By Donald A. Moskowitz
September 15, 2012
Our unemployment rate hover over 8%. In January 2012 there were more unemployed Americans (12.8 million) compared to Americans working in manufacturing jobs (under 12 million).
China, the primary culprit, subsidizes its industries, manipulates its currency and has no minimum wages. China is the number one supplier of critical parts for our defense systems, and is the world’s largest exporter of high technology items. It produces 10 times more steel than the U.S.
Currently, there is one steel plant in the U.S. capable of producing steel that meets military specifications, and it was purchased by a European company.
We must counter the trade deficits with China and other countries by decreasing corporate taxes, or keep tax rates where they are, and subsidize U.S. industries. We currently owe China $1 trillion in debt, and our national debt has skyrocketed from $10 trillion to $16 trillion in the past few years.
President Obama had almost four years to improve our economy, and he has failed.
Donald A. Moskowitz
Received September 11, 2012 - Published September 15, 2012
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