Monday, April 5, 2010
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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.