Newsflash:
Issues End Mass Criminalization Trans Pacific Partnership Currency Manipulation Costs Jobs in Indiana
Thursday, 21 August 2014 01:23

Currency Manipulation Costs Jobs in Indiana

Written by  Matt Blunt | Indy Star
American businesses could be hiring more workers today if we ended unfair trade practices used by some of our trading partners. No matter how competitive companies are in Indiana, they struggle to keep up with foreign competitors that are given an unearned advantage because of currency manipulation.

Currency manipulation may sound more like an idea discussed in Washington than on the assembly lines of South Bend, but local businesses are put at a competitive disadvantage by it. Currency manipulation is a 21st-century trade barrier used by foreign governments to support their domestic industries. This means when countries like Japan use it to boost their industries, American companies and workers feel the pain.

What is currency manipulation? Essentially, it’s when a country buys a foreign currency (primarily U.S. dollars) with its own currency, which decreases the value of its currency. This makes the country’s products less expensive in the United States and American products more expensive in that foreign country. It also can make the country’s products cheaper relative to American products in other countries where we compete head to head, hurting the competitiveness of the American products in those markets. For American automakers, who are huge exporters, currency manipulation can have an outsized impact on local hiring and investment decisions.

Currency manipulation already has taken a toll on American jobs. A recent study by the Peterson Institute for International Economics, a nonprofit institution for rigorous, intellectually open and honest study and discussion of international economic policy, found that as many as 5 million U.S. jobs have been lost due to currency manipulation. However, if it is prohibited it could help us grow a still-struggling economy here at home. According to an Economic Policy Institute study, if the United States truly addressed currency manipulation by its foreign rivals as many as 5.8 million U.S. jobs could be created — with nearly 152,600 of those jobs created here in Indiana.

America is negotiating the Trans-Pacific Partnership, a landmark trade agreement with 11 other Pacific Rim countries. Through the TPP, the United States and its trading partners have a historic opportunity to usher in new trade rules that meet the challenges of a 21st-century economy. This goal can be achieved only by including strong and enforceable currency manipulation rules in the TPP. Without these currency rules, the United States would be giving its foreign competitors license to continue gaming the system at the expense of American workers.

In spite of these head winds, American manufacturing is a success story in our economy. Jobs are returning home and U.S. auto production is expanding, boosting economic growth in communities throughout the country and here in Indiana. Let’s get the TPP trade deal right to ensure that manufacturers and the local businesses they support can grow and invest across America for years to come.

Link to the original article from Indy Star.

Read 2238 times

End Mass Criminalization Articles

Brave New Foundation - For Profit Prisons

Brave New Foundation For Profit Prisons

Henry Rollins narrates the Prison Profiteers video series profiling the powerful institutions benefiting from locking up too many people for too long. See all the vids and take action here: http://prisonprofiteers.org #prisonprofiteers

Henry Rollins On Prison Profiteers. Better Watch It.


Henry Rollins On Prison Profiteers. Better Watch It.
The Get-Rich-Quick Plan That’s Actually Killing People
Could Anyone Possibly Think This Phone Company Isn’t Horrible?
Sometimes Cops Find Your Stolen Car. Sometimes Cops Stole It.

Should It Cost Less to Get Out of Jail If You’re Rich?
We’re Being Robbed But The People Doing It Will Never Go To Prison
Mistreating People + Lobbying = More Money
 

PDA In Your State

Sign the TPP Fast Track Petitions

MoveOn.org Petition - Congress Don't Renew Fast Track

Public Citizen Petition - Congress Must Reject Fast Track Authority

MoveOn.org Petition - Stop the Trans Pacific Partnership

CREDO Petition - Stop the Massive Corporate Power Grab

 

Find Your Elected Officials for Issues

Enter your zip+4 and find your elected officials. This link provides name, address and phone number

ButtonFindElectedOfficials

 

Like End Mass Criminalization on Facebook

Hand Deliver a Letter to your Senators or Representative

If your Senator(s) and/or Representative is not currently a supporter, they may not be aware that the legislation exists. Nothing sends a stronger message to a Congressional member than a personal visit to a district office by a voter with a written request for support. Phone calls and emails are incredibly important but nothing gets attention like a personal visit. Our Educate Congress page has information and a sample letter. Print the letter, sign it, deliver it.

Button-HandDeliver

School to Prison Pipeline

Abolish the SHU - CA Legislative Testimony

50 Years After I Have a Dream - We Have a New Dream Ending Mass Incarceration

Do You Think Mass Incarceration Matters? Depends Who You Are.

Dream Defenders Demand End to Racial Profiling, School to Prison Pipeline, End Stand Your Ground

Mother of CA Prisoner On Hunger Strike: The System Is Designed to Drive You Insane