The Big Fail: Delivering Jobs Overseas

Obama’s Failure To Address Outsourcing Comes At The Expense Of Hundreds Of Thousands Of American Jobs

OBAMA CAMPAIGN CLAIMS HE’S DELIVERED ON ADDRESSING OUTSOURCING

NBC’s Andrea Mitchell: “But is it good enough, Stephanie, is it good enough to say that the president — excuse me. Just on that point, is it good enough for the president, four years in, to say that Congress hasn’t acted on his proposals? Isn’t it for him to lead and to show that he can deliver?”

Obama Deputy Campaign Manager Stephanie Cutter: “Well, Andrea, we have delivered.”

(MSNBC’s “Andrea Mitchell Reports,” 7/10/12)

OBAMA BROKE HIS PROMISE TO CONFRONT CHINA ON CURRENCY MANIPULATION

PROMISE: Obama In 2008: If China Is “Devaluing Their Currency To Make Their Goods Cheaper And Our Goods More Expensive And We’re Not Challenging Them … Dumping Cheap Steel And Cheap Goods Into This Country Because They’re Subsidized By The Chinese Government And We’re Not Challenging Them, That’s Just Not Fair. It’s Not Right…” OBAMA: “”If they’re devaluing their currency to make their goods cheaper and our goods more expensive and we’re not challenging them, if they’re stealing our intellectual property, our copyrights and we don’t say anything about it, we don’t take them before the World Trade Organization, if they’re dumping cheap steel and cheap goods into this country because they’re subsidized by the Chinese government and we’re not challenging them, that’s just not fair. It’s not right, and it’s going to undermine our economic condition over the long term.” (Craig Gilbert, “Candidates Berate China,” Milwaukee Journal Sentinel, 4/14/08)

BROKEN: In May 2012, The Treasury Department Said That China “Did Not Meet The Definition Of A Currency Manipulator Under Its Standards.” “The Treasury Department on Friday once again declined to name China a currency manipulator despite bipartisan calls for action from Congress. Treasury noted that China’s currency has appreciated against the dollar since June 2010, and said it did not meet the definition of a currency manipulator under its standards.” (Julian Pecquet, “Treasury: China Not Manipulating Currency,” The Hill ‘s “Global Affairs” Blog , 5/25/12)

OBAMA’S FAILURE TO ADDRESS CHINESE CURRENCY MANIPULATION HAS COST HUNDREDS OF THOUSANDS OF AMERICAN JOBS

Obama’s Failure To Confront China Cost The United States 450,000 Jobs From 2008 To 2010. “American jobs have been shifting to low-wage countries for years, and the trend has continued during Obama’s presidency. From 2008 to 2010, U.S. trade with China alone cost about 450,000 American jobs because of the growth of Chinese exports, said Robert E. Scott, a pro-labor advocate at the liberal Economic Policy Institute. That figure was less than in previous years, but the decrease was probably tied to the U.S. economic slowdown, which crimped demand for imports. ‘I think he has walked away from the campaign commitments,’ said Scott, the institute’s director of trade and manufacturing policy research. ‘He has done far too little to improve U.S. trade.'” (Tom Hamburger, Carol D. Leonnig and Zachary A. Goldfarb, “Obama’s Record On Outsourcing Draws Criticism From The Left,” The Washington Post , 7/9/12)

“Obama’s Critics, Primarily On The Political Left, Say He Has Repeatedly Failed In Other Ways To Protect American Jobs From Being Moved Overseas” Including Confronting China. “While White House officials say they have been waiting on Congress to act, Obama’s critics, primarily on the political left, say he has repeatedly failed in other ways to protect American jobs from being moved overseas. They point to a range of actions they say he should have taken: confronting China, reining in unfettered trade and reworking a U.S. visa program that critics say ends up sending high-tech jobs abroad.” (Tom Hamburger, Carol D. Leonnig and Zachary A. Goldfarb, “Obama’s Record On Outsourcing Draws Criticism From The Left,” The Washington Post , 7/9/12)

• Robert Scott Of The Economic Policy Institute: “I Think He Walked Away From The Campaign Commitments.” “‘I think he has walked away from the campaign commitments,’ said Scott, the institute’s director of trade and manufacturing policy research. ‘He has done far too little to improve U.S. trade.’ According to a study by the U.S. Bureau of Economic Analysis, large American companies in 2010 barely added any workers in the United States, increasing their numbers by 0.1 percent, while they expanded their foreign workforce by 1.5 percent.” (Tom Hamburger, Carol D. Leonnig and Zachary A. Goldfarb, “Obama’s Record On Outsourcing Draws Criticism From The Left,” The Washington Post , 7/9/12)
• Scott Paul, Head Of The Alliance For American Manufacturing, Is “Perplexed” By Obama’s Refusal To Label China A Currency Manipulator.“But Obama’s critics say the most important step the president could take – but hasn’t – is to declare China a ‘currency manipulator,’ which could ultimately allow the U.S. government to erect tariffs to protect American industries. ‘I’m perplexed by this decision because it runs counter to the goal of re-shoring jobs from China,’ Scott Paul, head of the labor-backed Alliance for American Manufacturing, said in a May statement.” (Tom Hamburger, Carol D. Leonnig and Zachary A. Goldfarb, “Obama’s Record On Outsourcing Draws Criticism From The Left,” The Washington Post , 7/9/12)

EVEN OBAMA’S FELLOW DEMOCRATS HAVE CRITICIZED HIM FOR HIS INACTION

Sen. Sherrod Brown (D-OH): “Once Again, The U.S. Treasury Department Has Given China A Free Pass When It Comes To Its Currency Manipulation.” “‘Once again, the U.S. Treasury Department has given China a free pass when it comes to its currency manipulation,’ Brown said. ‘While we’re seeing American manufacturing rebound, China is stepping up its efforts in a number of critical sectors, including clean and solar energy, advanced manufacturing, and auto parts. Addressing China’s currency manipulation is critical to our economic recovery and for job gains, and despite wide bipartisan support in the Senate for legislation that tackles this issue, the U.S. House has failed to act. Speaker Boehner should bring the Currency Exchange and Oversight Reform Act to the floor as soon as possible.'” (Press Release, “Treasury Giving China A ‘Free Pass’ On Currency Manipulation,”Senator Sherrod Brown , 5/25/12)

Sen. Charles Schumer (D-NY): “The Administration Continues To Let China Get Away With Flouting Trade Rules Just For The Sake Of Diplomacy.” Sen. Charles Schumer (D-N.Y.), who has been sponsored legislation that would punish Chinese imports for the undervalued currency, also criticized the administration’s report. ‘The administration continues to let China get away with flouting trade rules just for the sake of diplomacy. Calling out China as a manipulator may be awkward, but it is time to take off the kid glove,’ he said in a statement. ‘With the administration continuing to balk on this, it’s up to Congress to act. The Senate has passed bipartisan legislation to confront China and stand up for American workers, and Speaker Boehner needs to stop sitting on it and give it a vote.'” (Julian Pecquet, “Treasury: China Not Manipulating Currency,” The Hill ‘s “Global Affairs” Blog , 5/25/12)

Sen. Bob Casey (D-PA) Urged Obama To “Pursue The Aggressive Policies” Needed To Protect American Companies And Jobs. “‘China’s unfair trade practices and economic policies are harming companies and costing jobs in Pennsylvania and across the country,’ said Senator Casey. ‘I urge President Obama to address these concerns with the Chinese Vice President and pursue the aggressive policies I have advocated to give Pennsylvania workers and manufacturers a chance to compete.'” (Senator Bob Casey, “Casey Urges Obama to Get Tough On China Ahead Of Visit From Chinese Vice President,” Press Release, 2/14/12)

CHINA HOLDS OVER $1 TRILLION OF AMERICA’S DEBT

China Now Holds Over $1.1 Trillion In U.S. Debt. (Department Of Treasury, Accessed 7/10/12)

• China Lectured The U.S. To “Adopt Responsible Policies” Concerning Our Deficits To Protect Owners Of U.S. Debt. “‘We hope the U.S. government earnestly adopts responsible policies and measures to protect the interests of investors,’ Chinese Foreign Ministry spokesman Hong Lei said Tuesday, according to a Wall Street Journal report. The comments came after S&P this week downgraded its outlook on U.S. government bonds to negative from stable.” (“China Urges ‘Responsible’ U.S. Action On Debt,” The Wall Street Journal‘s “MarketWatch”, 4/19/11)