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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsStop Currency Manipulation and Create Millions of Jobs
Stop Currency Manipulation and Create Millions of Jobs With Gains across States and Congressional Districts
By Robert E. Scott | February 26, 2014
Briefing Paper #372 http://www.epi.org/publication/stop-currency-manipulation-and-create-millions-of-jobs/
Six years after the start of the Great Recession nearly 8 million jobs are still needed to return to prerecession labor market health (EPI 2013). Job creation should still be goal number one. Yet prospects for any fiscal policy action to boost jobs have disappeared under the weight of congressional dysfunction, and the Federal Reserve has begun to wind down monetary stimulus (Wall Street Journal 2013). But besides fiscal and monetary policy, there is a third tool of macroeconomic stabilization that could provide a huge boost to economic activity and job growth: realigning exchange rates to lower the U.S. trade deficit. The best part of this solution is that there is broad, bipartisan support for congressional action on this issue. In addition, under existing authority, the president can initiate policies that would make currency manipulation costly and/or futile. Together, these policies could lead to exchange rate movements that would create 2.3 million to 5.8 million jobs over the next three years by ending currency manipulation by a group of about 20 countries, with China as the linchpin. These actions would create jobs in every state and in most or all congressional districts. They would boost GDP, boost jobs and reduce unemployment, and actually reduce the federal deficit by spurring economic growthall without direct budget costs. No other policies could achieve this economic trifecta.
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currency manipulation
Currency intervention, also known as exchange rate intervention or foreign exchange market intervention, is the purchase or the sale of the currency on the exchange market by the fiscal authority or the monetary authority, in order to influence the value of the domestic currency.
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Sen. Brown touts jobs in Ohio, nation if currency manipulation bills passed
http://www.examiner.com/article/sen-brown-touts-jobs-ohio-nation-if-currency-manipulation-bills-passed
February 26, 2014
U.S. Sen. Sherrod Brown (D-OH) spoke with reporters Wednesday as he unveiled a new report showing that cracking down on currency manipulation could create 5.8 million jobs in the U.S., including more than 250,000 jobs in Ohio alone.
The lead sponsor of a bipartisan bill that would stand up for American manufacturers by punishing countries, like China, that cheat by manipulating currency, Sen. Brown, who won a second term in 2012, said he will urge Congress and the Obama Administration to crack down on currency manipulation.
Browns bipartisan legislation, the Currency Exchange Rate Oversight Reform Act, would use U.S. trade law to counter the economic harm to American manufacturers caused when countries illegally undervalue their currency to give their exports an unfair price advantage. The bill would provide consequences for countries that fail to adopt appropriate policies to eliminate currency misalignmentall without adding a dime to the federal budget.
The new EPI report shows that ending currency manipulation could reduce the U.S. trade deficit by as much as $500 billion within three years, increase GDP by as much as $720 billion, while creating as many as 5.8 million American jobsall while reducing the federal budget by as much as $266 billion.
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The lead sponsor of a bipartisan bill that would stand up for American manufacturers by punishing countries, like China, that cheat by manipulating currency, Sen. Brown, who won a second term in 2012, said he will urge Congress and the Obama Administration to crack down on currency manipulation.
Browns bipartisan legislation, the Currency Exchange Rate Oversight Reform Act, would use U.S. trade law to counter the economic harm to American manufacturers caused when countries illegally undervalue their currency to give their exports an unfair price advantage. The bill would provide consequences for countries that fail to adopt appropriate policies to eliminate currency misalignmentall without adding a dime to the federal budget.
The new EPI report shows that ending currency manipulation could reduce the U.S. trade deficit by as much as $500 billion within three years, increase GDP by as much as $720 billion, while creating as many as 5.8 million American jobsall while reducing the federal budget by as much as $266 billion.
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Stop Currency Manipulation and Create Millions of Jobs (Original Post)
Coyotl
Feb 2014
OP
if this is true you'd think a smart president and political party would be all over it eh? nt
msongs
Feb 2014
#1
If only that President and Party weren't making so damned much money from it.
Egalitarian Thug
Feb 2014
#2
msongs
(67,496 posts)1. if this is true you'd think a smart president and political party would be all over it eh? nt
Egalitarian Thug
(12,448 posts)2. If only that President and Party weren't making so damned much money from it.