Uneven trade with China = 56,000 jobs lost in Indiana
Today, Alliance for American Manufacturing (AAM) President Scott Paul published an opinion in the Times of Northwest Indiana, in which he voices support for H.R. 1276, the Currency Reform for Fair Trade Act.
H.R. 1276 would show our international competitors that America is serious about cracking down on trade cheating.
And such a bill is long overdue, especially for the Hoosier State; Currency manipulation is one of many tools the Chinese government uses to support the massive trade surplus it runs with the United States. And the result, says Paul, is pretty grim:
Since we granted normalized trade relations to Beijing over a decade ago, we’ve traded production capacity, and about 2.7 million middle-class jobs (including more than 56,000 in Indiana) to China …
Our trade deficit with China ($315 billion in 2012 alone) and all of that job loss wouldn’t be nearly as bad if we demanded our trading partners stick to the rules. By failing to do so we've essentially traded away a huge chunk of middle-class employment (which comes with plenty of widespread social pitfalls), in return for cheap goods at big-box retailers. But you can't take advantage of low, low prices if you don't have a job in the first place.
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