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
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…. -
opinion
The Defense Budget’s Brewing Storm
“If the reason that you want a 20% cut in the defense budget is because you see the U.S. military as a fundamentally destabilizing force in the world, then I’m not going to be there.” That’s how House Armed Services Committee Chairman Adam Smith, D-Wash., framed the emerging debate on the defense budget. He was… -
opinion
The Results Are in: Reopening Fuels Record Economic Expansion
As the economic reopening continues in states and cities across the nation, economic growth last quarter smashed all prior records—growing by 7.4%, according to the U.S. Bureau of Economic Analysis. If this blistering pace continued for an entire year, the economy would swell by 33.1%. >>> What’s the best way for America to reopen and… -
opinion
US Leads International Call to Action on Women’s Economic Empowerment
As the global economy continues to rebound from the economic shocks of COVID-19, ensuring women’s economic empowerment is now more important than ever. Women will be key drivers of sustainable economic recovery and contributors to meaningful long-term development. The Trump administration positioned the U.S. to lead on these efforts even prior to the pandemic. Recognizing… -
opinion
How Colleges’ Spending Practices Often Shortchange or Defy Alumni Donors’ Intent
Even during tough times—perhaps especially then—American generosity abounds. The United States has been the most philanthropic country in the world (per capita) over the past 10 years. In 2019, individual Americans gave an estimated $310 billion to charity, with the country’s foundations donating an additional $76 billion and its corporations contributing more than $21 billion…. -
opinion
The Left’s Push to Repeal Tax Cuts Is Likely Already Damaging the Economy
The left’s crusade to raise taxes is likely already hurting the recovery, even if former Vice President Joe Biden and liberals in Congress don’t follow through with their proposed $4 trillion of tax increases. A general indifference in Congress to growing deficits makes things worse. The profits from investments made today will be taxed tomorrow…. -
opinion
How Trump Restored the Principles of Welfare Reform and Lifted Americans Out of Poverty
This article is an excerpt from the “2020 Mandate for Leadership: A Clear Vision for the Next Administration.” It looks back at policy decisions made by the Trump administration over the past four years. You can purchase your copy of “Mandate 2020” here. For decades, conservative policymakers have worked to reform welfare—so it’s a temporary safety-net,… -
opinion
Reforming Regulation to Spur Economic Growth
This article is an excerpt from the “2020 Mandate for Leadership: A Clear Vision for the Next Administration.” It looks back at policy decisions made by the Trump administration over the past four years. You can purchase your copy of “Mandate 2020” here. During the Obama administration, the nation’s regulatory burden increased by an astonishing $122… -
opinion
Economy Adds 661,000 Jobs, Strengthening Case for Safely Reopening Society
The Bureau of Labor Statistics reported Friday that the unemployment rate fell to 7.9% as the economy gained 661,000 jobs in September, continuing to show signs of recovery and make the case that policymakers must continue to allow more parts of society to safely reopen. Although the unemployment rate beat experts’ predictions of 8.2%, the… -
opinion
As Unemployment Dips to 7.9%, Differences Across States Show More Federal Stimulus Not Solution
An additional 661,000 Americans found jobs in September, according to the Bureau of Labor Statistics’ monthly report, as the unemployment rate dipped to 7.9% from 8.4% in August and a high of 14.7% in April after the COVID-19 pandemic struck. Although 14.1 million more were employed in September than April, the 12.6 million not working… -
opinion
Congress Should Reauthorize Trade Programs That Cut Tariffs for Americans
The House of Representatives voted unanimously Sept. 22 to reauthorize the Caribbean Basin Trade Partnership Act. The act is a trade preference program that eliminates tariffs on organic chemicals and textiles, and was up for renewal by the end of September. Although reauthorization of the program is a step in the right direction, Congress missed… -
opinion
DHS Puts US Companies on Notice: No More China Slave Labor
Federal agents seized a 13-ton shipment of human hair in July based on evidence the hair was taken from innocent people detained in Chinese internment camps. This was just the beginning of the Department of Homeland Security’s efforts to protect U.S. citizens from unknowingly funding China’s human rights abuses. Acting Deputy Secretary of Homeland Security Ken Cuccinelli… -
opinion
Combating the Tyranny, Waste, and Economic Devastation of ‘Green’ Agenda With Free Enterprise
This article is an excerpt from the “2020 Mandate for Leadership: A Clear Vision for the Next Administration.” It looks back at policy decisions made by the Trump administration over the past four years. You can purchase your copy of “Mandate 2020” here. Since publication of the last Mandate for Leadership, the Trump administration has taken… -
news
Treasury Department Sanctions Ukrainian Lawmaker Who Met With Giuliani
The Trump administration announced sanctions Thursday against a Ukrainian lawmaker who met last year with President Donald Trump's lawyer, Rudy Giuliani, and has pushed for a corruption investigation into the son of former Vice President Joe Biden. The Treasury Department accused Andriy Derkach of waging a pro-Kremlin disinformation campaign “in an attempt to undermine the upcoming 2020… -
opinion
Recovery of America’s Economy Surges, Thanks to Capitalism
As Washington has been frozen in debate about whether to pass massive new economic stimulus legislation, something interesting has happened in the real world. In the real world, Americans sent a message to politicians saying they can take of themselves just fine, thank you. The Bureau of Labor Statistics report for August just came in,… -
opinion
Unemployment Rate Drops to 8.4% as August Sees 1.4 Million More Jobs
The unemployment rate fell by 1.8 percentage points to 8.4% as the economy added 1.4 million jobs in August, the Bureau of Labor Statistics reported Friday. It was the fourth straight month that the economy added jobs and the unemployment rate fell despite the lingering COVID-19 pandemic, again upsetting experts’ predictions as the economy continued… -
opinion
Postal Service Lawsuit Is a Delivery of Pure Politics
The lawsuit filed last week by New York State Attorney General Letitia James against the U.S. Postal Service reads more like a 64-page list of talking points than a serious legal document. But that didn’t stop her colleagues in New Jersey, Hawaii, New York City, and San Francisco from joining the suit, giving a bicoastal… -
opinion
New Sultan Could Deepen US-Oman Ties, Strengthen Economic Freedom
Under the leadership of new Sultan Haitham bin Tariq, who came to power in January upon the death of his cousin, longtime ruler Sultan Qaboos bin Said, U.S.-Omani relations have embarked on a new chapter. Washington has a unique opportunity to build on the good existing relationship and to reaffirm Oman as a trustworthy partner… -
opinion
Expect US Agriculture Exports to China to Increase in Coming Months
Since the signing of the U.S.-China trade deal in January, much media focus has been on China’s agreement to buy over $142 billion worth of U.S. manufactured, energy, and agriculture goods this year. At this point in time, it is likely that China will fall short of its purchase agreement. However, there is ample reason… -
news
4 Big Moments From the House’s Postal Service Hearing
Postmaster General Louis DeJoy testified Monday before a House committee to address Democrats’ recent theories regarding actions taken by the U.S. Postal Service weeks and months before the November election. Voting by mail, either through absentee ballots or by universal mail-in ballots, is expected to be high this year because of the COVID-19 pandemic. As…