Chinese playing field is not level

first_imgMore from The Daily Gazette:Car hits garage in Rotterdam Sunday morning; Garage, car burnEDITORIAL: Find a way to get family members into nursing homesEDITORIAL: Urgent: Today is the last day to complete the censusFoss: Should main downtown branch of the Schenectady County Public Library reopen?EDITORIAL: Thruway tax unfair to working motorists Just before China’s economic explosion, China devalued their currency over night by over 33 percent against the dollar. Countries like China are cheaters and use their bag of tricks to increase exports and inhibit imports. We are in an economic war and losing. As a result, U.S. factories close and jobs eliminated.The United States has a very large trade deficit. In January the trade deficit increased to $56.6 billion. This represents a great deal of jobs not in the United States.Our manufacturing base has been under stress and in decline for decades. Doing nothing will end badly as our manufacturing and technology go overseas. Over the decades our leaders have been blind to realize the gravity of this slow destructive change. The increased spending in welfare and social programs is an obvious result of losing this economic war.Trump and the Republicans are “juicing” up the economy by paying back campaign contributors with large tax cuts as well as increasing government spending. Projected budget deficits are now around $1 trillion per year. An economy dependent upon debt will eventually end badly. “Reforming” Social Security and Medicare has become more than a real possibility.JOHN DWORAKRotterdam Categories: OpinionFair trade is a myth. Nations use fees, regulations and product specifications, all designed to keep out imports. Nations like China subsidize Chinese companies to increase exports. As a result, Chinese corporations can sell their products below cost. A common tactic to decrease imports and increase exports has been currency exchange rate manipulation.last_img

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