U.S.
Senator Sherrod Brown
Ensuring
Ohio Workers Can Compete
We
all know that Ohio workers and Ohio manufacturers can compete with
anyone. But when a country purposefully manipulates its currency so
that its exports are cheaper, that’s not competing – that’s
cheating. The result? U.S. exports are more expensive and a deluge of
cheap imports flood our markets, costing American manufacturing jobs.
Currency
manipulation has cost us between one million and five million jobs,
and increased our trade deficit to $500 billion a year.
This
is unacceptable. Our state has skilled, productive workers and world
class infrastructure. But when a country purposefully manipulates its
currency to make its exports cheaper, our manufacturers don’t even
get the chance to compete.
Last
week, the EPI release a report which noted that, “addressing
currency manipulation is the single most important policy change for
U.S. workers.”
EPI
argues 254,600 Ohio jobs could be created if currency manipulation
were eliminated by 2015.
And,
EPI found that eliminating global currency manipulation by 2015 would
also reduce Ohio’s unemployment rate by nearly three percentage
points; create up to 75,900 Ohio manufacturing jobs; increase Ohio’s
GDP by up to $17.4 billion – almost four percent; and improve the
fiscal position of Ohio’s state and local governments altogether by
up to $3.7 billion.
We
also know this bipartisan approach to job creation would not add a
single dime to the deficit.
It’s
clear that we must get tough on countries that manipulate currency.
We do
that by passing my legislation – the Currency Exchange Rate
Oversight Reform Act – which would treat currency manipulation as
unfair trade subsidy and require the Commerce Department to
investigate currency manipulation. We also must not enter into trade
deals that don’t level the playing field for our manufacturers and
workers by punishing currency manipulators. Trade matters for
Ohioans, and for manufacturers and middle-class workers throughout
the country. That’s because when we increase our exports,
manufacturers can increase their bottom line. But, our growing trade
deficit keeps our domestic companies on the defensive.
And
China is not the only country cheating at trade. The Top 20 list of
currency manipulators includes China, plus two potential
Trans-Pacific Partnership, or TPP, trade partners – Malaysia and
Singapore. Ohio jobs can be created—not taken away—when trade
laws are enforced.
The
best way to move America’s economy forward is to make sure that
every American who wants to work has a job. And that’s why the
federal government has a responsibility to ensure that domestic
manufacturers and small businesses can compete with the rest of the
world. By addressing currency manipulation and other unfair trade
practices, we can create American jobs and position ourselves to meet
the challenges and opportunities of globalization.
Sincerely,
Sherrod
Brown
U.S.
Senator
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