Economy News
The Daily Signal reports on economy news with analysis and commentary on growth, recession risks, employment, and financial trends.
-
- Opinion
The Very Weak Growth in First Quarter Shows How Weak the Economic Recovery Is
In the first quarter of 2015 (January, February and March), the economy exhibited weakness that has become all too common during the Obama era. The Bureau of Economic Analysis reports that the economy grew at just 0.2 percent during that time. At 0.2 percent growth, the economy was dangerously close to not growing at all,…Curtis Dubay -
- News
Exclusive: House Panel Questions Export-Import Bank on ‘Unacceptable’ Delay of Information Requests About Ties to Clinton-Backed Firm
An unfulfilled request for information—pending for over 500 days —on the relationship between the Export-Import Bank and a consulting firm with ties to the Clinton administration has garnered the attention of the House Financial Services Committee’s oversight arm. In a letter obtained by The Daily Signal, Rep. Sean Duffy, R-Wis., requested more information from Export-Import…Paul Runko -
- Opinion
What the Budget Conference Should Accomplish
This week, House and Senate negotiators are expected to pass their budget plan. After the House and Senate passed their respective budget blueprints in March, Congress is now debating the final details for its fiscal year 2016 concurrent budget resolution. The House and Senate budgets made progress in several areas, and fell short in others….Paul Runko -
- News
Lawmakers Call on Export-Import Bank Supporters to Lobby Capitol Hill
With less than 70 days to go before the Export-Import Bank’s charter expires, the countdown on determining the 80-year-old’s agency is underway. To push Congress to reauthorize the Export-Import Bank, three lawmakers urged hundreds of the agency’s supporters in Washington, D.C., for Ex-Im’s annual conference to lobby in favor of its existence. Those lawmakers were…Melissa Quinn -
- News
Rubio Takes on Export-Import Bank: ‘Government Should Not Be Picking Winners and Losers’
As hundreds of business owners, bankers and government officials descended on Washington, D.C., in support of the embattled Export-Import Bank, Republicans miles away mobilized to call for the agency’s end. “The government should not be picking winners and losers when it comes to the free market,” Republican Sen. Marco Rubio of Florida told reporters today….Melissa Quinn -
- News
More Than 50 Groups Join Forces in Calling for Export-Import Bank’s End
With less than 70 days before the Export-Import Bank’s charter expires, a coalition of groups has formed in opposition to the agency’s reauthorization. More than 50 organizations joined forces to urge Congress to allow the Export-Import Bank’s charter to expire. The groups sent a letter to lawmakers on Capitol Hill explaining how the bank “unfairly…Melissa Quinn -
- Opinion
APEE Conference Highlights How Individual Decisions Shape the Economy
Professors, policy experts, and students of economics, politics, and philosophy gathered at the 40th annual conference of the Association of Private Enterprise Education (APEE) to exchange ideas about how individual decisions are made, both in the economy and in the government that regulates it. In small sessions, researchers received feedback to incorporate into their work….Salim Furth -
- News
Who Are the Biggest Foreign Buyers Benefiting from Export-Import Bank Loans?
Supporters of the Export-Import Bank often argue the agency supports small businesses and allows such firms to compete in the global market. However, a new analysis of the bank’s transactions found those benefiting the most on the buyer side are large foreign corporations. Veronique de Rugy, senior fellow at George Mason University’s Mercatus Center, and…Melissa Quinn -
- News
House GOP Plans Secret Vote to Determine Export-Import Bank’s Future
With Republicans divided over the Export-Import Bank, the agency’s future could come down to a secret vote cast during a closed-door meeting. The House Republican Conference is expected to gather within the next few weeks to hold a private vote on whether to reauthorize the controversial bank, Heritage Action for America, the sister organization of…Melissa Quinn -
- Opinion
Why the Death Tax Is All Economic Pain, No Gain
The House voted to repeal the death tax on Thursday. There are lots of persuasive reasons to kill this odious tax. The money in a person’s estate has already been taxed over the lifetime that it was earned. The tax breaks up family-owned businesses. It reduces capital investment and lifetime savings. It encourages people with…Stephen Moore -
- News
Missouri Welfare Reform Bill Would Ban Buying Lobster, Steak With Food Stamps
A bill introduced in the Missouri legislature would limit the types of food that recipients of Supplemental Nutrition Assistance Program benefits would be able to purchase. House Bill 813, introduced by Republican state Rep. Rick Brattin, would prohibit a recipient of SNAP benefits to use the funds for “cookies, chips, energy drinks, soft drinks, seafood,…Kate Scanlon -
- News
Future Indictments Related to Export-Import Bank Likely, Agency Watchdog Says
As lawmakers debate whether to extend the life of the highly contested Export-Import Bank, the agency’s chief watchdog said today it’s likely more indictments could be issued as a result of more than 31 investigations into alleged fraud at the bank. Michael McCarthy, the agency’s acting inspector general, made the comments during a joint hearing on…Melissa Quinn -
- Opinion
What You Need to Know About the Budget in 30 Seconds
The deadline for Congress to finish work on the federal budget is April 15, but will lawmakers manage to hammer out a deal in time? Heritage Foundation expert Romina Boccia, the Grover M. Hermann research fellow in federal budgetary affairs, explains what you need to know about the budget.Jamie Jackson -
- Opinion
How Our High Corporate Tax Rate Hurts Our Economy
COMBINED CORPORATE TAX RATES (2014) Source: Organization for Economic Co-operation and Development (OECD). The U.S. corporate tax rate is the highest in the developed world—by a long shot. At 39.1 percent (35 percent federal rate plus the average of state rates), it remains substantially higher than the Organization for Economic Co-operation and Development average…Alex Rendon -
- Opinion
Budget Conference: A Chance for Congress to Stop Monkeying Around with Spending Gimmicks
When we hear the word “chimp,” most of us think of that fury primate at the zoo or the subjects of a Jane Goodall documentary. In Washington, CHIMPs are not animals, but a notorious budget gimmick. This budget gimmick, short for Changes in Mandatory Programs, has been used to avoid budget restraints by increasing discretionary…John Gray -
- Opinion
What Paul Krugman Got Wrong About Ireland’s Economy
New York Times columnist Paul Krugman once commented derisively on Ireland’s ongoing economic recovery: “It seems obvious to me that Ireland keeps being proclaimed a success because it’s supposed to be a success: they did the austerity thing forcefully, with a minimum of complaints, so there must be a pot of gold at the end…Anthony B. Kim -
- News
Export-Import Bank Won’t Respond to Information Requests About Ties to Clinton-Backed Consulting Firm
The Export-Import Bank’s relationship with a politically connected consulting firm has come under scrutiny as its clients benefited from millions of dollars in financing from the bank. However, a Freedom of Information Act request filed by a government watchdog has been pending for more than 500 days, highlighting the Export-Import Bank’s issues with transparency. “They’re…Melissa Quinn -
- Opinion
26 Economic Policy Reforms That Could Get Passed By Congress
There’s wide support for many economic policy reforms, despite the perception (and often the reality) that there’s partisan gridlock. Of course, getting anything passed through Congress is difficult, but some reforms have a much better chance of getting passed than other reforms. They are the “low-hanging fruit.” Policy experts from Heritage’s Roe Institute have put…Daren Bakst -
- News
Ohio Makes State Government Spending Data Publicly Available Online
Ohio Treasurer Josh Mandel is seeking to “set a new national standard for transparency” with a website that allows users to study how funds are being spent in the state. OhioCheckbook.com enables users to examine over $400 billion dollars in state spending over seven fiscal years in state spending. Information is presented in interactive charts…Kate Scanlon -
- Opinion
New SEC Regulation A-Plus Will Help Mid-Sized Companies
On March 25, the Securities and Exchange Commission (SEC) adopted a final rule amending Regulation A that will help mid-sized companies seeking to raise capital to grow but do very little to help small entrepreneurial start-ups. This new rule is usually called Regulation A-Plus. The securities laws require any company that issues stock to register…David Burton