As President Biden moves to make quick work of campaign promises and the Democratic legislative agenda, labor groups and others are coming forward to voice their opinions on how things should be funded.
One group putting forth funding suggestions is the Coalition for a Prosperous America. The Group’s CEO, Michael Stumo has some suggestions for funding an infrastructure bill. He detailed this suggestion and how it would work on America’s Work Force Union Podcast.
What is the Coalition for a Prosperous America
The Coalition for a Prosperous America was founded after what Stumo explained as a series of bad trade deals. The coalition combines the interests of the manufacturing, labor and agricultural industries and works to advance them through legislation.
He said they are a bipartisan coalition that is willing to work with any side of the political spectrum. They share inroads with both Republicans and Democrats, and have a history of working with groups such as the Tea Party.
How did the U.S. get into its trade situation
Stumo went back about 20 years, detailing the various trade deals made and how they helped or hurt the American worker or economy. In his opinion, one of the most devastating deals to the American worker was one that granted China permanent normal trade status.
Granting China this status made goods slightly cheaper for American consumers, but is devastating for jobs. In addition to granting China this status with very few concessions, the nation continued on with its inhumane treatment of workers.
How to pay for a new infrastructure plan
Stumo then moved on and began discussing President Biden’s infrastructure plan, which he and the coalition support. The only problem they have with the bill is how it will be funded. They believe there is a better way.
He believes taxing foreign capital holders is a better plan. This means any foreign hedge fund or company doing business on Wall Street. Stumo said doing this will make it even easier for the U.S. to export goods and services, helping American workers.