A sign that Washington desperately needs to pivot to jobs: For everyone one job opening, there are 4.5 unemployed
The latest data from the Labor Department show that for every one U.S. job opening at the end of June, there were 4.5 people looking for work, reports the Wall Street Journal.
Though this figure is down from 5.4 a year ago, it’s still shocking when compared to the two job openings for every three unemployed workers that were available in 2007.
What should Washington do to improve this dire jobs situation? Focus on manufacturing.
As we’ve said before, manufacturing offers the most value-added for the rest of the economy and is wildly popular with Americans across the political spectrum.
Here’s our plan for a jobs agenda that everyone should be able to get behind:
1. Invest in infrastructure through a deficit-neutral program of at least $500 billion for long-term, high-value projects. Create a National Infrastructure Bank to leverage financing for critical projects of national significance.
2. Reshape the tax code to provide more incentives for domestic production and inward investment, such as those for clean energy manufacturing and investments in plant and equipment.
3. Provide a level playing field for American workers and businesses by penalizing China’s currency manipulation and launching (or ramping up) targeted trade cases to counter intellectual property theft, state-owned enterprises, subsidies, and rare-earth mineral restrictions.
4. Reshape our educational system to provide more vocational education opportunities for high school students, and a seamless transition to technical school in order to create a talented pool of young manufacturing workers.
5. Apply Buy America requirements to more federal procurement, which would support 33 percent more manufacturing jobs per dollar of taxpayer investment.
6. Reform the research and development tax credit to provide a bonus to firms that commercialize their innovation in America.
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