The U.S. Bureau of Labor Statistics reported that the United States lost 28,000 manufacturing jobs in January 2008. These losses were a leading contributor to the overall loss of 17,000 jobs in the U.S. economy for the month.
"Passing a stimulus package is not enough. Congress must respond to the U.S. manufacturing job loss crisis decisively and immediately if the United States is to avoid a prolonged economic downturn," said American Manufacturing Trade Action Coalition (AMTAC) Executive Director Auggie Tantillo.
"Predatory trade, especially as practiced by China, has led to more than 3.3 million U.S. manufacturing job losses since the beginning of 2001," Tantillo continued.
Noting that Congress long has been considering anti-currency manipulation legislation, "Congress needs to pass strong anti-currency manipulation legislation right now. It is the height of irresponsibly for the Congress not to have addressed the anti-currency manipulation issue in recent months. China's illegal undervaluing of its currency combined with its peg to the U.S. dollar gives China's manufacturers a substantial competitive advantage over their U.S. competitors," Tantillo said.
"Not only is China's cheating costing U.S. manufacturers market share, it also is discouraging investment in manufacturing in the United States, and this lack of investment is contributing to weakness of the U.S. economy," Tantillo added.
"The longer Congress delays in addressing the currency manipulation issue, the likelihood of the U.S. economy sliding into a deep recession grows even greater," Tantillo concluded.
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