Will America see the light on currency manipulation?
Last week, General Electric's CEO Jeffrey Immelt appeared at a conference – hosted by retail giant Walmart, no less – that discussed how best to grow the U.S. manufacturing sector. Immelt found a captive audience comprised of retailers, manufacturers, and a handful of state governors. He announced some good news: GE will create new American jobs! Making lightbulbs!
Immelt … announced that GE will bring 150 manufacturing jobs to plants in Ohio and Illinois where high-efficiency lighting will be built. The $30 million investment will be at plants in Bucyrus and Circleville in Ohio and Mattoon in Illinois.
“We wanted to be a part of this,” Immelt said. “This is a first step.”
That’s indeed a good first step for workers in the Midwest, and we’re glad to see that American corporations are slowly concluding that it makes economic sense to reshore the jobs they once sent abroad.
But since we’re talking dollars and cents here, we’ve got a great idea on how to improve business conditions for those looking to Make it in America again: crack down on currency manipulation.
GE is bringing 120 jobs back to the Buckeye State. But if – and unfortunately, it’s a big if – we eliminated global currency manipulation and thereby reduced America’s trade deficit in goods by as much as $400 billion over the course of three years, America would trade in this piecemeal approach at reshoring in favor of a massive economic rebound. So says a report from the Economic Policy Institute (EPI), which also found that such a trade deficit reduction would result in:
- Create between 2.2 million and 4.7 million U.S. jobs,
- Reduce the national unemployment rate by between 1.0 and 2.1 percentage points,
- Create about 620,000 to 1.3 million manufacturing jobs, and
- Increase U.S. GDP by between $225.0 billion and $473.7 billion.
And the impact for Ohio in particular?
- Create 94,900 to 199,700 jobs (equal to between 1.6 percent and 3.4 percent of total Ohio employment), and
- Reduce Ohio’s unemployment rate by between 1.3 and 2.7 percentage points.
That’d be quite an improvement for the lot of jobless Ohioans (the unemployment rate is there 7.2 percent). Take a moment to encourage your representative to support H.R.1276, the Currency Reform for Fair Trade Act.
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