ON THE ECONOMY
he key to economic recovery is jobs. We need to revive US manufacturing and stop exporting good jobs overseas. Trade deficits, particularly with China, are at record levels. To do so we must reform our trade policies and put a stop to incentives to businesses that outsource jobs. Companies like Bain Capital that reaped millions utilizing the “strip and flip” strategy of taking over a company, stripping off and selling profitable operations (usually off-shore) and shutting down marginal operations earned them the distinction of ‘Pioneers’ in out sourcing at a severe cost to American workers and local communities’ economies. The rewards and tax loopholes for outsourcers allow over 1.5 trillion dollars in US corporate profits to go untaxed because they are held offshore. We need to create a vibrant manufacturing base so that we can export American made goods and services, not American jobs.
Congress should also take action on the call center consumer protection bill to prevent off shoring of more service sector jobs.
We need to help our cities and states and not cut off federal dollars that cause public sector layoffs that not only drag down the economy but also threaten essential services to our communities and citizens. Our police and firefighters that protect us and our properties and our teachers and social workers that directly shape our kids education and well-being have been in the crosshairs of the budget cutters.
We must make a substantial investment in our infrastructure; building schools, roads, bridges, transits, ports, rail, communications and energy systems that are in shabby condition or are outdated and antiquated. Not only does this investment bring necessary repairs vital to our well-being but also it creates jobs that have a direct and immediate shot in the arm to our local, state and federal economies.
Finally, our tax code should be revised so that the wealthiest Americans pay their fair share and middle class American’s get the relief they desperately need to keep their heads above water as our economy continues its recovery from the deepest recession since the great depression. It is unbelievable that a candidate for President who admittedly has bank accounts avoiding US taxation in the Cayman Islands and still reports millions of dollars in US earnings each year happily reports that he has paid at least 14% income tax each of the last ten years. You and I and most other American’s that work hard for our money everyday and won’t make his kind of money in a lifetime pay around 25% each year. Revising the tax code so the wealthiest Americans pay their fair share would instantly be a major hot in the arm to the US economy.