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  1. #1
    Banned! CaptainVonDoom's Avatar
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    Default Reuters: U.S. trade gap with China cost 2.7 million jobs: study

    " 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."

    http://news.yahoo.com/u-trade-gap-ch...ce.html?_esi=1

  2. #2
    Atomic Punk Dave's Dreidel's Avatar
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    12.13.17 @ 12:19 PM
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    I have been saying this for a long time, and I feel I am talking to myself.

    Why do we do business with these types of countries? Where there is slave labor, artificial devaluation of their currency, atrocious human rights records, tariffs on our goods exported to them and other free trade impairments.

    Why don't we just trade with similar minded countries as ourselves. Why don't we trade with countries that believe in freedom of religion, freedom of speech, equality among the sexes, the separation of church and state, a workplace and humanitarian standards?

    Between the US, European Union, Canada, Mexico, Japan, Brazil and Australia, that combines to over 68% of the world GDP. I am sure there are others countries that I haven't mentioned that would fall into what we consider acceptable trading partners, so let's say we can trade with countries that make up 75% of the world economy.

    So why in the fuck are we dealing with China, Russia, Saudi Arabia, etc.

    Makes no fucking sense to me whatsoever.
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  3. #3
    Good Enough ignorance_is_bliss's Avatar
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    09.07.17 @ 09:37 PM
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    Run for president, DD. Sometimes if the job is worth doing, it's worth doing yourself!

  4. #4
    Atomic Punk CaboChris's Avatar
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    12.13.17 @ 05:13 PM
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    Quote Originally Posted by Dave's Dreidel View Post
    I have been saying this for a long time, and I feel I am talking to myself.

    Why do we do business with these types of countries? Where there is slave labor, artificial devaluation of their currency, atrocious human rights records, tariffs on our goods exported to them and other free trade impairments.

    Why don't we just trade with similar minded countries as ourselves. Why don't we trade with countries that believe in freedom of religion, freedom of speech, equality among the sexes, the separation of church and state, a workplace and humanitarian standards?

    Between the US, European Union, Canada, Mexico, Japan, Brazil and Australia, that combines to over 68% of the world GDP. I am sure there are others countries that I haven't mentioned that would fall into what we consider acceptable trading partners, so let's say we can trade with countries that make up 75% of the world economy.

    So why in the fuck are we dealing with China, Russia, Saudi Arabia, etc.

    Makes no fucking sense to me whatsoever.


    Both parties sell out our country and it's values, with no shame whatsoever, and you can barely tell the difference between them.


  5. #5
    Atomic Punk edwardv's Avatar
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    12.13.17 @ 03:35 PM
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    We deal with China because our government feels that will appease them financially and they will not seek world conquest and potential nuclear war. This may or may not be true. We deal with Saudi because they have oil and they are last of the puppet Arab governments willing to help the USA even though they support Jihad and want the extermination of Isreal. As for Russia I really don't know they certainly have gone backwards towards totalatarian rule again and their nukes are still aimed at us just not as many as in 1985. They have natural reasources but they seem to want them only for themselves at this point. I think the Russian government took over control of the oil and gas industry at the point of a gun a few years back and Putin is now President for life. Even if I'm wrong the end result of dealing with the devil never turns out good.
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  6. #6
    Forum Frontman It's Mike's Avatar
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    12.13.17 @ 08:13 PM
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    Default

    Quote Originally Posted by Dave's Dreidel View Post
    I have been saying this for a long time, and I feel I am talking to myself.

    Why do we do business with these types of countries? Where there is slave labor, artificial devaluation of their currency, atrocious human rights records, tariffs on our goods exported to them and other free trade impairments.

    Why don't we just trade with similar minded countries as ourselves. Why don't we trade with countries that believe in freedom of religion, freedom of speech, equality among the sexes, the separation of church and state, a workplace and humanitarian standards?

    Between the US, European Union, Canada, Mexico, Japan, Brazil and Australia, that combines to over 68% of the world GDP. I am sure there are others countries that I haven't mentioned that would fall into what we consider acceptable trading partners, so let's say we can trade with countries that make up 75% of the world economy.

    So why in the fuck are we dealing with China, Russia, Saudi Arabia, etc.

    Makes no fucking sense to me whatsoever.
    hard to disagree with this.

  7. #7
    Baluchitherium Scott's Avatar
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    12.13.17 @ 11:16 AM
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    Quote Originally Posted by Dave's Dreidel View Post
    I have been saying this for a long time, and I feel I am talking to myself.

    Why do we do business with these types of countries? Where there is slave labor, artificial devaluation of their currency, atrocious human rights records, tariffs on our goods exported to them and other free trade impairments.

    Why don't we just trade with similar minded countries as ourselves. Why don't we trade with countries that believe in freedom of religion, freedom of speech, equality among the sexes, the separation of church and state, a workplace and humanitarian standards?

    Between the US, European Union, Canada, Mexico, Japan, Brazil and Australia, that combines to over 68% of the world GDP. I am sure there are others countries that I haven't mentioned that would fall into what we consider acceptable trading partners, so let's say we can trade with countries that make up 75% of the world economy.

    So why in the fuck are we dealing with China, Russia, Saudi Arabia, etc.

    Makes no fucking sense to me whatsoever.
    I'm in 100% agreement. You should also mention their environmental policies (or lack of)

    The tarrif thing irks the shit out of me (almost as much as the currency thing)... Have you seen the up charge in our cars?

    Lastly - their copyright policies are a fucking joke.

    We make it, they copy it, do so with no regard to human rights or the environment, sell it to us at below cost due to the Juan valuation, and lend us the money to do it.

    The Romney comment in the article is the first thing I've heard out of his mouth that isn't a flip flop that I agree with.

 

 

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