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Romney Campaign Press Release - Even Democrats Agree: Obama's China Policy Destroyed Jobs

September 14, 2012

"For nearly four years, middle-class families have struggled with fewer jobs and fewer opportunities in the Obama economy. And the President's policies toward China have only made things worse — they've cost hundreds of thousands of jobs and left American manufacturing in decline. As president, Mitt Romney will take immediate action to stop China's cheating and protect American jobs here at home." — Andrea Saul, Romney Campaign Spokesperson

President Obama Has Declined To Label China As A Currency Manipulator Seven Times During His Time In Office:

Under President Obama, The United States Treasury Department Has Refused To Label China As A Currency Manipulator Seven Times. (Don Lee, "U.S. Declines To Label China A Currency Manipulator," Los Angeles Times, 5/25/12; Pedro Nicolaci da Costa, "U.S. Again Says China Not Currency Manipulator," Reuters, 12/28/11; Gregg Robb, "Treasury Says China Isn't A Currency Manipulator," Market Watch, 5/27/11; Sewell Chan, "China's Currency Avoids "Manipulated" Ruling Again," NYT, 2/04/11; Gregg Robb, "Treasury Does Not Cite China As Currency Manipulator," Market Watch, 7/8/10; Martin Crutsinger, "Administration Declines To Cite China On Currency Manipulation," USA Today, 10/15/09; Glenn Somerville and Doug Palmer, "U.S. Again Declines To Brand China Currency Manipulator," Reuters, 4/15/09)

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)

FLASHBACK: 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)

Who Agrees That President Obama Has Let China Cheat? His Fellow Democrats, Who Have Blasted His Policies As Giving China "A Free Pass":

Senate Majority Leader Harry Reid, On China's Currency Manipulation: "Costs American Jobs By Unjustly Tilting The Playing Field Against American Manufacturers." REID: "China undervalues its currency to give its own exports an unwarranted advantage in the global marketplace. This costs American jobs by unjustly tilting the playing field against American manufacturers." (Senator Harry Reid, Floor Statement, U.S. Senate, 10/11/11)

Senator Sherrod Brown: "The U.S. Treasury Department Has Given China A Free Pass When It Comes To Its Currency Manipulation." "'Once again, the U.S. Treasury Department has given China a free pass when it comes to its currency manipulation,' Brown said. 'While we're seeing American manufacturing rebound, China is stepping up its efforts in a number of critical sectors, including clean and solar energy, advanced manufacturing, and auto parts.'" (Senator Sherrod Brown, "Treasury Giving China A 'Free Pass' On Currency Manipulation," Press Release, 5/25/12)

Senator Charles Schumer: "The Administration Continues To Let China Get Away With Flouting Trade Rules Just For The Sake Of Diplomacy." "Sen. Charles Schumer (D-N.Y.), who has been sponsored legislation that would punish Chinese imports for the undervalued currency, also criticized the administration's report. 'The administration continues to let China get away with flouting trade rules just for the sake of diplomacy. Calling out China as a manipulator may be awkward, but it is time to take off the kid glove,' he said in a statement.'" (Julian Pecquet, "Treasury: China Not Manipulating Currency," The Hill', 5/25/12)

  • Senator Schumer: "China's Currency Manipulation Is Adding Fuel To The Fire Of Our Jobs Crisis."  SCHUMER: "It makes it harder for America to export to China and makes it much easier for China to unfairly compete against products here, putting our companies, particularly our manufacturers, but even companies that deal with services, at a competitive disadvantage both in the U.S. and around the globe. China's currency manipulation is adding fuel to the fire of our jobs crisis. ... According to recent studies, currency manipulation is a major contributing factor to nearly 2.8 million U.S. job losses since 2001." (Senator Chuck Schumer, Press Conference, U.S. Senate, 9/22/11)

Senator Bob Casey Urged President Obama To "Pursue The Aggressive Policies" Against China Needed To Protect American Companies And Jobs. "'China's unfair trade practices and economic policies are harming companies and costing jobs in Pennsylvania and across the country,' said Senator Casey. 'I urge President Obama to address these concerns with the Chinese Vice President and pursue the aggressive policies I have advocated to give Pennsylvania workers and manufacturers a chance to compete.'" (Senator Bob Casey, Casey Urges Obama to Get Tough On China Ahead Of Visit From Chinese Vice President," Press Release, 2/14/12)

  • Senator Bob Casey: "When China Cheats On Currency, We Lose Lots Of Jobs. And Not Just Tens Of Thousands, We Lose Hundreds Of Thousands, If Not A Lot More." CASEY: "And one of the substantial factors in that has been the Chinese currency, their policies, because when China cheats on currency, we lose lots of jobs. And not just tens of thousands, we lose hundreds of thousands, if not a lot more. So when they -- when they don't play by the rules, our workers pay the price and our communities pay the price." (Senator Bob Casey, Press Conference, U.S. Senate, 9/22/11)

Senator Kay Hagan, On China's Currency Manipulation: "It Is Time To Get Tough. And The American Workers I Know Are The Best In The World, And What They Need Is A Fair Playing Field." HAGAN: "North Carolina is a manufacturing state, and we have lost over 100,000 jobs in this sector alone, much of it attributed to the manipulation of Chinese currency. You know, China has been playing games with its currency and we all know it. And it is time to get tough. And the American workers I know are the best in the world, and what they need is a fair playing field." (Senator Kay Hagan, Press Conference, U.S. Senate, 9/22/11)

Mitt Romney, Romney Campaign Press Release - Even Democrats Agree: Obama's China Policy Destroyed Jobs Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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