By Staff Report
Mar. 25, 2010
The surge in manufacturing work during the last decade in China cost northeast Ohio 19,300 jobs from 2001 to 2008, according to a new study by a union-sponsored think tank.
The Economic Policy Institute report, “Unfair China Trade Costs Local Jobs,” says manipulation of China’s currency that has kept the yuan’s value artificially low cost the region 1.73 percent of its total employment from 2001 to 2008.
“We have allowed the Chinese government to game the system for far too long, with serious consequences for the U.S. economy,” said the report’s author, EPI economist Robert Scott. “The Treasury Department should publicly declare China to be a currency manipulator, and the Congress should authorize tariffs of at least 25 percent if China doesn’t start playing by fair rules.”
Ohio lost 91,800 manufacturing jobs statewide, or 1.7 percent of the workforce, the report estimates.
Last week, Sen. Sherrod Brown, D-Ohio, was one of 14 senators introducing legislation that would impose the kinds of penalties the report suggests on countries that keep their currencies unfairly low.
“Currency manipulation gives Chinese manufacturers a 40 percent cost advantage,” Brown said in a release announcing the Currency Exchange Rate Oversight Reform Act of 2010. “If we’re serious about boosting exports—and creating jobs in American manufacturing—we need to crack down on practices like currency manipulation.”
We build robust scheduling & attendance software for businesses with 500+ frontline workers. With custom BI reporting and demand-driven scheduling, we help our customers reduce labor spend and increase profitability across their business. It's as simple as that.
ComplianceExempt vs. non-exempt employees: knowing the difference
Summary Employees are exempt from FLSA requirements when they meet specific exemption criteria based on...
Department of Labor, exempt employees, Misclassification, non-exempt employees
ComplianceCalifornia fast food workers bill: why it’s more than meets the eye and how to prepare
Summary: California signs bill establishing a “fast food council” that has the power to raise the indus...
ComplianceMinimum Wage by State in 2022 – All You Need to Know
Summary The federal minimum wage rate is $7.25, but the rate is higher in 30 states, along with Washing...
federal law, minimum wage, pay rates, state law, wage law compliance