Major Progress on the MAC - Now the Centerpiece of a Bill in the Senate

Dear Friends,

A major milestone has just been reached in the battle to eliminate the U.S. trade deficit, stop the offshoring of U.S. industry, and put millions of Americans to work in well-paying jobs. Legislation for the Market Access Charge (MAC) has just been introduced in the U.S. Senate!

Senators Tammy Baldwin (D) and Josh Hawley (R) have just introduced their bi-partisan Competitive Dollar for Jobs and Prosperity Act (CDJPA). The full text of this act, which is the legislative vehicle for the Market Access Charge (MAC), is now available on the Congress.gov website as Senate Bill S.2357. The Senate press release is available here.

Within hours of the bill's presentation, the nation's news media and other organizations were commenting on the bill. One of the first notes came from the Coalition for a Prosperous America (CPA), a bi-partisan group representing American farmers, ranchers and manufacturers that is strongly supporting the MAC. 

The CPA note was followed closely by coverage from the Washington Post (Lynch), The Hill (Scott of EPI), Barron’s (Klein),  Bloomberg (Pettis of Carnegie), and American Greatness (Bovard).  

The CDJPA has clearly generated a lot of interest and positive, thoughtful commentary from across the political spectrum in a very short time!

With the recent devaluation of China's currency below RMB 7/USD, introduction in the Senate of MAC could not have been more timely. The MAC offers a clear path forward to the goal of eliminating the US trade deficit by moving the US dollar to a fully competitive exchange rate -- one that will make it possible for Americans to earn as much producing exports as they spend on imports. 

Furthermore, the MAC will accomplish this goal in a manner that avoids the fireworks associated with the current trade war, and it will minimize and possibly eliminate the risk of triggering beggar-thy-neighbor currency devaluations and a race to the bottom for global currency values. (Check back in a couple of days for a blog on this important issue.)

The CPA has played a key role in moving the MAC forward to this historic point. We should all be most grateful for their leadership and should support the fine work they are doing across America to help give our fine country the future it deserves. For more information on the CPA, see their website.

The bill’s presentation to the Senate is indeed a major milestone – but only one of many that lie between where we are today and the bill’s ultimate passage. Your support and advice would be most welcome as the process moves forward.

Please share.

John

John R. Hansen, PhD

Former Economic Advisor, The World Bank

Founding Editor, Americans Backing a Competitive Dollar (ABCD)

Advisory Board, Coalition for a Prosperous America

hansenj@bellsouth.net

www.abcdNow.blogspot.com
America Needs a Competitive Dollar - Now!