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
RSC Budget Plan Would Fundamentally Shift the Budget Course
The Republican Study Committee has released its fiscal year 2019 budget proposal, “A Framework for Unified Conservatism.” In light of the recent budget-busting deal and projections of trillion-dollar deficits returning, the plan sends a strong message: A truly conservative budget is the answer to the unsustainable budget course the nation is on. The RSC framework…Justin Bogie -
- Opinion
‘Penny Plan’ Puts the Spotlight on Out-of-Control Federal Spending
Sen. Rand Paul, R-Ky., and Rep. Mark Sanford, R-S.C., recently revived the “penny plan,” which calls on Congress to reduce spending by at least one penny on the dollar from one year to the next. The proposal was introduced in 2011 by then-Rep. Connie Mack, R-Fla., and Sen. Mike Enzi, R-Wyo., and has been introduced…Romina Boccia -
- Opinion
Bernie Sanders’ ‘Jobs’ Program Would Undo Our Real Economic Progress
Sen. Bernie Sanders’ big-idea solution to everything is big government. The independent senator from Vermont wants government-run, single-payer health care. Seeing efficiencies that nobody else can see, he wants to turn post offices into banks. Now, he wants to leverage the notoriously inept federal job-training system (see here, here, here, etc.) and a new set…David Kreutzer -
- Opinion
How Solar Tariffs Are Already Hurting the Solar Industry
A week ago today marked the end of the window for solar companies to seek exemptions from the Trump administration’s tariffs on certain imported solar panels and modules, which the president announced in January. Since the January decision, companies submitted over 260 applications and comments arguing that they should be exempt from the new tariffs….Caleb Pascoe -
- News
Budget Director Mick Mulvaney Says He Will Ask Congress to Cut Spending in ‘Coming Weeks’
Office of Management and Budget Director Mick Mulvaney says his staff will soon be sending a package to Congress to rescind some of the planned spending in the $1.3 trillion omnibus bill signed last month by President Donald Trump. “[We] hope to have something here in the next couple weeks,” Mulvaney said Wednesday during a…Rachel del Guidice -
- Opinion
Joint Select Committee Should Focus on Improving Budget Transparency
The first public hearing of the new Joint Select Committee on Budget and Appropriations Process Reform will take place on Tuesday. The committee was established in February by the Bipartisan Budget Act of 2018 and is made up of 16 members (eight Democrats and eight Republicans) equally divided between the House of Representatives and the…Paul Winfree -
- News
As US-China Trade War Looms, Ukraine Stands to Gain
KYIV, Ukraine—Amid the specter of a looming trade war with the U.S., China is boosting its economic ties with Ukraine. For one, Ukraine has overtaken the U.S. as China’s top corn supplier. Five years ago, the U.S. supplied about 97 percent of Chinese corn imports. In 2017, however, Ukraine accounted for about two-thirds of China’s…Nolan Peterson -
- Opinion
Trump Should Focus on Debt Crisis Rather Than Raising Tariffs
Donald Trump achieved the presidency telling the American people he would “Make America Great Again.” Given that during eight years of Barack Obama’s presidency there was not a single year in which national satisfaction, as measured by Gallup, averaged above 30 percent, tapping into Americans’ general dissatisfaction with the state of the nation was good…Star Parker -
- News
4 Areas of Federal Budget That Got Bigger Percentage Boosts Than Defense
Republicans in Congress tout increased military spending in the omnibus budget bill signed by President Donald Trump, but spending on defense actually increased less than four other areas in percentage terms. An analysis by CQ shows that four other areas are getting larger increases in spending than the Department of Defense. In descending order by percentage…Kyle Perisic -
- Opinion
Trump Issued a Call for Welfare Reform. Here Are 4 Actions Policymakers Can Take.
President Donald Trump this week signed an executive order calling for reforms in the welfare system to promote work and strengthen marriage. The president is right to address this pressing issue. Welfare reform is needed. Today, the welfare system aggressively penalizes marriage among low-income parents and discourages work and self-support. We have spent $28 trillion…Mimi Teixeira -
- Opinion
New CBO Report Shows Spending on Abysmal Path
If you are looking for some grim reading, try the latest budget and economic outlook for the coming decade from the Congressional Budget Office. It is not only that the fiscal situation is spiraling out of control, it also is happening even faster than expected. The Congressional Budget Office now expects trillion-dollar deficits to return…Justin Bogie -
- Opinion
Amazon Controversy Makes the Case for a Private-Sector US Postal Service
Is Amazon causing the U.S. Postal Service to lose money? That’s the assertion made by President Donald Trump last week in a series of tweets criticizing a Postal Service contract with Amazon, under which the Postal Service delivers Amazon orders to homes across America. Amazon is using the Postal Service as its delivery boy, complains…James Gattuso -
- News
Commerce Secretary Ross Wants to See US Catch Up to Other Countries on Economic Freedom
The United States will be turning the tide on economic freedom, said Commerce Secretary Wilbur Ross, referencing the United States being ranked 18th on The Heritage Foundation’s Index of Economic Freedom. “It’s imperative that we acknowledge and address the reasons for which our country lags behind the 17 nations that are ranked above us,” Ross…Fred Lucas -
- Opinion
These 3 Charts Show the Importance of Economic Freedom
Since 1995, The Heritage Foundation’s Index of Economic Freedom has tracked the progress of economic freedom around the world and measured the tangible impact of expanding economic liberty. Three charts released in conjunction with this year’s U.S. launch of the index highlight some of the abundant fruits economic freedom brings to people fortunate enough to…Patrick Tyrrell -
- Opinion
Existing Trade Deals Are Good for US Trade Balance
Trade skeptics and protectionists have charged that trade agreements like NAFTA and the U.S.-Korea trade agreement favor foreign producers and have contributed to the U.S. trade deficit. A recent Heritage Foundation event featuring speakers Frank Lavin, former undersecretary of Commerce for international trade, and Fredrik Erixon, the co-founder of a European think tank, explored the…Patrick Tyrrell -
- Opinion
Hits and Misses in Trump’s New China Trade Policy
The president recently announced a three-pronged strategy to target China for its alleged “unfair trade practices.” This new strategy includes challenging Chinese intellectual property practices at the World Trade Organization, further restricting Chinese investment, and imposing tariffs on consumer goods from China. The administration’s approach represents a combination of good policies that will minimize harm…Tori K. Smith -
- News
Empower Women With Conservative Economic Policies, GOP Congresswomen Urge
The best way to empower women is through conservative policies such as tax reform, four Republican congresswomen say. Noting that most women are responsible for household finances and health care decisions, and that female-owned businesses employ more than 8.4 million people, the GOP lawmakers explained their support for tax relief and tax reform at a…Chrissy Clark -
- Opinion
Omnibus Spending Bill Was a Giant Giveaway to the Swamp
Last Wednesday, House leadership released a 2,232-page omnibus spending bill that keeps the federal government open through October. This bill was negotiated completely behind closed doors by just four people: House Speaker Paul Ryan, House Minority Leader Nancy Pelosi, Senate Majority Leader Mitch McConnell, and Senate Minority Leader Chuck Schumer. These four people wrote a…Sen. Mike Lee -
- News
Congress Passes Huge Budget, but It’s Not Trump’s
The Senate followed the House by passing a $1.3 trillion spending bill early Friday morning that funds the government through September, after taking 11 hours to consider the 2,232-page bill. The spending bill and its contents attracted ire from both parties, but Republicans in the majority took issue with both the substance and the process…Thomas Phippen -
- News
11 Reactions From Conservatives Unhappy With the Massive Government Spending Bill
Conservative lawmakers are disgruntled and outraged by the $1.3 trillion omnibus spending bill passed by Congress. The Senate passed the massive package, 65-32, early Friday, following the House’s 256-167 vote Thursday. Government funding was set to run out at 12:01 a.m. Saturday, and President Donald Trump unexpectedly threatened to veto the spending bill, which fails to…Rachel del Guidice