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For long term recovery, promotion of manufacturing should be established as a national priority. The Economic Development Administration (currently an agency within the Commerce Department) should be elevated to a Cabinet level Department of Economic Development.
- Establish a Cabinet level Department of Economic Development– Promote manufacturing to create millions of high paying jobs
Imposing wage standards on imports will prohibit unfair wage competition and reduce offshoring. American industry can’t compete with low wage labor.
Higher wages overseas would raise global demand for U.S. exports. Increasing U.S. exports would create jobs in this country. The result would be higher demand, both at home and abroad, which would increase sales and drive economic growth around the world.
- Require U.S. minimum wage on imports– Stop undermining American workers with low wage labor
Strategic promotion of manufacturing and high technology industry is critical to U.S. competitiveness in world markets. American Industry can’t compete with producers that have the support of foreign governments. Large scale investments in high technology industry are essential to long term recovery.
- Invest in manufacturing – Help American industry compete in world markets
Unprecedented growth of the financial sector has reduced incentive for productive investment and diminished the economy’s capacity to create jobs. At the same time, Wall Street interests and too-big-to-fail banks have successfully lobbied to block meaningful reform.
SWIFT Act proposals address seven essential areas of financial reform:
- Break up the banks – impose size limitations to prevent future bailouts
- Repeal Citizens United – stop unlimited contribution to political campaigns
- Repeal exemptions for derivatives – stop deposit insurance for financial speculation
- Prohibit CEO stock options – stop the incentive to offshore manufacturing
- Establish voluntary pensions – restore retirement security for employees
- Require congressional approval for the Federal Reserve to buy assets from banks.
- Provide free tuition at public colleges and universities, and zero interest on student loans.
Trade and Tax Reform:
The use of a value added tax (VAT) has the unique potential of achieving both trade and tax reform through the use of a single policy tool. Adopting a refundable VAT (tax neutral for consumers) would make exports more profitable and imports less profitable. The effect would create incentive for investment in manufacturing, and disincentive for offshoring.
Along with adopting a VAT, we need to levy taxes on the financial sector and million dollar incomes, and eliminate the carried interest deduction and corporate loopholes.
- Adopt a refundable VAT– provide incentive for investment in manufacturing
- Tax the financial sector– reduce excess profits from financial speculation
- Tax million dollar incomes– impose surcharge on annual incomes over one million
- Eliminate carried interest deduction– stop the tax giveaway for Hedge Fund managers
- Eliminate corporate loopholes – stop the loss of $90 billion a year from tax avoidance