Urges Congress and President to enact legislation that penalizes companies that outsource labor to foreign markets.
Impact
SCR88 highlights the economic implications of outsourcing, noting that companies that outsource often do so to reduce labor costs by hiring workers in countries with lower living standards and inferior wages. This practice not only advantages these companies in terms of pricing competitiveness but also exacerbates unemployment issues within the United States. By referring to statistics from the U.S. Department of Commerce, the resolution points out that multinationals employed nearly 13.8 million people overseas, indicating a substantial loss of jobs that could otherwise contribute to the domestic economy.
Summary
Senate Concurrent Resolution No. 88 (SCR88), introduced in the New Jersey Legislature, urges Congress and the President of the United States to enact legislation that penalizes companies for outsourcing labor to foreign markets. This resolution addresses a growing concern regarding the increased trend among U.S.-based companies to outsource labor, which has resulted in significant job losses domestically, particularly in manufacturing and technology sectors. The bill highlights the impact of such outsourcing on employment levels, specifically referencing the 6.3 million Americans currently unemployed, including over 225,000 in New Jersey alone.
Contention
The resolution calls for the implementation of measures that penalize companies outsourcing American jobs. Proposed initiatives include prohibitions against outsourcing companies receiving federal contracts, tax breaks, or other financial incentives, as well as the introduction of an outsourcing tax. While the resolution aims to create a more favorable environment for domestic employment, it may also face resistance from businesses that argue such measures could hinder their competitiveness and operational flexibility, sparking discussions on the balance between economic policy and corporate freedom.
To Authorize An Outsourcing Facility Of Legend Drugs And Controlled Substances That Compounds A Product To Sell The Compounded Product To Certain Entities.