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
Ridiculous: How the Latest Spending Bill Is Just Congress Shirking Its Job (Again)
This week, a rare bipartisan majority in the House approved a $1.1 trillion stopgap spending measure that will keep the government funded through Dec. 11. The temporary measure, called a continuing resolution, likely will pass in the Senate today. Although the CR likely will be heralded as a successful bipartisan effort that avoided a government…Michael Sargent -
- News
Greenspan Joins Ranks of Opponents to Export-Import Bank
A longtime head of the Federal Reserve and prominent voice in economics has come out in opposition to a much more controversial government bank that is locked in a reauthorization fight. Alan Greenspan, who served as Federal Reserve chairman under four presidents, told The Hill that “as an economist” he doesn’t support reauthorization of the…Melissa Quinn -
- Opinion
Rhetorical Spin vs. Economic Reality
In his campaign-style speech on Labor Day, President Obama proclaimed that “by almost every measure, the American economy and American workers are better off than when I took office.” In stark contrast, many Americans, particularly likely voters in competitive U.S. House and Senate races, remain frustrated and gloomy about the state of the economy. According…Anthony B. Kim -
- Opinion
Improve Manufacturing Competitiveness Through the Free Market
The House is likely to vote soon on the Revitalize American Manufacturing and Innovation Act, which creates programs and a plan intended to increase manufacturing competitiveness. While Congress’s objective may be laudable, the legislation is counterproductive and creates more government dependence than innovation and competition. Congress should recognize that the true spark to manufacturing innovation…Nicolas Loris -
- Opinion
Japan’s Lousy Economy Is a Warning for U.S.
Japan is flush with national pride this week, thanks to Kei Nishikori, the tennis phenom who knocked off seemingly indestructible Novak Djokovic to reach the U.S. Open finals and become the first Japanese to reach a grand slam final ever. If only Japan's economy could perform half as well. For also this week, Tokyo announced…Stephen Moore -
- News
Main House Foe of Export-Import Bank ‘Swallows Hard’ at 9-Month Reprieve
A leading congressional advocate for pulling the plug on the Export-Import Bank today said he “regrets” that a nine-month reauthorization of the federal agency is part of a Republican-sponsored measure to keep the government running. “I do not believe that Ex-Im should be part of the CR [continuing resolution]. I regret that the Republican conference…Melissa Quinn -
- Opinion
The Five Most Troubling Things in Congress’ New Spending Bill
Yesterday evening, the House of Representatives released its stopgap spending measure which blindly continues the bloated spending in the January omnibus bill that included special-interest handouts, wasteful and unnecessary energy spending, and transportation boondoggles. Instead of debating and voting on the 12 appropriations bills separately as lawmakers are supposed to do, Congress again will rely…Romina Boccia -
- Opinion
The Government Program Republicans Keep Extending: 5 Export-Import Bank Myths, Debunked
Against the wishes of conservatives, Republican leaders in the U.S. House have proposed extending the life of the Export-Import Bank until June 30, 2015. Using research from House Financial Services Chairman Jeb Hensarling, R-Texas, this video debunks five myths perpetuated by the bank’s supporters.Ben Howe -
- News
Export-Import Bank’s Nationwide Tour Raises Questions of Lobbying, Propaganda
Just weeks before the Export-Import Bank’s charter expires, top bank officials embarked on a nationwide tour designed to drum up support for the agency. Such actions may flirt with anti-lobbying, propaganda and public-relations provisions put in place to protect taxpayers. Those recent actions are raising concerns for Congress, said Rep. Jim Jordan, R-Ohio. In an…Melissa Quinn -
- News
Unions Spend Big Bucks to Raise Minimum Wage for Fast-Food Workers
MINNEAPOLIS—They’re back, and they’re expensive. Protests outside fast-food restaurants flared up in cities around the country this week, organized by groups with ties to prominent labor unions. The groups organizing the protests—with names such as Citizens Action of New York and Fast Food Workers United—have used a mix of Occupy Wall Street populism and Big…Eric Boehm -
- News
Here’s How the Price of Your Favorite Fast Food Would Change With a $15 Minimum Wage
Thousands of fast-food workers across 150 cities nationwide gathered today to call for a $15-an-hour minimum wage. However, a report released today by James Sherk, senior policy analyst in labor economics at The Heritage Foundation, found that fast-food restaurants would have to boost their prices 38 percent to make up for the increased labor costs….Melissa Quinn -
- News
Deal or No Deal: House Republicans Toy With Short-Term Extension of Export-Import Bank
With just nine legislative days left before the Export-Import Bank’s charter expires Sept. 30, House Republicans are reportedly working on a deal to extend the life of the agency for several months. Could the Export-Import Bank live to see a few more months? In an interview with The Daily Signal, Rep. Jim Jordan, R-Ohio, confirmed…Melissa Quinn -
- Opinion
It’s Time to End Cronyism in Washington. Let’s Begin With the Export-Import Bank.
It’s unfortunate that while we’re faced with so many critical issues like ISIS terrorists and unsecure borders, Washington is instead focused on delivering special favors to Wall Street lobbyists. The Export-Import Bank is an unfair corporate welfare bank that helps a privileged few at the expense of other American businesses. Americans are tired of politicians taking…Jim DeMint -
- News
Iowa Not Sure How Many People Got Extra Unemployment Benefits by Accident
DES MOINES, Iowa — Bureaucrats at Iowa Workforce Development admit they don’t know how many people were paid extra unemployment benefits in March, nor can they say whether any of the overpayments were handed back to the state. Exactly 85 people contacted the agency to report receiving extra unemployment benefits, so IWD officials claim the…Paul Brennan -
- Opinion
This City May Hike Minimum Wage to $13.25 an Hour
California’s at it again. On Labor Day, Los Angeles mayor Eric Garcetti is expected to announce a three-year series of hikes to the city’s minimum wage that will raise it to $13.25 an hour, according to the Los Angeles Times. A labor activist, Maria Elena Durazo of the Los Angeles County Federation of Labor, applauded…Katrina Trinko -
- Opinion
CBO Updated Budget Outlook Shows Economy Headed in Wrong Direction
New figures from the Congressional Budget Office (CBO) confirm the ongoing negative economic impact of Obama-era policies such as the Affordable Care Act, the Dodd–Frank Act, controls on energy production and transport, and Keynesian stimulus spending. In an update to its annual Budget and Economic Outlook yesterday, the CBO projects lower gross domestic product (GDP),…Rachel Greszler -
- News
Unemployment Benefit Checks Sent to People Who Weren’t Signed Up for Them
DES MOINES, Iowa — Iowa Workforce Development may have trouble managing money, but its management understands the importance of politeness. In early March, the agency, which oversees unemployment claims in the state, issued unemployment benefits to 85 people who didn’t ask for them. According to a March 13 email sent by Regional Operations Manager David…Paul Brennan -
- Opinion
This Program Epitomizes Government Cronyism
Even bottom dwellers are getting special treatment in D.C. Unlike the joke that makes some lawyers mad, in this case I’m talking about catfish. Buried within the 2008 farm bill was a new inspection program for catfish. Generally, the FDA inspects seafood, including catfish. Under this program though, the USDA, not the FDA, will inspect…Daren Bakst -
- Opinion
Why the Average Student Loan Debt Just Keeps Rising
New student orientations are kicking off at colleges across the country, and parents are busy buying mini fridges and dorm-sized bed sheets. As students head off this fall, many will also carry with them record-high levels of student loan debt. This year, outstanding student loan balances reached an all-time high of $1.12 trillion – an…Lindsey Burke -
- News
To Enforce Minimum Wage Hikes, Cities Spend Millions on ‘Wage Cops’
What is the cost to enforce minimum wage hikes in cities across California? It is an important question in Oakland and San Diego, which are considering increasing the minimum wage within their jurisdictions. San Francisco and Washington, D.C., which have city minimum wage laws, have spent millions and hired a group of full-time employees to…Bre Payton