LISTEN: Conference call with Sens. Schumer and Graham on jobs lost due to the U.S. trade deficit with China
Posted by scapozzola on 03/23/2010
Earlier today, the Alliance for American Manufacturing (AAM) and the Economic Policy Institute (EPI) held a press conference call to discuss the findings of a new report that shows the trade deficit with China costing the U.S. 2.4 million jobs between 2001-2008.
AAM Executive Director Scott Paul and EPI's Research Director Rob Scott were joined on the call by Sens. Charles Schumer (D-NY) and Lindsey Graham (R-SC). The discussion focused on not only the new report, but also China's continued currency manipulation, which is harming U.S. manufacturers and their workers.
Listen to the full conference call.
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I listened to the call today
I listened to the call today and I think the message was very clear of what need to happen in Congress very soon. Senators Schumer and Graham have been working on legislation to combat currency manipulation since 2005. Senators Stabenow and Brown have also been working to address the issue. Last week all of the ideas were merged into one bill because, as Senator Schumer explained, “we can’t turn a blind eye anymore.” Senator Graham says the price of goods may go up but that the number is small compared to the number of jobs we could be saving. Since we’ve lost 2.4 million jobs since China joined the World Trade Organization, this legislation must be passed in order to get people back to work. One in ten workers are out of a job.
As Scott Paul explained this would be the best and cheapest stimulus plan the country could partake on. It would cost us nothing and we would be creating jobs in the US, holding China accountable for their currency misalignment. He also mentioned that we can’t really express a lot of sympathy for China’s leaders because they have tried to promote their economic stability at the expense of all of us. Makes sense, I think. That’s like feeling sorry for a convict that can’t get cable television in jail. Rob Scott brought up a staggering statistic, that the 40% increase in the trade deficit was a result of the 627,700 jobs lost in the electronic and computer products industry. Right before our eyes, silicon valley is turning into a jobless desert, folks. We should stand behind this legislation and hope that Senators Schumer, Graham, Stabenow and Brown continue to work diligently supporting our manufacturing jobs in the US; the backbone of our economy.
Thank you for holding the press call.