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
Stock Market Reacts Better for Trump Than Any Previous President-Elect
The U.S. stock market has been on an unprecedented upward climb since President-elect Donald Trump won the White House. Trump’s election sparked the biggest one-month S&P 500 rally in its 93 years of existence. The index rose nearly 5 percent from Nov. 9 to Friday morning, breaking the previous 30-day record set after the election… -
news
Meet the $15 Minimum Wage Opponent Trump Wants to Lead Labor Department
President-elect Donald Trump intends to pick Andy Puzder, a fast-food executive, to serve as secretary of the Department of Labor, according to news reports. Puzder is the CEO of CKE Restaurants, which is the parent company of Carl’s Jr. and Hardee’s. Upon receiving formal nomination from the president-elect following Trump’s inauguration, he’ll need to be… -
opinion
Short-Term Spending Bill: The Good and the Bad
This week, Congress is expected to pass the second continuing resolution of the year, keeping the federal government operating until late April and avoiding a government shutdown. The bill released late Tuesday would provide $1.070 trillion in base discretionary funding as well as an additional $10.1 billion for Overseas Contingency Operations (a defense supplement), $4.1… -
opinion
Dodd-Frank Must Go. Here’s the Republican Plan to Save Community Banks, Spur Economic Growth.
With control of both the White House and Congress, Republicans finally have the opportunity to reignite the economy. American families and workers have been waiting for eight long years for a return to healthy economic growth and opportunity, and congressional Republicans are ready to deliver. Along with Obamacare and the Environmental Protection Agency’s regulatory excesses,… -
opinion
November Jobs Report Shows Continuity, Not Recovery
November saw very little change in the U.S. labor market, according to a new employment report from the Bureau of Labor Statistics. Employers added a net 178,000 new jobs while the unemployment rate dropped. However, unemployment fell in large measure due to a continued drop in labor force participation. The economy largely continued on its… -
news
Meet Wilbur Ross, Trump’s Pick for Commerce Secretary
President-elect Donald Trump tapped Wilbur Ross, an investor and longtime Trump associate, to serve as secretary of the Department of Commerce, the transition team announced Wednesday. “Wilbur Ross is a champion of American manufacturing and knows how to help companies succeed. Most importantly, he is one of the greatest negotiators I have ever met, and… -
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,… -
news
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… -
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… -
opinion
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… -
news
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… -
news
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… -
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… -
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,… -
opinion
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… -
opinion
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… -
opinion
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… -
opinion
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…