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
House Conservatives Float Ideas for Tax Overhaul, Welfare Reform
Members of the most conservative caucus in the House of Representatives are ready to share their vision for a tax overhaul, welfare reform, and other legislative priorities. Tax reform is overdue, Rep. Mark Meadows, R-N.C., chairman of the House Freedom Caucus, said in a statement provided to The Daily Signal. “American voters have demanded a…Rachel del Guidice -
- Opinion
Trump’s Labor Secretary Is About to Violate the President’s Agenda. Why He Should Delay This Obama-Era Rule.
A costly and burdensome rule issued by the Obama administration is set to go into effect Friday, barring action from the Department of Labor to delay it. Unfortunately, the new secretary of labor isn’t acting. Instead, he is tacitly undermining the president’s agenda on financial regulation. The rule at hand is the fiduciary rule. President…Norbert Michel -
- Opinion
Drones Are About to Revolutionize Our World. This Bill Will Let America Lead the Drone Economy.
The last decade has seen a boom in recreational drone usage, as hundreds of thousands of law-abiding hobby pilots have taken to the skies with enthusiasm. Meanwhile, enterprising individuals are continually dreaming up new commercial uses for drone technology. Unmanned craft have already been used for aerial photography, helping realtors sell homes, and helping property…Jason Snead -
- Opinion
May Jobs Report Leaves the US Begging for Economic Reforms
With the month of June now here, the Bureau of Labor Statistics has released its jobs report for the month of May. The picture isn’t too bright. The report showed tepid economic growth with an increase of 138,000 jobs, down from 174,000 new jobs in April. That number is combined with another drop in the…Timothy Doescher -
- Opinion
Climate Budget Cuts Are Smart Management, Not an Attack on Science
It’s been described as a “slap in the face,” “slaughter,” “a punitive … assault on science, the environment, and indeed the planet.” Aside from being inappropriate and irresponsible, these remarks are how some in the policy world and media have depicted cuts to global warming spending in President Donald Trump’s first budget proposal. People seem…Katie Tubb -
- Opinion
Why Washington Hates Trump’s Budget
The Trump administration is getting pushback on its 2018 federal budget, and it’s coming from elected officials on both sides of the aisle. Why does Washington find the budget plan so distasteful? As our video explains, maybe it’s because President Donald Trump’s budget focuses more on what’s good for taxpayers as opposed to what’s good…Genevieve Wood -
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Political and Economic Chaos in Brazil Highlights Need for Reforms
There is not much good news coming out of Brazil these days. Political corruption scandals continue to rock the country, and the political instability has caused the nation’s stock market to crash. Judge Sergio Moro, who presides over the biggest corruption scandal of them all (dubbed Operation Car Wash), has become something of a folk…James M. Roberts -
- Opinion
Trump’s Budget Moves Higher Education in the Right Direction
President Donald Trump released his budget proposal on Tuesday, which includes some dramatic changes to higher education funding. While there is still room for improvement, the president’s proposals would be a significant first step in reducing the federal government’s role in higher education and giving much-needed relief to the U.S. taxpayer. Elimination of Public Service…Mary Clare Amselem -
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The Education Budget Has a Lot to Love and a Little to Critique
The Trump administration’s full budget for education for fiscal year 2018 would make some long-overdue cuts at the Department of Education. The proposal targets reductions in spending totaling $9 billion—a 13 percent cut in the agency’s current $68 billion annual budget. That type of reduction signals a serious commitment to reducing federal intervention in education—a…Lindsey Burke -
- Opinion
Why the Free Market Is Diversity’s Best Friend
Millions of people love Apple computers and wouldn’t be caught using a PC. By contrast, there are many millions of PC users who feel the same way about Apple computers. Many men like double-breasted suits, but I wouldn’t be caught dead in one. Some people swear by Cadillac cars, but my favorite is Mercedes-Benz. Despite…Walter E. Williams -
- Opinion
Congress Must Embrace These 5 Principles to Create a More Responsible Budget
With this week’s release of President Donald Trump’s fiscal year 2018 budget, the congressional appropriations season is officially underway. Although discretionary appropriations only account for one-third of the federal budget, they are critical in reducing the size and role of the government and provide an opportunity to make a down payment towards the national debt….Justin Bogie -
- Opinion
9 Key Takeaways From Trump’s First Budget
Two months after unveiling his “skinny budget,” President Donald Trump officially submitted his completed budget to Congress. The proposal sends a strong message to Washington that the president intends to jump-start the country’s lagging economy and reign in the size and scope of the federal government. If implemented by Congress, the plan could spark economic…Justin Bogie -
- News
Here’s What’s in Trump’s ‘Taxpayers First’ Federal Budget
The Trump administration will respect taxpayers, balance the budget, return the country to 3 percent economic growth, and push a parental leave requirement in its fiscal plan to be released Tuesday, said Office of Management and Budget Director Mick Mulvaney. Mulvaney called it a “taxpayers first budget.” “This budget was written through the eyes of…Fred Lucas -
- Opinion
Farm Handouts Are Out of Control. Here Are 5 Reasons to Target Them in the Budget.
As Congress and the Trump administration develop their budget plans for the fiscal year 2018 budget and beyond, there’s one area that can provide them significant savings: the out-of-control farm handouts. The current farm handout system, often referred to as the “safety net” for agricultural producers, consists of commodity programs such as two major new…Daren Bakst -
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The Major Entitlement Overhaul That Could Be Part of Trump’s Budget
President Donald Trump’s budget proposal, to be rolled out Tuesday, likely will include Medicaid reform. But with several approaches having been floated, definitive answers will have to wait until the White House releases the fiscal plan. During his Senate confirmation hearings in January, Health and Human Services Secretary Tom Price said he would look at…Fred Lucas -
- Opinion
Dodd-Frank Has Crippled Our Economic Recovery. This Bill Would Unleash Real Growth Again.
Have you noticed that free checking accounts are now nearly nonexistent, and locally owned stores are increasing the $5 minimum charge on debit cards? These are not the result of some financial conspiracy. They are a direct result of Dodd-Frank regulations. After the financial crash of 2008, President Barack Obama decided to increase the role…Sondra Clark -
- News
OMB Chief Mulvaney Defends Trump Administration’s Progress
Mick Mulvaney, director of the Office of Management and Budget, said he has high expectations for the Trump administration despite the challenges of governing at a Capitol Hill event on Wednesday. “I think at the end of the day, despite the internal difficulties that the House may be having at any particular time, the internal…Paul Runko -
- Opinion
Encouraging April Jobs Report Shows Need for More Pro-Growth Reforms
The April jobs report is in, and the Trump administration is taking a victory lap. That’s because the Bureau of Labor Statistics reported an increase of 211,000 jobs (up from an unimpressive 79,000 in March) and a drop in the unemployment rate from 4.5 percent to 4.4 percent—the lowest rate since May 2007. In addition,…Timothy Doescher -
- News
Why Conservatives Are Unhappy With the Final Spending Bill
The House of Representatives, with 103 Republicans voting no, passed a $1.1 trillion spending package Wednesday to keep the government running through September. Conservative lawmakers who opposed the omnibus spending bill in the 309-118 vote said they’re disappointed the final plan doesn’t reflect that Republicans hold the levers of power in Washington. Republicans hold 238…Rachel del Guidice -
- News
Trump’s Agriculture Chief Tosses Out Michelle Obama’s School Lunch Rules
Former first lady Michelle Obama’s dictates on school lunches were thrown out Monday by one of President Donald Trump’s Cabinet members. Agriculture Secretary Sonny Perdue signed a proclamation to begin to undo federal standards that the Obama administration placed on lunches in public schools and return those decisions to local schools. “This announcement is the…Rachel del Guidice