THe Senate procedural vote week to crackdown on China's currency
manipulation drew diverging rhetoric from parities both inside
Capitol Hill and beyond, including a rsponse from the ruling
Chinese Communist regime's compound in Beijing.
The measure has gained solid bipartisan support despite some
strong opposition from ranking member of the Senate Finance
Committee Sen. Orrin Hatch (R-Utah) and House Speaker John
Boehner (R-Ohio).
The fact that the Chinese regime is manipulating the currency
resulting in a negative economic impact on America as a whole
is not disputed by those in Washington. President Obama's
October 6th press conference acknowledged this.
In a time of economic instability in the United States, the
challenge for legislatros now is how to properly deal with the
problem; wait for the Chinese regime to correct its own policy
and practice, or toughen trade laws to force a change.
CHina's business practices described as predatory, according
to a study by Economic Poliey Institute (EPI), a non-partisan
think tank dedicated to broadening discussions about economic
policy.
The group proposes that 19 million U.S. manufacturing jobs
nationwide were lost or displaced as a result of increased
trade with China and the Chinese regime's manipulation of its
currency. Over the past decade, the U.S. has lost approximately
6 million manufacturing jobs and seen 57,000 manufacturing
plants shut down.
Sheila McKinney
