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
What to Know About Steven Mnuchin, Trump’s Pick for Treasury
Though not a widely known quantity in Washington, Steven Mnuchin, President-elect Donald Trump’s choice for treasury secretary, has had a seasoned career in high finance, in Hollywood, and, most recently, as finance chairman of the Trump campaign. “I am honored to have the opportunity to serve our great country in this important role,” Mnuchin, 54,…Fred Lucas -
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6 Interesting Facts About Elaine Chao, Trump’s Pick for Transportation Secretary
President-elect Donald Trump tapped Elaine Chao to head the U.S. Department of Transportation, his transition team announced Tuesday. “Secretary Chao’s extensive record of strong leadership and her expertise are invaluable assets in our mission to rebuild our infrastructure in a fiscally responsible manner,” Trump said in a statement. “She has an amazing life story and has…Kelsey Bolar -
- Opinion
Government Drone Regulations Nearly Killed Disney Holiday Light Display
Soon, the skies over Disney World will be aglow with spectacular displays of LED lights brought to consumers through new drone technology. Flixels, one of Disney’s newest innovations, allows a computer to simultaneously operate and coordinate multiple drones equipped with LED lights to imitate fireworks and other light displays. This system will eventually allow Disney…Jason Snead -
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Taking the First Step Toward Welfare Reform
Since President Lyndon Johnson launched the War on Poverty in 1964, the federal government has spent over $22 trillion on means-tested welfare programs. And what do we have to show for it? When the official poverty rate was introduced in 1969, an estimated 12.8 percent of Americans were in poverty. Today, that number has risen…Sen. Mike Lee -
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Conservative Lawmakers Say Current Welfare System Is ‘Anti-Family’
With a new Republican administration in tow, conservative lawmakers are renewing their call for welfare reform that incentivizes families rather than punishing them. “When we look at what we want for our society, when we look at the key ingredients that have to be contained within any thriving civilization, there are a couple of common…Kelsey Bolar -
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Pot, Guns, and the Minimum Wage: Some Ballot Questions That Matter
In addition to casting their votes for president Tuesday, millions of Americans had the chance to weigh in on ballot questions in their respective states. The measures range from legalization of medical and recreational marijuana, on the ballot in nine states, to increases in the minimum wage—on the ballot in four. Voters in Colorado faced…Leah Jessen -
- Opinion
Jobs Report Shows Little Change in Labor Market
The labor market didn’t change much in October, according to today’s Bureau of Labor Statistics employment report. Unemployment and job creation have remained steady over 2016. Those trends continued last month. The household survey reported that unemployment fell by 0.1 percentage points, to 5.0 percent. However, this drop primarily occurred because over 400,000 Americans left…James Sherk -
- Opinion
From Pajama Boy to Green Ninja, the Government’s PR Spending Operates in Dark
U.S. government spending on public relations campaigns, including NASA's Green Ninja videos on global warming and the Pajama Boy ads for Obamacare, should raise serious questions about fiscal responsibility and where to draw the line between appropriate communication and propaganda. The government spent about $1 billion annually on advertising and public relations from 2006 to 2015,…Lauren Bowman -
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How Congress Can Clear the Road for Uber, Lyft, and the Gig Economy
The rise of Uber and Lyft has been a good thing for both riders and drivers. Riders like the cheaper prices and reliable service of these ride-hailing services, and drivers love the freedom to be their own boss and make their own schedule. All around the world, hundreds of thousands of people benefit from this…Timothy Doescher -
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How Regulatory Reform Boosts the Economy
How quickly does deregulation lead to economic growth? Most economists agree that less-regulated industries create more output and employ more people in the long run. New evidence shows, however, that some benefits of regulatory reform are immediate. In a recent study, economists Peter Gal and Alexander Hijzen quantified the short-term impacts of pro-market reforms on…Michael Arango -
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How to Talk About Defense Spending and ‘Rebuilding the Military’
Hardly a day passes without one (or seven) news reports highlighting conflicts abroad. What this reality means for America and our safety under the current budget isn’t great. As violence has increased, defense spending has decreased by about 25 percent since 2011. And now there is a legitimate question about whether slashing the budget has…Beverly Hallberg -
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Student Loan Forgiveness Won’t Solve the $1.3 Trillion Problem
With outstanding student loan debt now exceeding $1.3 trillion, it is no wonder that the sticker price of college tuition has gotten a lot of attention in 2016. Yet few proposals have gotten to the root of the college cost problem. Despite overwhelming evidence that more federal subsidies for higher education increase tuition prices, policies…Mary Clare Amselem -
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New Congressional Budget Commission Is a Smoke Screen
The House and Senate budget committees have held hearings suggesting an openness to a budget commission to help fix our fiscal woes. Budget experts have suggested that the budget process has a shelf life. They say the current way of budgeting clearly isn’t working because Congress habitually fails to pass budgets and annual spending bills….Paul Winfree -
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Another Way Regulation Could Limit Economic Opportunity for Millions
Yet again, the 2010 Dodd-Frank Act has spawned an out-of-touch regulation that could harm millions of Americans. The proposed rule titled “Payday, Vehicle Title, and Certain High-Cost Installment Loans” covers small-dollar loans with terms less than 45 days, as well as certain loans with terms longer than 45 days that have an “all-in” annual percentage…Mollie McNeill -
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How the Free Market Helps Combat Racial Discrimination
I was invited, along with several other American professors, to deliver lectures at South Africa’s University of the Witwatersrand in Johannesburg in 1979. Pieter Willem Botha was the prime minister, and apartheid, though becoming a bit relaxed, was the law of the land. Under apartheid, intermarriage between blacks, coloreds, and Indians on the one hand…Walter E. Williams -
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Raising the Debt Limit and Other Budget Mischief by Lame Ducks
Congress is up to no good. Lawmakers passed a continuing resolution before the end of the fiscal year that will fund the government only until Dec. 9. This means Congress most likely will enact another spending package in a lame-duck session, with the strong temptation to bust the budget yet again. With a $600 billion…Romina Boccia -
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Ghana’s Journey From Slavery to Economic Freedom
The Heritage Foundation was on the road in Africa last month with a message of economic freedom. The final stop was Ghana, whose capital is Accra. Ghana is the second most populous country in West Africa, after Nigeria, and has a population of nearly 25 million. Famed for its production of cocoa beans as well…James M. Roberts -
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3 Reasons New Flint Spending Will Make Things Worse
Liberal lawmakers held a liberal spending bill hostage this week until the Republican-controlled Congress agreed to even more big government priorities. Here’s what happened: For the past few weeks, Senate Majority Leader Mitch McConnell, R-Ky., worked with Democrats to propose a 10-week government funding bill, commonly referred to as a continuing resolution. That bill failed…Sondra Clark