70% OF CHINESE SAY THEY ARE BETTER OFF NOW (Obama has been very good for China)
Breitbart ^ | 19 Oct 2012 | WYNTON HALL
Posted on Saturday, October 20, 2012 12:38:46 PM by Snuph
Polls decisively show that Americans say they are not better off now than they were four years ago. The same, however, cannot be said for Chinese citizens. A recent poll by the Pew Research Center finds that 70% of Chinese people say their finances are better off now than they were five years ago. Indeed, the Obama years have been a boon toChina economically. Specifically, China has benefited from President Obama’s weakness on leveling thetrade deficit and cracking down onChinese currency manipulation. First, Mr. Obama has failed to make good onhis promises to equalize the Chinese-American trade deficit. Chinese exports to America are up and climbing. In September, Chinese exports leapt another 5.5% from the previous year. Why does that matter? Jobs. From 2001 to 2011, America's trade deficit with China killed or displaced over 2.7 million U.S. jobs, 76.9 percent of which came from manufacturing. And 662,100 ofthose jobs were lost from 2008 to 2011—even though Chinese imports dropped when Mr. Obama entered office in 2009. Second, Obama has failed to crack down onChinese currency manipulation. By artificially lowering the value ofits currency, Chinese companies bidding on projects can quote lower prices than their American competitors. That means fewer jobs for the U.S. and more outsourcing to China. According to the Peterson Institute for International Economics, even a revaluation of Chinese currency that’s less than half ofits fair market rate would translate into 300,000 to 700,000 American jobs in-two-to-three years. ... That’s aloss of nearly 1 million jobs annually. Even leftist New York Times columnist Paul Krugman has reluctantly conceded the indefensibility of not cracking down on Chinese currency manipulation. “In normal times,” wrote Mr. Krugman, “I’d be among the first people to reject claims that China is stealing other people’s jobs, but right now it’s the simple truth…
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