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Kenny Chang

GOP bull in economic ‘China’ shop

Last week US Congress passed a bill that would take direct aim at the Chinese Yuan (Renminbi). The bill speaks especially for the industrial states Ohio and Michigan on the issue of American job erosion to foreign labour markets.Analysts have been speculated that China, so as to subsidize its exports, is intentionally undervaluing its Yuan by as much as 40% against the US dollar. The bill passed this week tried to address American job losses to overseas competition, and will attempt to re-value the Yuan in order to level the Sino-American trading field and save American jobs. But Beijing has openly voiced opposition to this bill, warning the US that such legislation is not only against World Trade Organization laws, but will also ignite a “trade war” between the two nations. But with economic irresolution prevalent both overseas (in the EU) and in the US, the US is struggling to find viable options to spur growth in its dead job sector; American unemployment remains stagnant at 9.1%, and is more likely to rise than fall in the short run. The US needs job-creation momentum to bolster its economy – an economy that is, as recently declared by the ECRI, already in another recession.  Do Washington lawmakers have the American people's interests at heart, or has this bill been purely political in its aims? Congress claims to be addressing the ongoing jobs crisis, but they have shot down President Obama's $450 billion-dollar job-creation plan. Setting aside whether the plan would be effective or not (something, in my opinion, that could not be known until after the legislation passed), the real question becomes: why did Congress block Obama's job legislation? I believe this is further theatrics from Washington. Rejecting the President's job creation plan takes him from a situation where he has… Read More