- The Enterprise
- The Recorder
The election is over, Mr. President. What is next?
Jobs and a healthy economy are what the American people demand. Cutting taxes and reducing federal spending is one part of the solution. The other part, and the most important one for this administration, is the trade imbalance deficit with China. Our trade deficit is holding down our growth rate. Peter Navarro, a business professor at the University of California, put it this way:
“The U.S. budget deficit is largely a product of our slow growth over this decade, and our slow growth is largely a product of China’s stealing our market.”
Twenty million jobs lost and we are not creating 2 million jobs a year, as we should. If we have jobs and growth, we wouldn’t have a budget deficit. Let us open those factories again. The manufacturing sectors should create a large part of those jobs we lost.
The Obama administration should toughen its stance against China if it wants to see our growth rate return to levels that can create jobs in the United States.
During his campaign, Mitt Romney said that he would brand China as a currency manipulator.
China must see a White House and Congress that stand up to them. China would respect that.
China is stealing jobs and shutting factories in the United States, hampering U.S. growth rates on a long-term basis. According to Navarro, there are 25 million people who can’t find jobs. If we revamp our policies with China, we will be able to reopen our factories here.
Romney deserves praise for his plan to stand up to China. Now the president should work with Congress to draft a plan.
Mike Bakir, La Plata