Toward a New Political Economy for the U.S.

The U.S. economy faces a fundamental structural and institutional crisis that requires major changes in economic policy and far reaching programs including: a) a federally funded permanent living wage jobs program mostly funded through transactions taxes on finance; b) emergency measures to cap and gradually reduce the U.S. trade deficit;c) a transparent and coherent "industrial policy" to increase high value added, competitive manufacturing exports. The goal should be to support "non-predatory" trade and industrial policies that move the U.S. and world economies toward sustainable and balanced trade and development.