Elizabeth Warren plans ‘aggressive intervention’ to create, defend US jobs

By U.S. EconomyFOXBusiness

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Massachusetts Democratic Sen. Elizabeth Warren unveiled a new plan aimed at boosting job prospects for American workers, which includes the creation of a new agency to “create and defend” domestic jobs and a potentially manipulating the U.S. dollar.

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She calls her approach “economic patriotism,” which includes a handful of ways she believes the U.S. government could intervene in the U.S. economy to both protect domestic manufacturing and American workers.

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“It’s becoming easier and easier to shift capital and jobs from one country to another,” Warren wrote in a blog post on Medium. “That’s why our government has to care more about defending and creating American jobs than ever before — not less.”

Warren said while some are blaming things like globalization, the skills gap or automation for the outsourcing or loss of American jobs, the true challenge faced by workers has been caused by Washington policies – including trade deals and the tax code.

“From our trade agreements to our tax code, we have encouraged companies to invest abroad, ship jobs overseas, and keep wages low,” Warren wrote.

Her plan includes:

  • Allowing the U.S. government to promote sustainable job growth and industrial development
  • Creating a new agency with the “sole responsibility to create and defend quality, sustainable American jobs.” It would be called the Department of Economic Development
  • More actively managing our currency to promote exports and domestic manufacturing
  • Investing more in R&D to create U.S. jobs
  • Expanding R&D opportunities beyond the biggest cities
  • Requiring the government to purchase more Americanmade products
  • Investing $20 billion in apprenticeship programs over the next 10 years

Warren also took aim at a number of big companies in her post. This time targets included iconic denim retailer Levi’s, Dixon Ticonderoga, which makes the No. 2 pencil, Apple and General Electric – all for outsourcing production.

Also on Tuesday, the Massachusetts Democrat outlined a “Green Manufacturing Plan,” which includes investing $2 trillion in climate-related industries over the course of a decade. She said this could be covered by the revenue recovered through her “Real Corporate Profits Tax.”

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She also said during the weeks ahead she would continue to release individual “economic patriotism” related plans on everything from trade to Wall Street.

Warren has become notorious for the number of plans she has released. Many focus on protecting the American middle-class from Wall Street greed, and promoting their interests over those of the wealthy. She has called for raising taxes on the richest Americans to fund some of her proposals.