Economy News
The Daily Signal reports on economy news with analysis and commentary on growth, recession risks, employment, and financial trends.
-
news
Trump: Tax Reform ‘Will Lift Our People From Welfare to Work’
President Donald Trump promoted his tax reform plan at The Heritage Foundation’s President’s Club, and also touted American values, the Constitution, and “God-given rights.” “We will lift our people from welfare to work, from dependence to independence, and from poverty to total beautiful prosperity,” Trump told an audience of about 1,000 people Tuesday night gathered… -
news
Deduction for State and Local Taxes Stunts Economic Growth, Group Warns
Congress should get rid of federal taxpayers’ deduction for state and local income taxes because it ends up costing most taxpayers billions of dollars, an organization that advocates state-level reforms says in an open letter to lawmakers. Removing the deduction will save $1.5 trillion over the next 10 years, the American Legislative Exchange Council said… -
opinion
Why Washington’s Spending Addiction Is a Threat to Tax Reform
I’m not sure what left the bigger impression on me after my visit with The Heritage Foundation’s Romina Boccia and Adam Michel—the awesome bigness of the federal government’s fiscal challenges or the mindsets of those we elected to deal with them. The problem is enormous. The federal government spends $4 trillion per year. It takes… -
news
‘Feminist Economics’: Coming to a College Campus Near You
If you haven’t yet heard of “feminist economics,” get ready, because liberal economists, policy organizations, and activist groups are pushing the concept as the next battleground for women’s rights. Because condemning catcalling and “toxic masculinity” in cultural terms isn’t enough, they’re now targeting government policies and institutions they contend are oppressive and discriminatory toward women…. -
opinion
Responding to a Critic of Having More Freedom in Agriculture
A former Obama administration official has written a new agricultural study that is critical of The Heritage Foundation’s publication “Farms and Free Enterprise: A Blueprint for Agricultural Policy.” Most of the arguments in this agricultural special interest-sponsored study are the same recycled claims that get trotted out any time someone challenges the farm subsidy status… -
opinion
Higher Minimum Wage Laws Might Make You Sick
This news may not sit well with hipster foodies in the Pacific Northwest. In a classic case of good intentions paving the way to hell, it appears that minimum wage increases might be bad for your health. A recently released study on the impact of minimum wage increases in Seattle showed a corresponding uptick in… -
news
Conservatives Call for Tax Reform to ‘Put Small Businesses Back at the Heart of America’s Economy’
Meaningful tax reform is about putting small businesses at a competitive advantage, the leader of a nonpartisan organization committed to limited government and economic freedom said Friday. “Our cause is simple,” Alfredo Ortiz, the president and CEO of the Job Creators Network, said at the rally near IRS headquarters in Washington. “Put small businesses back… -
opinion
Federal Student Loans Are Not the Answer. Let the Perkins Loan Program Expire.
On Sept. 30, the outdated federal Perkins Loan Program is set to expire. Policymakers should resist the temptation to revive this duplicative program and instead pursue options that will set higher education policy on track to meaningful reform. Originally created in the 1950s to help students with the cost of attending college, the Perkins Loan… -
opinion
Trump’s Budget Deal With Democrats Will Only Worsen Our Fiscal Situation
Late Wednesday night, the Senate released the text of legislation that would provide disaster relief funding and other federal aid for Hurricane Harvey and other 2017 disasters, suspend the debt limit, and extend the National Flood Insurance Program and government funding into December. The latest budget deal forged by President Donald Trump and key Senate… -
opinion
House Spending Bill Is Too Bloated. Congress Should Stick to the Budget Caps.
This week, the House of Representatives is expected to vote on the eight remaining annual appropriations bills. The House will combine the four-bill Make America Secure and Prosperous Appropriations Act (H.R. 3354), which was passed prior to August recess, with another “mini-bus” package. In total, the package would spend $1.132 trillion in fiscal year 2018, busting… -
opinion
3 Ways the US Tax Code Is Killing Our Economy’s Potential
President Donald Trump, Speaker Paul Ryan, and Senate Majority Leader Mitch McConnell told the American people that if they gave Republicans the chance to govern, pro-growth tax reform would be their major legislative priority in 2017. Now that the voters have given Republicans control of the White House, House, and Senate, there is a real… -
opinion
Obama Gutted Work Requirements for Welfare. Why Trump Is Right to Restore Them.
President Donald Trump on Wednesday reversed an Obama administration policy that undermined one of the most successful domestic policy reforms in the last half-century. In doing so, Trump took strong steps to preserve the original intent of the 1996 welfare reform law: to weaken the cycle of poverty by reducing dependence and promoting self-sufficiency through… -
opinion
4 Ways to Change Our Tax Code to Boost Economic Growth
In a national speech on Wednesday, President Donald Trump framed the tax reform debate that will continue to unfold when Congress returns next week. The president’s vision focused on letting Americans keep more of their own money. Done rightly, this vision can unleash robust economic growth that will benefit all Americans. America is suffering under… -
opinion
Our Debt Problem Is Really a Spending Problem. Economic Growth Won’t Fix It.
Two hundred and sixty-nine billion dollars. That’s a big number, and yet it’s not the amount the federal government spends on any of its major activities like defense, Medicaid, Medicare, or Social Security. Rather, this is what the Congressional Budget Office currently projects the federal government will spend on interest payments on the debt for… -
opinion
Add Homebuilders to the List of Industries Hurt by Tariffs
New data show that protectionism is taking a toll on the confidence of homebuilders. Last month, homebuilder confidence hit its lowest reading since November 2016, according to the National Association of Home Builders/Wells Fargo Housing Market. The index fell two points from 66 to 64, upsetting economists’ predictions that confidence would actually improve. While anything… -
news
Budget Experts Call for ‘Bold Leadership’ to Cut National Debt
Politicians continue to put their interests first in ignoring looming consequences to the massive and growing U.S. national debt, experts on the economy said at a recent forum. “We are facing the largest, most predictable crisis in U.S. history, and almost nobody is talking about it,” warned Romina Boccia, deputy director of economic policy studies… -
opinion
$15 Minimum Wage Would Wreak Havoc on One of America’s Richest Counties
Montgomery County, Maryland, would have passed a $15 minimum wage if is wasn’t for County Executive Ike Leggett. Leggett, a Democrat, openly supports increasing the minimum wage. But when the county legislature narrowly approved a minimum wage hike last December, Leggett decided to veto it. The 30 percent minimum wage increase had passed by a… -
opinion
Conservatives Must Demand Spending Controls in Exchange for Raising Debt Ceiling
Treasury Secretary Steven Mnuchin has indicated that the federal borrowing limit must be raised by Sept. 29, or the U.S. could run out of money to pay its bills. Congress, which controls the purse strings of the U.S. government, should not abdicate that authority by writing Mnuchin a blank check and getting nothing in return… -
opinion
Strong Jobs Report for July Gives Trump Momentum for Tax Reform
The U.S. economy created 209,000 jobs last month, according to the most recent Bureau of Labor Statistics jobs report, exceeding expert predictions by nearly 30,000 jobs. This gives the Trump administration momentum to continue pushing for meaningful reforms that help grow the economy and increase prosperity. According to the report, the U-3 unemployment rate (unemployed…