed to appease progressive ideological causes and politically connected interest groups. A prime example is the $57.5 billion currently earmarked for various parts of… -
opinion
We Shouldn’t Rinse and Repeat When It Comes to Costly Washing Machine Tariffs
Sunday was supposed to mark the end of a three-year rinse cycle for Americans, at least when it comes to higher prices for washing machines. But before leaving office, former President Donald Trump put washer tariffs on repeat for another two years. Americans have paid taxes of up to 50% on washers and their inputs… -
opinion
Biden OMB Nominee Neera Tanden Will Expand Left’s Power Through Big Government Bureaucracy
President Joe Biden’s pick for the director of the Office of Management and Budget, Neera Tanden, participated Tuesday in one of her two Senate committee hearings. If our senators fail to recognize and defend their duty to preserve democratic power for the American people and allow Tanden to hold this position, we can expect her… -
opinion
Remembering Free Market Economist George P. Shultz
George P. Shultz, one of America’s leading statesmen and champions of free markets, died Saturday. He was 100. During his distinguished career, Shultz, a former Marine, served as secretary of labor, secretary of the treasury, and secretary of state. On top of that, he was the first director of the Office of Management and Budget…. -
opinion
6 Bleak Consequences From CBO’s Report on the $15 Minimum Wage
Rising incomes are a great thing, and it would be wonderful if all jobs paid at least $15 per hour. After all, that would reduce government welfare spending and give people more freedom and greater financial security. Hence liberal lawmakers’ Raise the Wage Act of 2021 (S. 53), which would incrementally increase the federal minimum… -
opinion
GameStop, Robinhood, and Short Selling: Not a Free Market
For many years, researchers at The Heritage Foundation have pointed out that U.S. financial markets have been highly regulated for more than a century, especially after the 1930s. Regulatory intrusion in the capital markets has increased steadily, with major new legislation imposing ever more rules about every decade. That fact is critically important in understanding the recent… -
opinion
It’s Time to Engage Allies to Protect Defense Supply Chains
In World War II, the United States became known as “the arsenal of democracy” and has filled that role ever since, with a robust defense industry sustaining a strong military. But according to a new administration report, the U.S. defense industrial base faces threats at a time when the country can least afford them—challenges it… -
opinion
Leading by Example, Barstool Fund Steps Up to Save Small Businesses
Victor Child Care Center in Victor, New York, was on the brink. Ravaged by costs incurred as a result of COVID-19, Laurie Lavery, owner of the business, needed to cut back more and more services to stay afloat. Eventually, Lavery, 64, was forced to scrub the floors and bathrooms of the center by herself on… -
news
Will Biden’s Policies Lead to Job Losses? Here Are Possible Economic Impacts of 4 of Them.
President Joe Biden’s policies, announced in the first days of his administration, potentially could kill millions of jobs, according to estimates from both government and private studies. Since taking office Jan. 20, Biden has announced a slew of policies, including executive actions to immediately take effect and legislative proposals. By his third day in office,…