Number
040770
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. ZIELINSKI, D'AMATO, BOHL, BAUMAN, MURPHY, HAMILTON AND HINES
Title
Substitute resolution expressing opposition to tax breaks, trade agreements
and other policies that encourage companies in the United States to export
jobs overseas.
Analysis
This resolution expresses Common Council opposition to tax breaks, trade
agreements and other policies that encourage companies in the United
States to export jobs overseas and urges Wisconsin's U.S. Congressional
delegation to support tax law reform and trade agreements which strengthen
and protect the economy by ensuring that taxpayer dollars are not
subsidizing the destruction of American jobs. In addition, this resolution expresses the Common Council's opposition to the provision of tax breaks, public subsidies and other incentives to companies in Milwaukee which have exported jobs overseas.
Body
Whereas, More than 3 million manufacturing jobs have disappeared since 1998, and the Economic Policy Institute estimates 59% or 1.78 million of these jobs have been lost due to the explosion in the U.S. manufacturing trade deficit over the period; and
Whereas, Goldman Sachs estimates 400,000 to 600,000 professional services and information sector jobs moved overseas in the past few years, accounting for about half of the total net job loss in the sector over the period; and
Whereas, A Deloitte Research survey found one-third of all major financial institutions are already sending work offshore, with 75% reporting they would do so within the next 24 months, and another survey by Deloitte Research found the world's 100 largest financial services firms expect to shift $356 billion worth of operations and about two million jobs to low-wage countries over the next five years; and
Whereas, Forrester Research Inc. predicts U.S. employers will move 3.4 million white-collar jobs and $136 billion in wages overseas by 2015; and
Whereas,...
Click here for full text