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Finally, the candidates talk manufacturing and China in second presidential debate

Posted by LDonia on 10/17/2012

Last night, President Obama and Mitt Romney met for the second presidential debate of the 2012 election cycle. CNN’s Candy Crowley moderated the town hall-style debate.

The Alliance for American Manufacturing (AAM) is pleased that the candidates were asked questions about manufacturing, China, and trade. (In fact some questions sounded very similar to those raised by our Facebook fans.)

We’ve assembled some highlights.

On manufacturing:

Obama:
I want high wage, high skill jobs. That’s why we have to emphasize manufacturing. That’s why we have to invest in advanced manufacturing. That’s why we’ve got to make sure that we’ve got the best science and research in the world. And when we talk about deficits, if we’re adding to our deficit for tax cuts for folks who don’t need them, and we’re cutting investments in research and science that will create the next Apple, create the next new innovation that will sell products around the world, we will lose that race.

Romney:
if we do what I’m planning on doing, which is getting us energy independent, North America energy independence within eight years, you’re going to see manufacturing jobs come back. Because our energy is low cost, that are already beginning to come back because of our abundant energy… We’ll bring back manufacturing to America. We’re going to get through a very aggressive energy policy, 31/2 million more jobs in this country. It’s critical to our future.

On China:

Romney:
Now, we’re going to have to make sure that as we trade with other nations that they play by the rules. And China hasn’t. One of the reasons — or one of the ways they don’t play by the rules is artificially holding down the value of their currency. Because if they put their currency down low, that means their prices on their goods are low. And that makes them advantageous in the marketplace.

We lose sales. And manufacturers here in the U.S. making the same products can’t compete. China has been a currency manipulator for years and years and years. And the president has a regular opportunity to label them as a currency manipulator, but refuses to do so.

On day one, I will label China a currency manipulator, which will allow me as president to be able to put in place, if necessary, tariffs where I believe that they are taking unfair advantage of our manufacturers.

Obama:
When he talks about getting tough on China, keep in mind that Governor Romney invested in companies that were pioneers of outsourcing to China, and is currently investing in countries — in companies that are building surveillance equipment for China to spy on its own folks.

That’s — Governor, you’re the last person who’s going to get tough on China. And what we’ve done when it comes to trade is not only sign three trade deals to open up new markets, but we’ve also set up a task force for trade that goes after anybody who is taking advantage of American workers or businesses and not creating a level playing field. We’ve brought twice as many cases against unfair trading practices than the previous administration and we’ve won every single one that’s been decided.

When I said that we had to make sure that China was not flooding our domestic market with cheap tires, Governor Romney said I was being protectionist; that it wouldn’t be helpful to American workers. Well, in fact we saved 1,000 jobs. And that’s the kind of tough trade actions that are required.

EDITOR'S NOTE: We've pasted these quotes directly from the debate transcript so as to give a representative picture of what the candidates said.

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2 comments

Anonymous wrote 34 weeks 3 days ago

Government and the election

When was the last time any of us heard a president talk about the root of the entire problem THE MONEY SUPPLY)? The ones with the gold make the rules !

Our government does not even control our own countrys money supply! Our gov has to barrow its own money at interest from the federal reserve system (a Private banking monopoly)

The media and the government are the lapdogs of the federal reserve! These huge private banks are sucking the life blood out of our country and all of us along with it!

The American economy is primarily a service economy! The beginning way to fix our economy is to convert it from a service based system to a producer of goods and food and energy. Even now most of our food is imported when at one time we were the bread basket of the world. If we don't do it now we are going to have a very long depression.

The essential first step to changeing our money system is converting it back to a producing economy, producing energy, food and goods!
Obama is so wrapped up in social bull issues that he is not focused on the real problem "the economy" Obama cannot barrow away the debt he can not stimulus out of debt with borrowed money. He has never run a business and does not have a clue how to fix it !

Romney shipped jobs out and knows how to bring them back! Presidents John F Kennedy, Lincoln and Jackson all were going to do away with the Federal Reserve System and what do they have in common? All were assassinated.

Anonymous wrote 34 weeks 4 days ago

As Romney Repeats Trade Message, Bain Maintains China Ties

This, from CNBC.... http://www.cnbc.com/id/49358034/

The tale of Asimco Technologies, an auto parts manufacturer whose plants dot eastern China, would seem to underscore Mitt Romney’s campaign-trail complaint that China’s manufacturing juggernaut is costing America jobs.

Nine years ago, the company bought two camshaft factories that employed about 500 people in Michigan. By 2007 both were shut down. Now Asimco manufactures the same components in China on government-donated land in a coastal region that China has designated an export base, where companies are eligible for the sort of subsidies Mr. Romney says create an unfair trade imbalance.

But there is a twist to the Asimco story that would not fit neatly into a Romney stump speech: Since 2010, it has been owned by Bain Capital, the private equity firm founded by Mr. Romney.

Bain’s interest in China dates to when Mr. Romney ran the firm. During a panel discussion at the Federal Reserve Bank in Boston in February 1998, he told of touring an appliance factory in China where 5,000 employees “were working, working, working, as hard as they could, at rates of roughly 50 cents an hour.”

Not long afterward, a Bain affiliate, Brookside Capital Partners, acquired about 6 percent of Global-Tech Appliances, whose factory in many ways matched Mr. Romney’s description. The next year, Brookside and another Bain-related entity increased their stake to 9 percent, before selling their shares in 2000.

Two years ago, Sensata bought an operation that made automobile sensors in Freeport, Ill. At the first meeting with the plant’s 170 workers, Sensata managers announced that by the end of 2012 all the equipment and jobs would be relocated, mostly to Jiangsu Province. Workers have staged demonstrations, pleading for Mr. Romney to intervene on their behalf.

Chinese engineers, flown to Freeport for training on the equipment, described their salaries as a pittance compared with Freeport wages. Tom Gaulrapp, who has operated machines at the factory for 33 years, said he fears he will go bankrupt after he loses his job on Nov. 5.

“This goes to show the unbelievable hypocrisy of this man,” he said of Mr. Romney. “He talks about how we need to get tough on China and stop China from taking our jobs, and then he is making money off shipping our jobs there.”

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