Economist calls for President Obama to get tough on China
Robert E. Scott, director of trade and manufacturing policy research at the Economic Policy Institute and friend of the Alliance for American Manufacturing (AAM), recently penned an op-ed in the Press of Atlantic City. In the column, Scott highlights the many benefits for American jobs and economic equality that a tougher trade stance toward China would create.
Ending currency manipulation can reduce U.S. trade deficits by $200 billion to $500 billion, increasing production of U.S. goods and services and boosting Gross Domestic Product by 2 percent to 5 percent over the next two to three years.
This would create at least 2 million to 5 million new jobs, reducing the unemployment rate by 0.5 to 1.0 percentage points, or more. And this will bring real wage growth to millions of low- and middle-income working Americans, reducing inequality.
Obama can create jobs and reduce inequality by ending currency manipulation undertaken for commercial gain.
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