Legislation that’s been introduced in the Senate calling for a realignment of U.S. currency is getting the backing for the Coalition for a Prosperous America. Group CEO Michael Stumo says the Competitive Dollar for Jobs and Prosperity Act if passed will help balance trade.
He says the overvalued and non-competitive U.S. dollar is the main reason for continuing U.S. trade deficits.
Stumo says it’s critical Senators support this legislation because it’s the answer to the trade deficit problem the U.S. continues to face.
An earlier study by CPA showed that by adjusting the dollar downward by roughly 27 percent could yield an estimated $1 trillion in additional GDP and roughly 5 million new jobs over six years.
