Saturday, November 20, 2010

Trade ~ Trade ~ Trade ! ~ Fix it or Nix it !

Trade is the Problem ! Until it is fixed...Our Economy will Continue to Fail !

We Need to save Union City Goodyear Plant !

I have written many times about our trade problem. I am deeply concerned by the rapid decline of our manufacturing sector, which imperils our position as the world's strongest economy. Over 5 million manufacturing jobs have been lost in just the last 10 years - 2.4 million are the result of our trade deficit with China. Senate passage of H.R. 2378 - a bill to deter China from its market-distorting practice of currency manipulation - should be a top priority before Congress adjourns. Most economists believe that currency manipulation gives Chinese manufactured goods a 40 percent cost advantage when shipped into our market and an equivalent disadvantage for our goods when they enter China. Left unchecked, this policy stands in the way of free and fair trade, job creation, and a higher standard of living for millions of Americans. Confronted with stiff international pressure, China made a phony pledge in June 2010 to restore flexibility to its exchange rate and allow market forces to determine the value of the Yuan. However, the value of the Yuan has risen just 2 percent since that announcement - a far cry from the 40 percent undervaluation that is fueling a massive and ever-expanding trade deficit for our nation. History shows that strong action by Congress will bring positive results for American workers and companies. The Senate voted overwhelmingly in 2005 to penalize China for currency manipulation, and the result was a 21 percent appreciation of the Yuan in the months that followed. Unfortunately, China has restored its mercantilist currency policy and American jobs are in jeopardy. The House has already taken decisive action. On September 30, 2010, the House showed a rare moment of bipartisan cooperation by voting 348-79 to pass H.R. 2378, the Currency Reform for Fair Trade Act, sponsored by Congressmen Tim Ryan (D-OH) and Tim Murphy (R-PA). Now the Senate must act before closing out the 111th Congress. This issue is too important to postpone any longer. With each day that passes without action, more jobs are lost in my community and the tipping point of no return for our economy and middle-class America gets closer and closer. Ending China's currency manipulation will create more than 750,000 good American jobs at no cost to the U.S. Treasury. In fact, the anticipated growth created by such a
move could lower our budget deficit by as much as $500 billion over the next six years.
Fortunately, it is not too late to act.
I am counting on you to take
action to preserve our jobs, especially Goodyear Tire & Rubber, Union City, Tennessee and insist on a level playing field for American workers and businesses.
Please vote for H.R. 2378 and send the bill to President Obama for his signature. If you live in Tennessee ? click on title of this article or link below !
Contact Senator`s Alexander and Corker. Urge them to vote for this bill !
H.R. 2378


Don Jones = Underdog

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