The U.S. economy could slide into a recession if President Barack Obama is re-elected and fails to toughen his stance against China and its foreign-exchange policies, said Peter Morici, a professor at the Robert H. Smith School of Business at the University of Maryland and former chief economist at the U.S. International Trade Commission.
China keeps its currency, the yuan, artificially weak to give it an edge in the global trade arena, which crimps growth in the United States, many politicians and business leaders charge.
Prior to the recession, Americans could drum up revenue from sources like home equity loans to continue to buy cheap goods made in China and keep the economy moving.
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6 comments:
Then what the hell do you call what we are in now? Folks we are already there!
China has walked all over Obama!
The only way we will get thrown into a recession is if things start to improve from the depression we are now experiencing. THINK about that.
You can tell that Obama is clueless when it comes to China, curency manipulation and the global trade arena. He avoids questions about these like the plague. It's fine that he doesn't understand but he needs to then put the proper people in place who do. This is where Romney's experience comes in. CEO's have a 6th sense and know the best people to have in postitons. Obama has put cronies which is apparent.
The whole China problem would be solved in a year if US consumers would DEMAND american-made products. But alas, the partisan ideologues would rather argue across the aisle than pull together to push for a real solution.
I agree with Anon 5:57, before you spout off about unfair trade balances with China, check your own possessions, how many of YOUR possessions are made in CHINA?
Including you Mr. Romney!
Until we bring back manufacturing jobs to THIS country, instead of letting them continue to be outsourced, we'll ALWAYS have a huge trade deficit!
It's that simple folks!
The ONLY way for this country to come back is manufacturing!!
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