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Anti-currency manipulation key to improved economy
31
Jan '08
Noting that the United States has lost 3.28 million manufacturing jobs (19.1 percent of the total manufacturing workforce) and has run a more than $1.1 trillion trade deficit with China in manufactured goods in the last seven years, the American Manufacturing Trade Action Coalition (AMTAC) stated that strong anti-currency manipulation legislation is crucial to any effective economic stimulus package.

"Curing the ills plaguing U.S. manufacturing would provide an even stronger and more long-term stimulus to the U.S. economy than passage of a $150 billion tax rebate plan by itself. To start the healing process, the United States must counter the predatory trade practices of China and other countries, otherwise more and more stimulus dollars will be shipped abroad rather than recirculated in the economy at home. Quick passage of strong anti-currency manipulation legislation is a key component to stopping trade cheats," said AMTAC Executive Director Auggie Tantillo.

"Illegally manipulated currency, especially as practiced by China, is one subsidy undermining the health of U.S. manufacturing and is a key factor of why the United States has lost nearly 3.3 million middle-class manufacturing jobs. As a result of these job losses, a hollowed-out U.S. manufacturing sector increasingly is unable to prevent America's economy from weakening," continued Tantillo.

"Let there be no doubt. Massive U.S. manufacturing job losses are one critical reason why the housing credit crisis is hitting the U.S. economy disproportionately hard. A strong U.S. manufacturing sector normally is the engine that stimulates America's economic expansion by providing good jobs with benefits to people in danger of losing their homes," Tantillo added.

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