More money is being dedicated to empower workers displaced by imports.

• Up to $1.1 billion will be spent on the Trade Adjustment Assistance (TAA) program in fiscal year 2005 for training and benefits to dislocated workers. For the first time, they may be entitled to receive a Health Coverage Tax Credit covering 65 percent of the premium for qualified health insurance. Workers over age 50 may be eligible to receive Alternative Trade Adjustment Assistance, which provides half the difference in any lost income due to new employment for up to two years and $10,000.
• Forty-four programs in nine different federal agencies focus principally on employment training. There are numerous programs for dislocated workers, including adjustment assistance for trade-related dislocations. These programs are designed to improve worker skills and mobility.
• The president’s fiscal year 2005 budget proposes $23 billion for job training and employment assistance. The administration also has proposed spending $250 million to train employees for industries generating the most new jobs, as well as funding new education programs to better prepare high school students for high-demand job sectors.
• Creative ideas are emerging — from wage insurance to a human capital investment tax credit to personal lifelong learning accounts — and more suggestions should be encouraged to ensure that U.S. workers are ready to be hired for the next generation of jobs.

U.S. businesses are creating opportunities for workers affected by trade.

• U.S. employers, especially large companies, spend more than $70 billion each year on worker training and education benefits.
• Many U.S. employers who face foreign competition provide a range of services to assist their employees. For example, at IBM, each employee spends an average of 55 hours each year in formal training. IBM recently created a $25 million Human Capital Alliance Fund dedicated to helping employees who are concerned about competition from off-shore technical experts to sharpen their skills.