Milwaukee, WI Opposing Tax Breaks and Trade Agreements that Encourage U.S. Companies to Export Jobs Overseas
Type: Resolution
Status: Adopted on 11/3/04
Vote: Unanimous
Source File: http://legistar.milwaukee.gov/detailreport/Reports/Temp/682008191944.pdf
Text:
Legislative File Number 040770 (version 1)
Substitute resolution expressing opposition to tax breaks, trade agreements and other policies that encourage companies in the United States to export jobs overseas
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, A University of California at Berkeley report finds 14 million jobs are at risk of being sent offshore, and predicts job losses will exceed the Forrester study's projections; and Whereas, The outplacement firm Challenger, Gray and Christmas estimates the number of service-sector jobs moving overseas each year will hit 588,000 by 2005; and
Whereas, The Economic Policy Institute reports wages in the industries in which jobs are being created are, on average, 21% lower than wages in those industries in which jobs are disappearing, and, in addition, expanding industries are less likely to provide workers with health insurance than industries cutting jobs; and
Whereas, Trade-related job loss does not just hurt individual workers and their families; entire communities are affected negatively as tax revenues fall, dependency on public assistance increases, and incomes stagnate; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Common Council expresses its opposition to tax breaks, trade agreements and other policies that encourage companies in the United States to export jobs overseas; and, be it
Further Resolved, That the Common Council 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; and, be it
Further Resolved, That the Common Council expresses its opposition to the provision of tax breaks, public subsidies or other incentives to companies in Milwaukee which have exported jobs overseas; and, be it
Further Resolved, That the City Clerk shall forward copies of this resolution to the President of the United States and Wisconsin's U.S. Congressional delegation.