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Romney Campaign Press Release - China Has Taken President Obama "To The Mat"

September 13, 2012

"Candidate Obama campaigned on a promise to take China 'to the mat' for their currency manipulation — but President Obama just hasn't delivered. For nearly four years, the President has repeatedly refused to crack down on China's cheating, and American workers are the ones who have paid the price. As president, Mitt Romney will stand up for the middle class by creating jobs here at home and protecting American jobs abroad." — Andrea Saul, Romney Campaign Spokesperson

In 2007, Candidate Obama Promised To Take China "To The Mat" On Currency Manipulation And Stop Borrowing Money From China:

Candidate Obama, In 2007: "If They're Manipulating Their Currency ... We Take Them To The Mat..." OBAMA: "China is a competitor, but they don't have an enemy, as long as we understand that they are going to be negotiating aggressively for their advantage, and we've got to have a president in the White House who's negotiating to make sure that we're looking after American workers. That means enforcing our trade agreements; it means that if they're manipulating their currency, that we take them to the mat on the that issue..." (Senator Barack Obama, Remarks, Chicago, IL, 8/7/07)

Candidate Obama: "It Means That We Are Also Not Running Up Deficits And Asking China To Bail Us Out And Finance Them, Because It's Pretty Hard To Have A Tough Negotiation When The Chinese Are Our Bankers." (Senator Barack Obama, Remarks, Chicago, IL, 8/7/07)

But President Obama Just Hasn't Delivered — He's Repeatedly Avoided Labeling China As A Currency Manipulator:

The Obama Administration Has Repeatedly Declined To Label China As A Currency Manipulator. "The Treasury Department, in its semiannual report Friday on exchange-rate policies, once again refrained from labeling China a currency manipulator -- an accusation that would embarrass Beijing and trigger negotiations and possibly even lead to U.S. sanctions." (Don Lee, "U.S. Declines To Label China A Currency Manipulator," Los Angeles Times, 5/25/12)

President Obama's Decision To Avoid Labeling China As A Currency Manipulator Was A Retreat From His "Tough Talk" On The Campaign Trail. "The Treasury Department on Wednesday declined to label China a currency manipulator, retreating from tough talk last year when a campaigning Barack Obama said Beijing had kept its currency's exchange rate unfairly low." (Glenn Somerville and Doug Palmer, "U.S. Again Declines To Brand China Currency Manipulator," Reuters, 4/25/09)

President Obama's Failure To Confront China Has Resulted In Trade That Cost The United States Hundreds Of Thousands Of Jobs Since 2008. "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." (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)

Alliance For American Manufacturing's Scott Paul: "I'm Perplexed By This Decision Because It Runs Counter To The Goal Of Re-Shoring Jobs From China." "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)

And President Obama Is Still Running Up Our National Debt And "Asking China To Bail Us Out":

Under President Obama, The National Debt Has Surpassed $16 Trillion — An Increase Of More Than $5.4 Trillion. (Department Of The Treasury, Accessed 9/11/12)

  • Every American's Share Of The National Debt Currently Stands At Over $51,000 — An Increase Of Over $16,000 Under President Obama. (Department Of The Treasury, Accessed 9/11/12; U.S. Census Bureau, Accessed 9/11/12)

China Currently Holds More Than $1 Trillion Of Our Nation's Debt And "Has Increased Its Holdings This Year." "China's holdings of U.S. government securities were $1.164 trillion as of June, according to Treasury Department data released Aug. 15. China has increased its holdings this year, as the American economy stalled and Europe's sovereign-debt crisis deepened." (Tony Capaccio and Daniel Kruger, "China's U.S. Debt Holdings Aren't Threat, Pentagon Says," Bloomberg, 9/10/12)

President Obama Is Responsible For "The Most Rapid Increase In The Debt Under Any U.S. President." "The latest posting by the Treasury Department shows the national debt has now increased $4 trillion on President Obama's watch. The debt was $10.626 trillion on the day Mr. Obama took office. The latest calculation from Treasury shows the debt has now hit $14.639 trillion. It's the most rapid increase in the debt under any U.S. president." (Mark Knoller, "National Debt Has Increased $4 Trillion Under Obama," CBS News, 8/22/11)

The Current Debt-To-GDP Ratio Is "More Than 100%." "That brought the ratio of debt to GDP to more than 100%. The Congressional Budget Office estimated last month the budget deficit for the 2012 fiscal year, which ends Sept. 30, will be about $1.1 trillion." (Jim Puzzanghera, "Moody's Warns Of U.S. Credit Rating Cut If Debt Problems Continue," Los Angeles Times, 9/11/12)

Mitt Romney, Romney Campaign Press Release - China Has Taken President Obama "To The Mat" Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/302557

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