Inconsistent signals on China legislation
Posted by scapozzola on 09/29/2011
Politico reporter Ben Smith spotted an interesting contradiction in Club for Growth President Chris Chocola's criticism of a pending Senate bill regarding China's undervalued currency:
back in 2005, when Chocola was a congressman, he introduced a bill in the House, the CHINA Act, that would have imposed similar tariffs on China if it tried to manipulate its currency.
Chocola was right to be concerned in 2005 about China's deliberately undervalued currency. The artifificially undervalued yuan is a prime cause of the growing U.S. trade deficit with China, which has cost 2.8 million jobs over the past decade.
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