Political Quotes

“Madam President, 14 million Americans are currently unemployed. The American people are resilient, strong and hard-working. If they are given a fair shot, they will succeed. Unfortunately, as the world keeps getting flatter, as our global economy grows, Americans are not always given a fair shot. Last year the United States had a $273 billion trade deficit with China. That means the U.S. imports more goods from China than China imports from the U.S.--$273 billion more. This is because Chinese goods are cheaper. Why? Because China undervalues it currency. Madam President, 2.8 million jobs have been lost to China since 2001. 1.9 million of them are manufacturing jobs. And 117,000 jobs were in Illinois. Congress needs to help restore the strength of domestic manufacturing and bring jobs back to the United States. In 2001 China joined the WTO and agreed to play by the rules. China agreed to be on a level playing field with other countries, to employ fair trade practices. That means no export subsidies and no product dumping. China agreed to those terms, but it hasn't always acted in accordance with them. China is breaking the rule undervaluing its currency. China undervalues it currency by anywhere from 15 percent to 50 percent-- depending on the methodology used. When the Yuan--China's currency--is low compares to the dollar, Chinese products are cheap while U.S. products are expensive.…”