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
Tillis ‘Loved’ Kevin Warsh’s Fed Philosophy, But Maintains ‘No’ Vote
Sen. Thom Tillis praised President Donald Trump’s nominee for Federal Reserve chair, Kevin Warsh, but he maintained that he will not support Warsh as long as Trump is investigating current chair Jerome Powell. “I look forward to supporting your nomination, and I look forward to this investigation being taken down,” the North Carolina Republican told…Elizabeth Troutman Mitchell -
- Opinion
High Schoolers Need Economics, Not Just ‘Financial Literacy’
April is National Financial Literacy Month, when the federal government and many states encourage citizens to become more financially literate. Unfortunately, many today lack a basic knowledge of economics, to our nation’s detriment. Across the country, states are starting to mandate that students take a personal finance course to graduate high school, often in place of economics courses. In 2022,…Jamie Wagner -
- News
‘We’ll Get Back on Track’: White House Addresses Falling Small Business Optimism Amid Iran War
Small Business Administration Administrator Kelly Loeffler is optimistic that the economic sentiment for small businesses will return to pre-Iran war levels soon amid a downturn. “One data point does not a trend make. And the long-term trend under President [Donald] Trump has been for small business optimism to be above its 52-year average under Joe…Elizabeth Troutman Mitchell -
- News
Americans See Employment and Earning Retention Gains Thanks to Working Family Tax Cuts
Members of Congress are pointing to rising wages and private-sector job growth as evidence that the Working Families Tax Cuts Act is delivering results for American workers and businesses. The law, signed by President Donald Trump on July 4, 2025, reduced taxes on tips, overtime pay, and certain retirement benefits, while expanding the child tax…Pedro Rodriguez -
- News
Code Pink Should Lose Tax-Exempt Status for 3 Key Reasons, Watchdog Group Tells IRS
FIRST ON THE DAILY SIGNAL—The leftist activist group Code Pink should lose its tax-exempt status for engaging in potentially illegal activity, violating tax rules against engaging in prohibited political activity and excess lobbying activity, and for supporting the interests of China without properly registering with the Department of Justice, a conservative group said in a…Tyler O’Neil -
- Opinion
This Tax Day, Americans Are Finally Getting a Break
Historically, tax season has never been easy for working Americans. It’s typically marked by days or weeks spent digging through stacks of receipts, invoices, 1099s, and W-2s. It’s the undue stress of figuring out how to file or whom to hire for help. And it is uncertainty in not knowing if you’ll owe money—or how…Stefani Buhajla -
- News
‘DoorDash Grandma’ Tells Trump How Much His Tax Policies Saved Her This Year
When Sharon Simmons delivered McDonald’s to President Donald Trump in the Oval Office on Monday, she shared that his tax policy has saved her about half her income. Trump’s “One Big, Beautiful Bill,” passed and signed into law last year, established a tax deduction of up to $25,000 for tips. Simmons, a grandmother of 10…Elizabeth Troutman Mitchell -
- Opinion
Why Americans Are Getting Larger Refunds This Tax Season
Each spring, tax refunds illuminate how federal policy interacts with household finances. This tax season, Americans are experiencing larger returns compared to prior years—and not because there are more filers, but because legislation passed by the Trump administration last summer is finally bearing fruit. Internal Revenue Service data for Week Nine of the 2026 filing…Nicole Huyer -
- Opinion
Tax the Rich?
“Tax the rich!” shout progressives. Why not? America’s richest people are ridiculously rich. “Five bucks to you is like $6 million to billionaire Jeff Bezos!” shrieks Sen. Elizabeth Warren, D-Mass. Taking more from billionaires and millionaires just seems fair. That’s why Washington state passed a new “millionaire’s tax,” California will soon vote on a “billionaire’s…John Stossel -
- News
EXCLUSIVE: Senator Urges Trump to End Program That Gives US Jobs to Foreign Graduates
FIRST ON THE DAILY SIGNAL—Sen. Rick Scott is urging the White House to end the Optional Practical Training work permit program, which incentivizes employers to give jobs to foreign students. “The OPT program should not exist; it is a purely regulatory creation with no statutory basis,” the Florida Republican wrote in a letter obtained by…Elizabeth Troutman Mitchell -
- News
White House Has a Message to Cool Inflation Worries
New Department of Labor statistics indicate inflation rose sharply amid the United States’ military campaign against Iran, but the White House argues the rise in costs will only be temporary. “President [Donald] Trump has always been clear about short-term disruptions as a result of Operation Epic Fury, disruptions that the Administration has been diligently working…George Caldwell -
- News
Spanberger Is ‘Taking Credit’ for Youngkin’s Economic Deals
Virginia Democrat Gov. Abigail Spanberger is celebrating massive statewide investments and job growth in Virginia, but critics say the state’s former governor deserves the credit. This week, Spanberger announced signing multiple business investment bills into law that will bring a total of $7.1 billion and 3,250 jobs to the state. She said in a news…Virginia Grace McKinnon -
- Opinion
Gas Prices Are Better Than They Might Seem
Throughout recorded human history, military power has been a universal value regardless of civilization, culture, or epoch. Sadly, individual freedom and democracy have not been (and still are not) recognized as universal values. The recent U.S. military success in Venezuela has been the source of considerable benefits to the U.S. and its citizens. To wit,…Sanjai Bhagat -
- News
EXCLUSIVE: American Medical Association Should Lose Tax-Exempt Status, Watchdog Group Says
FIRST ON THE DAILY SIGNAL—The IRS should investigate and potentially revoke the tax-exempt status of the American Medical Association’s philanthropic arm, according to a new complaint filed Tuesday. “Based on the evidence in our complaint, we believe the IRS should revoke the AMA Foundation’s tax-exempt status for operating a racially discriminatory program,” Dr. Kurt Miceli,…Tyler O’Neil -
- News
Inside the Massive Advocacy Blitz to Set AI Regulations
Now that the White House has passed the baton to Congress to codify a National Framework on Artificial Intelligence, an advocacy blitz is underway to shape the future of American tech policy. President Donald Trump previously directed Michael Kratsios, his science and technology adviser, and David Sacks, former AI czar, to recommend federal AI legislation…Elizabeth Troutman Mitchell -
- Opinion
Radical Tax Hikes Will Accelerate PA’s Outmigration
Gov. Josh Shapiro keeps repeating the claim that Pennsylvania is the only growing state in the Northeast. But that’s not true. Residents continue to leave Pennsylvania for greener pastures. New data from the Internal Revenue Service shows that Pennsylvania lost 15,000 residents on net to other states in 2023. Those residents took with them $2.3 billion…Nathan Benefield -
- News
US Job Growth Accelerates by the Most in 15 Months in March
WASHINGTON, April 3 (Reuters)—U.S. job growth rebounded sharply in March as a strike by health care workers ended and temperatures warmed up, but downside risks for the labor market are mounting from a war with Iran that has no clear end in sight. The biggest increase in nonfarm payrolls in 15 months was reported by…Lucia Mutikani -
- Opinion
Time to Leave the Social Security Plantation
To repeat what Americans have heard a lot recently, our Social Security system is in very bad shape. Per the most recent report, in 2025, of the Social Security and Medicare board of trustees, Social Security is capable of paying out the entirety of promised benefits through 2033. After that, there is only the capability…Star Parker -
- News
Republicans Divided on Budget Reconciliation Gamble for SAVE America Act
Republicans are turning to budget reconciliation to pass the SAVE America Act into law, but some doubt the process will result in the election integrity measures offered in the current version of the bill. “There’s a lot of support for a budget reconciliation bill,” Majority Leader Thune, R-S.D., told press this week. While the budget…Virginia Grace McKinnon -
- News
Budget Chairs Push Reconciliation 2.0. Can It Get Off the Ground?
Republican Sen. Lindsey Graham says a party-line budget bill could enact major conservative legislative goals, from funding the Department of Homeland Security to requiring photo identification in elections. But does his ambitious plan have buy-in from the House conservatives whose support it needs to pass? “The Senate [Budget] Committee will expeditiously move toward creating a…George Caldwell