Here's what Hillary Clinton has said she'll do to fix the economy

Posted at 4:37 PM, Oct 29, 2016
and last updated 2016-10-29 16:37:06-04

There has been much made over Democratic nominee for president Hillary Clinton's stance on international trade. Her views on the Trans-Pacific Partnership have been controversial, as has her prior support of NAFTA. 

These are position statements on international trade by Hillary Clinton, gleaned from her web site and speeches.

Position: Prevent foreign countries like China from abusing global trade rules, and reject trade agreements that do not meet high standards.

Clinton will put American workers first when it comes to trade. She will stand up to foreign countries like China when they abuse global trade rules and take action against the theft — physical and virtual — of America’s inventions.

Implementation Plans: Crack down on foreign countries, like China, that cheat the rules.

If foreign countries dump products on our markets, like China is doing right now with steel, Clinton’s administration will take countervailing action. She will appoint a new trade prosecutor to keep other countries honest. She will take on foreign countries that keep their goods artificially cheap by manipulating their currencies, and expand our toolbox to include effective new remedies to respond, such as duties, tariffs, or other measures. And Clinton opposes China’s efforts to be recognized as a “market economy,” which would defang our anti-dumping laws.

Say “no” to new trade agreements that don’t meet her high bar — including the Trans-Pacific Partnership. Clinton will hit pause and say “no” to new trade agreements unless they create American jobs, raise wages, and improve our national security. After looking at the final terms of the Trans-Pacific Partnership agreement, including what it contains on currency manipulation and its weak rules of origin standard for what counts as a car that can get treaty benefits, she opposed the agreement because it did not meet her test. And she will hold every future trade agreement to the same high standard.

Review the trade agreements we already have on the books. Clinton has said for almost a decade that we need to renegotiate North Atlantic Free Trade Agreement, and she still believes that today. And she would review all of our trade agreements with the same scrutiny.

Fight for American exports. U.S. exports total more than $2 trillion and exporters pay workers higher wages. Clinton will support the efforts of businesses large and small to tap new markets — both at home and internationally — to support good-paying jobs and spur economic growth. That is why she stands for American workers in the face of misguided opposition by supporting the Export-Import Bank, and other policies that drive American exports.

Position: Crack down on companies shipping jobs and earnings overseas – and create incentives for companies to bring back jobs to the U.S.

Implementation Plans: Claw back the special tax breaks that corporations received for locating research and production here at home if they ship jobs overseas, and use the proceeds to invest in America.

End abusive inversions and impose an “exit tax” on companies that leave America to lower their tax burden.

Provide federal support and tax relief for research and innovation in America, particularly at smaller businesses and startups.

Coordinate government efforts within the U.S. and overseas to recruit and ease the path for companies to bring back jobs to the U.S.

Double support for the Manufacturing Extension Partnership, a public-private partnership that helps smaller American manufacturers compete.

Expand access to capital, especially for smaller manufacturers.

Position: Invest in American industry

Implementation Plans: Establish “Make it in America Partnerships” that make America the first choice for manufacturing production by harnessing regional strengths. Hillary Clinton’s plan will dedicate $10 billion in funding toward “Make it in America Partnerships” that link all parts of the supply chain and build on the strength of a region in particular industries. Her plan will help make all elements of manufacturing more innovative and competitive, while encouraging domestic manufacturing and reshoring. It builds on President Obama’s National Network for Manufacturing Innovation, and bipartisan legislation written and spearheaded by Senator Sherrod Brown, one of our nation’s foremost champions for manufacturing.

Harness all of a region’s strengths: Clinton’s plan will use federal resources to take the lead in bringing together workers, unions, businesses, universities, and government at every level to harness their combined strengths to encourage industries to locate in their region, and create jobs and innovation with wide economic benefits. This approach will help ideas for new goods and production methods move from university labs to factory floors to markets across the city, country, and world. This approach will build up supply chains and “upward spirals” of production, good-paying jobs, skills, and innovation so that manufacturing communities across America are the first choice for parts production and assembly, in everything from steel, cars, and aircraft to wind turbines and clean energy products.

A pledge by businesses to keep jobs and investment in America: Businesses participating in Clinton’s strategy would pledge not to shift jobs or profits gained from “Make it in America” incentives to other countries by outsourcing production, or “inverting” to move their residence abroad and avoid paying their fair share of U.S. taxes. Clinton’s plan embraces economic patriotism, and will support companies that invest in their workers and good-paying jobs here in the U.S. But it won’t support companies that walk out on America. When America’s incredible innovators come up with an invention or design, we should also build it here.

Promote participation by smaller manufacturers to build up the entire manufacturing ecosystem and supply chains: “Make it in America” partnerships would include participation by and sharing with smaller manufacturers throughout a region, so they learn the skills they need to thrive and participate profitably in the supply chain. This could include “test and learn” demonstration centers where small manufacturers could learn cutting-edge techniques, or “teaching hospitals” where workers, university and community college experts, and students could learn new skills from each other. That way, we will help small manufacturers become links in the global supply chain so we build things here.

Create good-paying jobs without stealing them from other regions, or undermining labor and “Buy America” standards: Clinton’s proposal will only reward plans that create good-paying jobs. She will not reward regions that simply relocate jobs or production from one community to another. And across her proposals, as she has throughout her career, she will support strong “Buy American” standards, and the right of unions to organize and collectively bargain. Her plan will not allow proposals that undermine worker rights or strong labor and domestic sourcing standards — so that the new manufacturing jobs we create are good, high-paying jobs.

Ensure American competitiveness in the global clean-energy economy.  Clinton will help American workers and businesses compete for jobs and investment in the $13.5 trillion global clean-energy market and advanced vehicles and make all American manufacturing more internationally competitive by improving industrial energy efficiency by one third within 10 years of taking office. Achieving this goal will save American companies more than $50 billion a year. Clinton will ensure that American leadership in producing some of the lowest-carbon steel, aluminum, glass and other materials in the world is recognized in the market and rewarded in public and private procurement through a new “Buy Clean” product labeling system.

Revitalize the hardest-hit manufacturing communities by preventing downward cycles of lost employment, knowledge, and physical capital, and encouraging virtuous cycles of new employment and production:

Revitalize hard-hit manufacturing communities by building on her proposal to provide tax relief to encourage investment in hard-hit areas that have seen jobs and production depart. Specifically, Clinton’s plan would make areas that have seen or are about to face significant manufacturing job or plant losses eligible for new investment tax incentives — called the “Manufacturing Renaissance Tax Credit” — modeled on the New Markets Tax Credit to attract new capital, business, and jobs; a zero capital gains option on long-term investments; and relief for renovating, refurbishing, or repurposing plants.

Link this tax relief to a coordinated, comprehensive, government-wide effort to prevent “downward spirals” resulting from departing production in hard-hit communities, and align resources from across agencies to make funds and programs easier to access.

Invest in America’s manufacturing workforce to ensure that they will always be the best in the world. America has the potential to win the global competition for manufacturing jobs by harnessing the incredible talent and skills of its workforce.

That is why Clinton’s plan will:

• Encourage proven, high-quality training and apprenticeships — including a $1,500 tax credit for every apprentice hired through a bona-fide apprenticeship program — while insisting on accountability for employment and earnings outcomes.

• Expand nationwide credentialing with strong industry input that can lead to more and better-paying jobs in every state in the union.

• Build on models that allow federal student aid to be used toward high-quality career and technical training programs with promising or proven records — including traditional career and technical education, and innovative, flexible online programs.

• Provide tuition-free community college, and reduce student debt by allowing students to refinance their loans.

Compiled by the Jefferson Center for the Your Vote Ohio project.