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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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…. -
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… -
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… -
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… -
news
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… -
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… -
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… -
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,… -
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… -
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… -
opinion
Massive Spending Bill Fails to Meet Conservative Priorities
Early Monday morning, congressional negotiators released text of a massive omnibus appropriations bill that would fund the government through Sept. 30. The bill is expected to pass later this week with bipartisan support and avoid a government shutdown. While the bill does make progress on issues like additional defense funding and increasing border security, it… -
news
Spending Deal Near After Congress Gives Itself a Few More Days to Craft Package
Hours before the federal government’s spending authority expired Friday at midnight, the Senate advanced a one-week continuing resolution by voice vote, putting spending on autopilot and avoiding a looming government shutdown. The Senate action followed a 382-30 House vote to pass the one-week extension. Without the measure, the government would have run out of money… -
opinion
Why Shoring Up Fannie and Freddie Would Hurt the Housing Market
Almost a decade removed from the last housing crisis, the economy and housing market have improved—yet the federal government continues to hold significant influence over the housing finance system. The housing market is showing some signs of growth, including a steady decrease of “underwater” homeowners—a trend certainly driven by the increases in home prices across… -
opinion
Your Household Share of Federal Spending Keeps on Rising. Here’s the Solution.
It’s sometimes hard to fully visualize a massive sum of money. Take $3.854 trillion for instance—the amount the federal government spent in 2016. That’s a lot of money, but America is a large country. It may be easier to picture if we knew how much spending each household would be responsible for if households all… -
opinion
Congress Should Resist Cotton Cronyism in Upcoming Spending Measures
This week, Congress returns to Washington to address government funding. Unfortunately, two costly corporate welfare programs could be expanded. In the 2014 farm bill, Congress created two massive programs whose projected costs to taxpayers have nearly doubled. Originally projected to cost $18 billion over five years, the programs are now projected to cost a shocking… -
news
13 Ways Trump Has Rolled Back Government Regulations in His First 100 Days
As President Donald Trump reaches his 100th day in the White House on April 29, he will have worked with Congress to rescind more regulations using the Congressional Review Act than any other president. “We’re excited about what we’re doing so far. We’ve done more than that’s ever been done in the history of Congress with… -
opinion
Even With Republicans in Charge, Upcoming Budget Battle Looks Grim
And so it begins. The GOP surrender in the budget battle. Despite all the campaign promises to “rein in government” and “get the country’s fiscal house in order,” the groundwork is already being laid by Republican lawmakers to explain why they just aren’t going to be able to put the brakes on spending after all…. -
opinion
Seattle Ordinance Limiting Landlord Rights Undermines Economic Liberty and Should Be Rescinded
Should a landlord be required to rent an apartment to the first “qualified” person to appear on his or her doorstep? The city of Seattle seems to think so. Its imposition of this obligation, however, is being challenged by the free market-oriented Pacific Legal Foundation, a watchdog organization that litigates nationwide for limited government, property… -
opinion
Why US Economic Growth May Be Stronger Than We Think
Could the U.S. economy be growing more than the official growth figures let on? In a recent National Bureau of Economic Research working paper, “Why is Growth Better in the United States Than in Other Industrial Countries,” Martin S. Feldstein, former chairman of the Council of Economic Advisers, suggests that government statisticians have been underestimating…