Washington: Democratic presidential front-runner Hillary Clinton has called for the adoption of “corporate patriotism” which will enable the US corporate sector to first create jobs inside the country and not overseas.
“I’m not asking corporations to be charitable, although that’s important. I’m asking corporations to realise that when Americans prosper, they prosper too. The idea of corporate patriotism might sound quaint in era of vast multinationals, but it’s the right thing to do and the smart thing to do as well,” she said.
Laying a vision of her economic policies, Clinton in a major policy speech also called for creation of “good paying jobs” in the country that can not be outsourced.
“Throughout this campaign, I’ve said that creating good-paying jobs and raising incomes is the defining economic challenge of our time, and that in order to get where I want us to go, we need growth that is strong, fair, and long-term. That’s why we need a new bargain for the new economy,” Clinton said in a in a major policy speech in Detroit.
Clinton, 68, who is leading in polls and all set to be the first presidential woman nominee of a major political party in the US, said that a new bargain should ensure that the jobs of the future are good-paying American jobs.
Clinton said her “new bargain” was built on three principles: corporations have to do right by their communities and our country, employers should treat workers like assets to be invested in, rather than costs to be cut and government should stop rewarding greed and special interests and instead invest in the sources of the good jobs of the future.
She specifically offered a new “clawback” proposal that would rescind tax relief and other incentives for corporations if they move overseas any jobs, facilities or production that had benefitted from the tax breaks.
The revenue raised by the clawback would be used to encourage investment in the US ? including in the communities that had seen jobs or production depart.
“Corporations benefit in so many ways from being right here in the United States. But too often, this relationship feels like a one-way street. Too many are not holding up their end of the bargain. They don’t recognise that one of the biggest assets on their balance sheet in America,” she said.
Clinton said many leaders in corporate America were prioritising their short-term stock price over their workers and their communities.
“We can’t forget the damage caused by trickle-down economics and right-wing ideologues who believe in weakening government oversight, massive tax cuts for the rich, ripping away the safety net, and breaking the backs of unions,” she said.
Sending a clear message to every board room and executive suite, Clinton warned that they would be held accountable if they cheat employees, exploit customers, pollute the environment or rip off the taxpayers.
“This country has given you so much. If you desert America, you’ll pay a price. But do the right thing, invest in your workers and your country’s future, and we will stand with you. And here’s how it should work,” she said.
“To discourage bad behaviour, we’ll make companies pay for what are called inversions under the tax code, which means they pretend to sell themselves to a company overseas. And then they pretend to move their headquarters overseas,” Clinton said.
“I call it a perversion, but under the tax code it’s called an inversion. We will make you pay for that with a new exit tax,” she said.