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The Whitehouse has decided to delay a report which labels China a "currency manipulator," after fears that it could touch off a trade war.
China's currency manipulation currently undermines US exports, depresses our GDP, and leeches jobs from the American economy...all of which are very bad things. But standing up to China would involve...well...standing up, which doesn't come naturally to a president whose first instinct would be to bow to Burger King.
Of course, it's hard to stand up to someone if you owe them money...and we currently owe China over $776 billion, which has been borrowed to finance our ever-metastasizing social programs. That's over $10,000 for every working family in America.
And unfortunately, as long as China is free to manipulate our currency, there will be fewer working families every year.
9 comments:
Perhaps Obama still thinks he can get China to agree to tough sanctions on Iran. Good luck with that. It's like Obama took the media version of Bush as the arrogant, strutting cowboy and has turned it on its head. He rides into the White House and scolds and accuses our allies and internal institutions, yet bows to and shakes hands with the tyrants of the globe. And one never knows what's happening diplomatically behind closed doors. If our country's private conversations with world leaders resemble the Health Care fiasco, be very afraid.
Confucius say, man with hole in pocket feel Obama all day.
...or something like that, Confucius say a lotta stuff
Rasmussen: Tea Party 48% Obama 44%
Ok, we need to stop the damned spending, cut taxes, generate some revenue, buy back out debt, THEN tell the Chinese where to put it, 'cause WE'RE not gonna take it anymore..
Yeah, THEN I woke up, sticky...
"Ok, we need to stop the damned spending, cut taxes, generate some revenue, buy back out debt, THEN tell the Chinese where to put it, 'cause WE'RE not gonna take it anymore.." --this is exactly what should be done as well as getting out of this one world order global economy of which we've given every job we use to have that employed our people in the USA and allowed us to be totallt independent to some foriegn national mofia that can now hold a hammer over our heads. WE are such idiots.
If we really, truly, wanted to bring back jobs, address the trade imbalance, and end the deficit it could be done easily by taking the corporate tax rate and cutting it in HALF. We currently pay the third highest corporate taxes in the world. When we make manufacturing here vs. buying from overseas economically attractive again the economy will come back with a vengeance.
Trade war? WTF!
What do they buy from us, besides our now worthless bonds?
Readers- Excellent comments. The longer we enjoy artificially cheap prices on goods from China, the fewer goods will be - or can be - produced domestically.
As a country, we need to cut back on spending enough that we don't have to look to China for loans. Then, and only then, we can also tell China that their manipulation of our currency and deliberate destruction of our manufacturing capabilities is unacceptable.
The "trade war" will start with angry customers at the Wal-Mart cash registers when 90% of their merchandise (i.e. Chinese Junk) doubles in price ... and us with our domestically-produced pants down.
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