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
7 Ways Congress Can Rein in Out-of-Control Spending
Congress achieved major success in 2017 by passing the first meaningful tax reform in decades, but fell short in other areas of the budget and spending. This year, important issues loom, including defense and nondefense appropriations for the remainder of the year, the debt limit, an infrastructure plan, and health care and entitlement reforms, among…Justin Bogie -
- News
Black Unemployment at Lowest Rate on Record
In Friday’s jobs report, black unemployment reached a record low: 6.8 percent. That’s the lowest black unemployment has been since the Bureau of Labor Statistics began tracking unemployment, which started in 1972. “The lowest in nearly 5 decades and a credit to [President Donald Trump’s] economic policies!!” tweeted White House deputy press secretary Raj Shah….Daily Signal Staff -
- Opinion
5 Ways Congress Fell Short in Spending Your Money in 2017
As 2017 comes to a close, it’s worth remembering that America’s mountain of debt continues to grow. Here are five key facts about federal spending in 2017 to remember: 1. The deficit reached $666 billion. By many, 666 is known as the number of the beast in the Book of Revelation in the New Testament….Romina Boccia -
- Opinion
Private Capital, Not Crony Government Housing Trust Funds, Should Finance Housing Markets
Recently, the House Financial Services Committee marked up a bill that would prevent Fannie Mae and Freddie Mac, under certain financial conditions, from funding two affordable housing trust funds created by the Housing and Economic Recovery Act of 2008. Through that law, Congress authorized the Federal Housing Finance Agency to direct Fannie Mae and Freddie…John Ligon -
- Opinion
The Economic Impact of the Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act, which is expected to be signed into law today, would reform the tax code by lowering federal marginal rates for most households, corporations, and small businesses. We have revised our previous estimates of the House and Senate versions of the bill to reflect changes made by the conference committee….Parker Sheppard -
- Opinion
How Tariffs and Regressive Trade Policies Hurt the Poor
With round 5 of NAFTA negotiations behind us, Americans can begin to look forward to round 6 in Montreal in the second half of January. While all Americans stand to benefit from free trade, we must not lose sight of who has the most to lose. Tariffs are just taxes on Americans by another name. However,…Logan Kolas -
- Opinion
Student Debt Is a Symptom of Our Broken Education System. This Bill Would Spark a Change.
We are facing an education crisis in this country. While the value of continued education after high school is undeniable, our nation’s singular focus remains on the necessity of traditional four-year degrees, which come at a soaring cost to students and their families. For many students, a classic bachelor’s degree earned at a brick-and-ivy university…Rep. Ron DeSantis -
- News
Fewer Blacks, Hispanics Go Jobless Under Trump
More black and Hispanic Americans are getting jobs on President Donald Trump’s watch, the latest employment numbers show, although critics accuse him of ignoring such minority populations. The White House, not surprisingly, is happy to tout the results. Unemployment among blacks declined from 8 percent one year ago to 7.3 percent in November, according to…Fred Lucas -
- Opinion
Sobering Film on Nuclear Attack Shows Need for More Nuclear Defense Spending
The Heritage Foundation’s documentary “33 Minutes” may not be the most cheerful holiday season film, but its warning to the American public about the risk of nuclear attack could not be more timely. In recent months, North Korea’s missiles have grown in range and capability. The most recent missile it tested, the Hwasong-15, can reach…Thomas Wilson -
- News
What 3 House Republicans Hope to See in Welfare Reform
Reform of welfare programs is needed to restore incentives for people to work and to learn new job skills, three Republican lawmakers say. Rep. Jim Jordan, R-Ohio, began by asking members of a panel to remember the first job they ever had. “For me, it was bailing hay … and it was mowing country lawns….Ian Snively -
- Opinion
How Congress Can Boost Defense Spending Without Busting Budget Caps
Congress and the president are reportedly working on another backroom budget deal that might raise the Budget Control Act spending caps by up to $200 billion over the next two years. Congress should not pass another deal that piles more deficit spending onto future generations. Congress should strengthen and extend spending limits in the Budget…Justin Bogie -
- News
Q&A: Former CFPB Employee on Why There Aren’t More Republicans in the Agency
Ron Rubin, a lawyer and writer who used to work for the Consumer Financial Protection Bureau, discusses the nature of the federal agency with The Daily Signal’s Genevieve Wood. What follows is an edited transcript. Wood: There’s been a lot of controversy around this Consumer Protection Financial Bureau. The head of this agency, the director, Mr….Genevieve Wood -
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House Conservatives Advocate Breaking Caps on Defense Spending
With government funds running out Dec. 8, House conservatives argue that lawmakers should boost military spending in a new funding bill. “We are breaking the caps on defense,” Rep. Jim Jordan, R-Ohio, said Thursday at Conversations with Conservatives, a monthly Q&A with reporters hosted by House conservatives and The Heritage Foundation. Jordan, along with other…Rachel del Guidice -
- Opinion
Podcast: What You Need to Know About the Upcoming Budget Deadline
Congress is facing a budget deadline Dec. 8. Heritage Foundation’s Romina Boccia explains what’s at stake. Plus: the latest on the tax reform debate, and Poland’s push for no work on Sundays.Katrina Trinko -
- News
Mulvaney Freezes Hiring Amid Fight for Control at the CFPB
Recently appointed acting Director of the Consumer Financial Protection Bureau Mick Mulvaney instituted a temporary hiring freeze at the Obama-era regulatory body Monday but denied charges that he plans to dismantle the agency. The hiring freeze as well as a freeze on any new regulations or guidance will last for 30 days. Mulvaney’s first day…Jack Crowe -
- Opinion
CFPB Deputy Director Is Challenging the President’s Authority. Here’s Why Her Arguments Are Flawed.
The Consumer Financial Protection Bureau has been a political hot potato since the day it was created as part of the legislative response to the 2008 financial crisis. A brainchild of then-Harvard law professor (now U.S. senator) Elizabeth Warren, the bureau was established in 2010 as an independent agency through the Dodd-Frank Wall Street Reform…John G. Malcolm -
- Opinion
Defense Spending Bill Gets It Right on Nuclear and Missile Defense
Last week, Congress passed the fiscal year 2018 National Defense Authorization Act, sending it to the president’s desk. This bill advances many commendable nuclear weapon and missile defense policies. The bill affirms Congress’ commitment to ensuring strong, extended measures of deterrence, and it addresses Russian arms control violations—including Russia’s potential violations of the New Strategic…Michaela Dodge -
- Opinion
Podcast: What Welfare Reforms Would Promote Happiness, Prosperity
What kind of reforms would encourage work, marriage, and result in happier lives for some Americans? Heritage Foundation’s Marie Fishpaw joins us to explain that, and why the individual mandate isn’t working. Plus: why President Donald Trump is making the right call on elephant hunting.Katrina Trinko -
- Opinion
Congress Should Reject a Reckless Budget Deal That Busts Spending Caps
A new report from Congressional Quarterly indicates Congress will soon announce another backroom budget deal that would bust the spending caps set by the Budget Control Act. According to the report, the deal would break the discretionary spending caps by at least $182 billion over the next two years. If true, this would bust the…Justin Bogie -
- News
Trump Administration’s 2 Priorities for Welfare Reform Executive Order
President Donald Trump is making welfare reform a major priority and will sign an executive order laying out the administration’s goals while also urging action by Congress, a White House official said Thursday. Trump’s executive order will be twofold, said Paul Winfree, director of budget policy at the White House. The order will state the…Fred Lucas