U.S. trade gap with China cost 2.7 million jobs!

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U.S. trade gap with China cost 2.7 million jobs! Empty U.S. trade gap with China cost 2.7 million jobs!

Post by Pied Piper on Thu Aug 23, 2012 8:57 pm

U.S. trade gap with China cost 2.7 million jobs

Wake up Consumers! YOU are the cause of all of our job loss if you buy consumer goods with the "Made in China" label! Someone is buying these products. In a nut shell we can buy from China - and the stupid consumers do. The USA is NO ALLOWED to sell ANYTHING to China. IS THIS FAIR? Stop buying Chinese labels STUPID, and WAKE UP! On the right of the forum is MANY companies that feature products made in America. If you cannot find Made in America then buy Made in Mexico, Vietnam, South America - WHEREVER... Anywhere but CHINA! There is an entire city of African Americans in Detroit who have no work and need these jobs. Stop complaining about the "welfare recipients" and keep jobs from bleeding by BOYCOTTING CHINA!

Tax cuts for business who outsource YOUR jobs to CHINA! End it all immediately by not buying Chinese products - NO EXCUSES - just stop buying it!


WASHINGTON
(Reuters)
- The huge U.S. trade deficit with China, fueled by Beijing's
actions to depress the value of its currency, displaced or eliminated
more than 2.7 million American jobs between 2001 and 2011, the
labor-friendly Economic Policy Institute said on Thursday in its latest
look at the issue.

The institute estimated that nearly 77 percent, or more than 2.1 million, of the lost jobs were in manufacturing.

The think tank receives about 30 percent of its funding from
union groups, which have pressed both the administration and Congress
for tougher steps to rein in the growing trade deficit with China, which
hit a record $295 billion in 2011.

China, known as the world's factory because of its huge
manufacturing sector, is the world's second-largest economy, having
raced past Japan in recent years.

Robert Scott, the institute's director of trade and manufacturing
policy research, said Chinese government intervention in currency
markets to keep its yuan at a low value against the U.S. dollar was a
major cause of the trade deficit.

China's undervalued currency effectively subsidizes its exports and taxes its imports, he said.

Scott told Reuters he believed the yuan was still undervalued by
at least 33 percent against the dollar, even though it has risen in
value in recent years.

Republican president challenger Mitt Romney has pledged to
formally declare China a currency manipulator on his first day in
office. No Treasury Department, under both Republican and Democratic
administrations, has labeled any country a currency manipulator since
1994, when China was last cited.

The Obama administration has declined to label China in seven semi-annual Treasury Department reports.

Administration officials say they have made progress with China
on the currency issue over the past few years without ratcheting up
tensions by formally labeling Beijing. The next semi-annual report is
due on Oct 15.

The U.S.-China Business Council, which represents companies that
do business in China, criticized the report as one-sided, saying it
failed to take into account productivity gains that allow U.S.
manufacturers to make more goods with fewer people.

"The U.S. is still the world's leading manufacturer - in fact, we
make more than ever, and we make more than anyone else," Erin Ennis,
the group's vice president, said in a statement.

In addition, the yuan has appreciated 30 percent against the
dollar since 2005, without a corresponding drop in the trade gap,
showing there is a limited link between the two, she said.

Last year, the institute estimated the U.S. trade deficit with China displaced 2.8 million jobs between 2001 and 2010.

The slightly lower number in
this year's report reflects changes made by the Bureau of Labor
Statistics to benchmark jobs data, Scott said.

The biggest U.S. job losses
were in the production of computers and electronics, clothing, textiles,
fabricated metal, furniture and fixtures, plastics and rubber, and
autos and auto parts, the report said.

Job losses were spread among
all 50 states, with the most in California, Texas, New York, Illinois
and North Carolina, the report said.

Ennis argued the overall U.S. economy has benefited significantly from trade, including with China.

In cases where workers are
displaced by lower-priced imports, U.S. policymakers should devise ways
to help them find new jobs rather than throw up trade barriers, she
said.
Pied Piper
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