Urges Congress and President to enact legislation that penalizes companies that outsource labor to foreign markets.
Impact
The resolution articulates the adverse impact of outsourcing on the economy and calls for legislative measures that would discourage this practice. Among the proposed measures are restrictions on federal contracts, tax breaks, grants, or loans for companies that outsource, as well as the establishment of an outsourcing tax aimed at those companies that replace American jobs with foreign labor. The intent is to create significant financial incentives for businesses to retain jobs within the United States, thereby supporting the domestic labor force.
Summary
Senate Concurrent Resolution No. 59 (SCR59) urges the Congress and President of the United States to enact legislation that penalizes companies outsourcing labor to foreign markets. The resolution highlights the increasing trend of American companies opting for outsourcing as a cost-cutting strategy, which, while improving their profit margins, has detrimental effects on domestic employment. It expresses particular concern for the 7.5 million Americans currently unemployed, including over 220,000 individuals in New Jersey, many of whom are from affected industries such as manufacturing and technology.
Contention
Notably, this resolution raises questions regarding the balance between free trade and the protection of domestic jobs. Supporters argue that measures like those proposed in SCR59 are essential for reviving the American workforce and addressing unemployment caused by outsourcing. However, opponents may contend that stringent penalties on outsourcing could inhibit businesses' competitiveness and financial agility in the global marketplace, possibly leading to unintended negative consequences for the economy.
Memorializes President and United States Congress to enact legislation that would eliminate preferential federal tax treatment for oil and natural gas companies.
To Authorize An Outsourcing Facility Of Legend Drugs And Controlled Substances That Compounds A Product To Sell The Compounded Product To Certain Entities.