Economy News
The Daily Signal reports on economy news with analysis and commentary on growth, recession risks, employment, and financial trends.
-
opinion
US-China Trade Dispute Is Already Hurting US Farmers and Ranchers
The ongoing U.S.-China trade dispute is threatening the U.S. economy as a whole, and is hurting American farmers and ranchers. In recent years, China has been among the top two largest markets for U.S. agricultural exports. And much more potential for increased exports remains. The U.S. Department of Agriculture has said that “China offers our… -
news
Trump’s 2020 Budget Seeks More Border Wall Funding, Work Requirements for Welfare
President Donald Trump’s fiscal 2020 budget proposal would eliminate the federal deficit in 15 years, add new work requirements for welfare recipients, and fund additional construction of a border wall. The reaction to the spending blueprint by Democrats was predictably negative. The $4.7 trillion proposal, which projects a $1.1 trillion deficit, also asks Congress to… -
news
Kosovo’s Leaders Say a Durable Peace With Serbia Is Key to Economic Growth
PRISTINA, Kosovo—A former soldier whose nom de guerre was “The Snake,” Kosovar President Hashim Thaçi demonstrates both the easygoing demeanor characteristic of a combat veteran and the polished charisma of a politician as he explains how he has put old animosities aside for the sake of his country’s future. “I want to achieve lasting peace… -
opinion
Trump’s Budget Would Chip Away at the Debt, but More Work Still Needed
Budget season is officially upon us. On Monday, President Donald Trump released a preliminary sketch of his fiscal year 2020 budget proposal. The outline reflects a good first step toward restoring fiscal sustainability. It would cut spending by trillions of dollars and rejects the notion that another massive budget cap-lifting deal is essential to provide… -
opinion
Whirlpool Advocated for Tariffs on Washers. Now, It’s Going Through the Wringers.
Last year, the Trump administration implemented a three-year tariff rate quota on residential washing machines and parts. The tariffs were implemented because the government determined that washer imports were injuring Whirlpool Corp., the petitioning company and primary domestic manufacturer. The U.S. International Trade Commission recently initiated an investigation to monitor the impact of the tariffs…. -
opinion
February Jobs Report Underwhelms, but Economy Remains Strong
On Friday, the Bureau of Labor Statistics reported that employers added 20,000 jobs in February, falling well below expert predictions that estimated 180,000 jobs added. While this number can and should be higher, the report also reflects that the job market in general is still strong; posting 101 consecutive months of job creation, showing a… -
opinion
New Bill to Tax Stock Market Could Devastate Ordinary Savings and Retirement
A new tax proposal in Congress aims to stick it to the rich. But if passed, it could devastate the U.S. financial system and ruin the value of ordinary Americans’ retirement accounts. The proposal, introduced by a team of Democrats in the House and Senate, would assess a penalty each time someone sells a stock,… -
opinion
How America’s Wealthy Often Become the Biggest Welfare Recipients
When I hear “welfare payments,” I think “poor people.” But America’s biggest welfare recipients are often politically connected corporations—like America’s sugar producers. The industry gets billions of dollars in special deals while deceitfully running ads that say, “American farmers don’t get subsidy checks.” That ad confused me. If they “don’t get subsidy checks,” then what… -
news
Tax Refunds Are on the Rise, Treasury Reports
Tax refunds have increased this week, the Treasury Department announced Thursday, after critics attacked the initial lower refunds that resulted from Americans paying less to government coffers. Through four weeks of the filing season, the average tax refund in 2019 increased to $3,143—up from last week’s average of $2,640, according to the Treasury Department. Treasury… -
opinion
Congress Should Separate Debt Limit From Spending Battle
Two major issues will dominate the congressional budget debate over the coming months—the debt limit and the future of the Budget Control Act discretionary spending caps. If past is prologue, Congress may be tempted to deal with the two issues simultaneously as part of one broader debt and spending agreement. That strategy makes it easier… -
opinion
Why the Reciprocal Trade Act’s Tit-for-Tat Tariffs Aren’t a Good Idea
“Reciprocal trade policy” sounds good in theory, but the proposed Reciprocal Trade Act sounds less like the golden rule—“Do unto others as you would have them do unto you” (Matt. 7:12)—than the ancient Code of Hammurabi: “An eye for an eye, a tooth for a tooth.” The U.S. Reciprocal Trade Act would cause unnecessary, self-inflicted… -
opinion
New Data Bucks Conventional Wisdom on Free Markets and the Environment
Politicians on the left are pushing a radical “Green New Deal,” which they say is necessary to save the environment. It wouldn’t save the environment—though it would do serious damage to our economy. The surprising truth is that saving the environment and improving the economy are not at odds. In fact, new research from The… -
opinion
Podcast: What You Need to Know About Spending Bill
As the national debt ticks upward past $22 trillion, Congress is getting ready to pile on yet more debt as it considers a massive omnibus bill. We discuss with Heritage Foundation budget expert Justin Bogie to unpack the good, the bad, and the ugly. Plus: It looks like Republicans called Democrats’ bluff on the Green… -
opinion
Sen. Braun to Congress: No Budget? No Pay for You.
The U.S. national debt hit $22 trillion this week for the first time in history. Meanwhile, lawmakers in Congress are ignoring the law and their primary job responsibility by not passing a budget for the federal government. Instead, politicians lurch from one fiscal deadline to the next with no plan to control spending and debt…. -
opinion
With Deadline Looming, Can US-China Trade Deal Get Done?
Are President Donald Trump and Chinese President Xi Jinping ever going to make a trade deal? Can they make a deal? According to the White House, the two sides are still far apart on outstanding issues, such as fair access to Chinese markets. Unless a deal, or even an extension, is made before March 2,… -
opinion
Advancing Economic Freedom: A Core Mission for World Bank’s Next Chief
David Malpass, President Donald Trump’s nominee to be the next president of the World Bank, made a reassuring case for himself in a recent commentary in Financial Times. “The World Bank has the opportunity to play a key role in fostering broadly shared economic growth and meeting the challenges presented by the 21st-century economy,” Malpass… -
opinion
The Real Harm Tariffs Are Doing to Our Economy
In recent days, reports have surfaced highlighting the potential long-term impacts of tariffs imposed by the Trump administration over the last year. Economic growth could drag and close to a million jobs hang in the balance if the trade disputes, particularly with China, persist. The Congressional Budget Office, in its annual budget and economic outlook,… -
opinion
The Difference in How Socialism and Free Markets Work in the Real World
If the future of the nation were a function of logic, then conservatives would have a very easy job. No debate would be needed, really. In the choice between the two competing models Judeo-Christian civilization has given us, with socialist arguments for “big government” on the one side and a market-oriented system that favors the… -
opinion
It’s Time to Make a Trade Deal With China
As American and Chinese delegations wrap up trade talks Thursday in Washington, the official word is that U.S. negotiators have articulated where they want China to make reforms. Unofficially, though, questions remain over how the White House perceives the future of U.S.-China economic relations, and how this might upset trade negotiations. So where are the…