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
$15 Federal Minimum Wage: An Anchor on Struggling Businesses
President Joe Biden has proposed a nationwide $15 minimum wage as part of his so-called “American Rescue Plan.” Talk about bad timing: Raising labor prices on businesses that are struggling to stay afloat is like throwing them a load of bricks instead of a life preserver. State and local governments raising their minimum wages is… -
opinion
House Democrats’ Deja Vu Tax Agenda for ‘Equity’ Would Hurt (Not Help) Economic Opportunity
House Ways and Means Committee Democrats recently released their framework to “make our nation a more just and equitable place.” The goal of lifting more “people onto career ladders” and providing more robust economic opportunities for American families is admirable. But the committee’s framework simply expands tax programs that have for decades failed to meet… -
opinion
On 1st Anniversary, China Phase One Trade Deal Has Not Aged Well
Jan. 15 marks one year since the U.S. and China signed a bilateral agreement, known as the Phase One deal, establishing new rules on trade. After a full year, and as a new administration and Congress assume power, it’s important to evaluate the effectiveness of the deal at achieving its goals. It’s not a pretty… -
opinion
9 Wasteful Programs From Massive Spending Bill That Can, and Should, Be Reversed
President Donald Trump is right: There’s a lot of ridiculous gimmicks and wasteful projects in the new massive spending bill. And the good news is there’s something that Trump can do about it, even though he recently signed the huge COVID-19 stimulus and omnibus spending bill into law. While signing the bill, the president released… -
opinion
Christmas Shoppers Beware: Chinese Slave Labor Is on the Rise
As Americans peruse store aisles and websites in search of Christmas gifts this year, many may not be aware of a sinister and growing problem with the products they are buying: If it was made in China, there’s a good chance that it was produced through slave labor. Ken Cuccinelli, acting deputy secretary of the… -
opinion
Whole Foods Market CEO’s Defense of Free Markets Is Food for Thought
In a recent event hosted by the American Enterprise Institute, Whole Foods Market CEO John Mackey highlighted the many ways in which business elevates humanity. Mackey specifically praised the innovation and value creation inherent in free market capitalism that have resulted in astonishing growth and real, measurable human progress from a world of near-universal poverty… -
news
Recovery Slows as Economy Adds 245,000 Jobs
The U.S. economy added 245,000 jobs in November, far below economists’ expectations, while unemployment fell to 6.7%, according to Department of Labor data released Friday. Total non-farm payroll employment rose by 245,000 last month, according to the Bureau of Labor Statistics report, and the number of unemployed Americans fell by 400,000 to 10.7 million. The U.S. added 638,000… -
opinion
Walter Williams’ Legacy: Fierce Advocate for Liberty and Economic Freedom
The world this week lost a great defender of economic freedom with the passing of the great American economist Walter E. Williams. He was 84. Williams’ legacy will be one of fighting for lasting liberty at every turn against those who would be dictators over their fellow man. As an economics professor at George Mason… -
news
Nikki Haley Criticizes Biden’s OMB Pick, Neera Tanden
Former Ambassador to the United Nations Nikki Haley criticized former Vice President Joe Biden’s choice of Neera Tanden to serve in his administration. “Tanden has shown bad judgment in the past. She said that @realDonaldTrump is ‘part of [a] conspiracy against [the] US’ & has a track record of disparaging Rep Senators,” Haley tweeted Tuesday…. -
opinion
Christmastime Is Not the Time to Hold Tariff-Cutting Program Hostage
After a year that was tough on businesses and consumers alike, the Christmas season could give a much-needed boost to the economy—as well as the morale of people across the country. But if a federal program that cuts tariffs is allowed to expire—thanks to political game-playing by liberals in the Senate—then the resulting spike in… -
opinion
The Mayflower Compact and the Roots of Economic Freedom and Private Property
With the Thanksgiving season upon us, a group of scholars is meeting today to discuss the Mayflower Compact, in a webinar series honoring the 400th anniversary of the signing of this quintessential and seminal American document. Hosted by The Heritage Foundation and the Religious Liberty Institute, the concluding webinar examines the impact of the Mayflower… -
news
‘Single Biggest Stimulus We Could Add’: Warren Ups Pressure on Biden to Cancel Student Debt
Massachusetts Democratic Sen. Elizabeth Warren again called for former Vice President Joe Biden to cancel student debt when he takes office in January. Warren, who supported canceling nearly all student debt when she ran for president, said Tuesday that doing so was a “mandate” to Biden and Sen. Kamala Harris. “For me it is a… -
opinion
Student Loan Forgiveness a Regressive Policy That Hurts Working Americans
Senate Minority Leader Chuck Schumer, D-N.Y., and Sen. Elizabeth Warren, D-Mass., are calling on the next administration to forgive $50,000 in student loan debt for every borrower through executive order, doing so, in Schumer’s words, “with the pen as opposed to legislation.” As higher education scholar Preston Cooper writes, “At a cost of roughly $1… -
opinion
Global Threats Are High. Now Is Not the Time to Shortchange National Defense Budget.
One of the unexpected consequences of COVID-19 is it forced the U.S. government to reexamine how it does its job, including how it spends on national defense. Right now, Congress must give careful attention to the national defense budget, even as it faces increasing pressure to spend on domestic programs and on issues abroad. These… -
opinion
Jordanians Head to the Polls Amid Mounting Economic and Health Crisis
A spike in COVID-19 cases and deteriorating economic conditions has cast a shadow over Tuesday’s parliamentary elections in Jordan. These elections are widely seen as a political mechanism to mitigate the growing anger over COVID-19-related hardships, which have recently taken a turn for the worst. Jordan’s strict lockdown measures in the beginning of the pandemic… -
opinion
Americans Do Not Need More Steel Tariffs
Commerce Secretary Wilbur Ross transmitted a report to President Donald Trump on Oct. 22 that examines the effect that imports of specialized electrical steel have had on U.S. national security. The report is the result of a request made in May by members of Congress and AK Steel, an American steelmaking company, to investigate whether… -
opinion
Affirmative Action, Minimum Wage, and More: Results of Key Ballot Initiatives
While most of America focuses on the presidential election, some huge issues are being decided in states around the country through ballot measures and propositions. It’s easy to forget as the nation obsesses over who occupies the White House that most policies and laws are set at the state and local level. And given that… -
opinion
Podcast: Can Young Adults Learn to Love the Free Market?
“We all know from the research, from the history, that it is free markets that do what we all want and provide what we all want to have as a country,” says Chris Cargill of the Washington Policy Center. “And yet younger generations, many of whom were born after the fall of the Berlin Wall,… -
opinion
Now More Than Ever, What Nigeria Needs Is Economic Freedom
What began as peaceful demonstrations against extrajudicial killings, police brutality, extortion, and torture committed by Nigeria’s Special Anti-Robbery Squad have become more violent in the days following the killing of at least 10 demonstrators on Oct. 20 at a place called Lekki Toll Gate in Lagos, Nigeria. That night, police fired live ammunition into the… -
news
Economy Surges at Record Rate as GDP Grows 33%
The U.S. economy grew by a record 33.1% in the third quarter of the year as employers continue to restore jobs and the country continues to feel the effects of the coronavirus pandemic. The Commerce Department figure released Wednesday reflects the rate of decline in U.S. gross domestic product during the third quarter, from July to September….