Economy News
The Daily Signal reports on economy news with analysis and commentary on growth, recession risks, employment, and financial trends.
-
- Opinion
Why Trade Doesn’t Cause Unemployment
Recently some have claimed that international trade is responsible for unemployment in the United States. It can be shown that over the last 40 years this has not been the case. Others have argued that imports destroy American jobs. Again, these claims are mistaken. According to Bryan Riley and Anthony Kim, senior policy analysts at The Heritage Foundation, “the…Tori K. Smith -
- Opinion
Earth Day: Ditch the Tree Hugging for Free Markets
Earth Day isn’t a day for yoga pants, organic granola, and communal tree hugging. In fact, nothing says Earth Day quite like a new coal power plant. Before you write me off as a fossil fuel industry operative, let me explain this and other unconventional ways Americans are good stewards of the environment. 1) Profit-seeking,…Katie Tubb -
- News
$15 Minimum Wages Would Be the Highest in the World
Leaders in New York and California signed legislation earlier this month that will raise the states’ minimum wages to $15 an hour, a rate higher than any other state’s in the nation, and every other nation in the world. “Today’s landmark agreement will lift up poor Californians and give hardworking employees the resources they need…Kristiana Mork -
- News
A Family-Owned Business Braces for California’s Minimum Wage Hike
SAN DIEGO—Elvin Lai has been in the hospitality business his entire life. The San Diego hotel where he serves as chief executive officer has been in his family for four generations, and Lai can rattle off childhood memories of his younger years spent at the beachfront property. Lai asked that his hotel name not be…Melissa Quinn -
- News
LA City Council Halts Discussion of Minimum Wage Exemption Pushed by Labor Unions
The Los Angeles City Council isn’t currently planning to further discuss a proposal exempting union members from the southern California city’s new minimum wage, despite the proposal having the backing of labor unions. A spokesperson for Council Member Curren Price, chairman of the Economic Development Committee, told The Daily Signal the union exemption isn’t moving…Melissa Quinn -
- Opinion
Brazil’s Presidential Woes Reflect Lack of Economic Freedom
The Financial Times reports that on Sunday, April 17, “the lower house of Brazil’s congress is set to vote on the motion to impeach President Dilma Rousseff in a move that her critics hope will spell the end for the former Marxist guerrilla and the markets’ longtime nemesis.” According to the Wall Street Journal, the…James M. Roberts -
- News
‘Stop Cheating Taxpayers:’ Ben Sasse Introduces Bill Requiring Obamacare Program to Reimburse Treasury
Sen. Ben Sasse, R-Neb., introduced a bill Thursday that would force the Obama administration to deposit $5 billion in the Treasury by 2017 as required under Obamacare’s reinsurance program or face steep cuts to its departmental management fund this year and next year. Called the “Taxpayers Before Insurers Act,” Sasse’s legislation codifies penalties for the…Melissa Quinn -
- Opinion
Maine’s Successful Welfare Reform and Why It Worked
States are often the best laboratories for testing out what public policies will make life better for their citizens. Maine’s experiment with welfare reform is a great example. When Gov. Paul LePage, only the second Republican governor of Maine in the past 50 years, came into office, one in three people living in the state was…Genevieve Wood -
- News
New York’s $15 Minimum Wage Called ‘Too Much, Too Fast’ for Small Business Owners
“I think most business owners’ gut feeling is: ‘It’s not going to be good,’” Rod Dion, who owns a small business in Albany, N.Y., said of New York’s new law hiking the minimum wage to $15 an hour. “I think there is a lot of concern, because I don’t think any of us understand what…Leah Jessen -
- Opinion
Steel Tariffs Cost American Families Hard-Earned Money
The Office of the United States Trade Representative (USTR) and the U.S. Department of Commerce will hold a public hearing “on the global steel industry situation and its impact on the U.S. steel industry and market.” The hearing provides an opportunity for the public to comment on government policies that attempt to “protect” U.S. steel producers…Tori K. Smith -
- Opinion
Green Subsidies Bill Perfectly Illustrates Washington’s Spending Addiction
Christmas came early last year for green companies looking for Washington handouts after Congress passed legislation extending massive subsides for wind, solar, and other renewable energy companies. Now the Senate is attempting to ensure that Christmas comes again for these same companies by expanding the qualifying sources for green goodies. Free enterprise, not the federal…Nicolas Loris -
- News
Under California’s Minimum Wage, This Bookstore Owner Is Struggling to Survive
After more than a decade at the helm of her bookstore, Ann Kinner faces an uncertain future because of new measures at the city and state level to raise the minimum wage. On June 7, San Diego residents will vote on a ballot measure to raise the city’s minimum wage to $11.50 an hour in…Melissa Quinn -
- News
Will This New Labor Department Rule Give Unions an ‘Edge’?
The Labor Department is imposing regulations requiring more information to be disclosed about agreements between employers and labor relations consultants. The new “persuader” rule, which takes effect April 25, interprets a section of the Labor-Management Reporting and Disclosure Act of 1959 covering employers and the consultants they hire. The House Committee on Government Oversight and…Leah Jessen -
- Opinion
Grim Budget Projections Highlight Serious Need for Conservative Budget
The Congressional Budget Office (CBO) recently released its updated budget estimates for 2016 to 2026. As expected, the report reiterates the grim projections reported by Congressional Budget Office in January. The message is clear: Spending, deficits, and debt are rising at an unsustainable rate that is leading the nation down a path to fiscal disaster….Justin Bogie -
- News
House Republicans Float Proposal to Fix Puerto Rico’s Budget Mess
House Republicans released draft legislation Tuesday designed to help Puerto Rico weather a fiscal storm through comprehensive audits of the protectorate’s finances and restructuring of its debts. Released as a “discussion draft” by Natural Resources Chairman Rob Bishop, R-Utah, the bill addresses Puerto Rico’s ballooning $70 billion debt. The bill “will change,” Bishop said in a…Philip Wegmann -
- News
Welfare System Is ‘Anti-Work,’ Researchers Say
The war on poverty is a war on work, the authors of a new book that criticizes the nation’s welfare system assert. Phil Harvey, chief sponsor of the DKT Liberty Project, and Lisa Conyers, a policy analyst for the project, conducted a nationwide study of anti-poverty programs for their book, “The Human Cost of Welfare:…Mariana Barillas -
- News
Here Is California’s Economic Future After Huge Minimum Wage Hike
California lawmakers and labor leaders are cheering a new deal that, if passed, raises the state’s minimum wage to $15 an hour, making the Golden State the first in the country to do so. But labor experts are already warning that such a wage hike could lead to higher prices for consumers, more automation, and…Melissa Quinn -
- Opinion
A New Car Will Cost You at Least $3,800 Extra Because of Government Regulation
When Congress and the Obama administration passed and implemented extremely strict fuel economy regulations, the Environmental Protection Agency (EPA) claimed that it would save consumers a few thousand dollars on gas and add only $948 to the price of a new car. The most modest of the independent estimates works out to $3,800 per vehicle,…Salim Furth -
- Opinion
Is This a Dead End for the Republican Budget?
Budgets identify priorities. Whether they are for an individual, a family, a business, or a government, a budget is a choice to spend money on certain things and not on others. Once a budget is done, its usefulness is that it ensures we have enough money for the things we really need and that we…Tommy Binion -
- Opinion
Preventing America’s Looming Fiscal Crisis With a Balanced Budget Amendment
Nearly everyone in America understands what it means—and what is required—to live within a budget. Regardless of zip code or economic status, most people can spend only as much as they earn. One person’s paycheck may be twice the size as his neighbor’s, but neither may continually spend beyond their means. The one glaring exception…Sen. Mike Lee