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70% of Chinese Say They Are Better Off Now

longknife

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Polls decisively show that Americans say they are not better off now than they were four years ago. The same, however, cannot be said for Chinese citizens. A recent poll by the Pew Research Center finds that 70% of Chinese people say their finances are better off now than they were five years ago.

Indeed, the Obama years have been a boon to China economically. Specifically, China has benefited from President Obama’s weakness on leveling the trade deficit and cracking down on Chinese currency manipulation.

First, Mr. Obama has failed to make good on his promises to equalize the Chinese-American trade deficit. Chinese exports to America are up and climbing. In September, Chinese exports leapt another 5.5% from the previous year. Why does that matter? Jobs. From 2001 to 2011, America's trade deficit with China killed or displaced over 2.7 million U.S. jobs, 76.9 percent of which came from manufacturing. And 662,100 of those jobs were lost from 2008 to 2011—even though Chinese imports dropped when Mr. Obama entered office in 2009.

Second, Obama has failed to crack down on Chinese currency manipulation. By artificially lowering the value of its currency, Chinese companies bidding on projects can quote lower prices than their American competitors. That means fewer jobs for the U.S. and more outsourcing to China.

According to the Peterson Institute for International Economics, even a revaluation of Chinese currency that’s less than half of its fair market rate would translate into 300,000 to 700,000 American jobs in two to three years. By some estimates, the current trade deficit costs 1 percent of GDP growth every year. That’s a loss of nearly 1 million jobs annually. Even leftist New York Times columnist Paul Krugman has reluctantly conceded the indefensibility of not cracking down on Chinese currency manipulation. “In normal times,” wrote Mr. Krugman, “I’d be among the first people to reject claims that China is stealing other people’s jobs, but right now it’s the simple truth… Something must be done about China’s currency.”

In the second presidential debate, Mr. Romney said that “On Day 1, I will label China a currency manipulator, which will allow me as president to be able to put in place, if necessary, tariffs where I believe that they are taking unfair advantage of our manufacturers.”

Historically, a strong stance on Chinese currency manipulation followed by rigorous pressure works. From 2005 to 2008, President George W. Bush’s Administration took a hard line against China’s undervalued currency and saw the value of the yuan jump 21% over the three year period. Mr. Obama’s record since his first day in office? The yuan has risen just 8.5% in value.

Americans may not be better off economically than they were four years ago, but China is.

From 70% of Chinese Say They Are Better Off Now

:eusa_whistle::eusa_whistle:
 

waltky

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New boss in China...
:eusa_eh:
China confirms leadership change
15 November 2012 - As Xi Jinping walked out to be presented as China's new leader, one thing was immediately clear to all of us waiting in the Great Hall of the People. His will be a different style of leadership from that of his predecessor Hu Jintao.
Mr Xi was immediately more relaxed and at ease than the man he had just replaced as general secretary of China's Communist Party. Where Mr Hu often appeared stiff and wooden, Xi Jinping smiled and even apologised for keeping his audience waiting. If he was nervous or awed by the prospect of ruling over one-fifth of humanity, there was no sign of it. At one point, he even seemed to become a little emotional while he was delivering his speech.

Perhaps it is Xi Jinping's pedigree as a Communist Party "princeling" - his father was a revolutionary hero alongside Mao Zedong and a powerful figure in the party - that means he seems more comfortable in his own skin. Certainly, Xi Jinping has worked all his life for this moment. Rising through the party, he's been groomed for the top.

'More personality'


Mr Xi is being seen as more relaxed and at ease than previous leader Hu Jintao

And when he spoke, Mr Xi seemed to signal a new tone, too. He was more direct, more plain-speaking, more blunt. There was still some of the jargon of old, that the party must "continue to liberate our way of thinking... further unleash and develop the productive forces... and steadfastly take the road of prosperity for all". The content was similar to Hu Jintao's outgoing speech last week. But it still sounded different when Xi Jinping warned "the problems among party members and cadres of corruption, taking bribes, being out of touch with the people, undue emphasis on formalities and bureaucracy must be addressed with great efforts".

Mr Xi tried to show he understands the bread-and-butter issues that most people care about. "Our people... yearn for better education, stable jobs, more satisfactory income, greater social security, improved medical and healthcare," he said. Bo Zhiyue of the National University in Singapore says Xi Jinping will be a different type of leader. "He has more personality. He is a regular person. He can work with anyone he meets. He is a very down-to-earth person. He is easy to get along with."

Political personality
See also:

U.S. to China: Let's talk about your nukes
November 14th, 2012 - China is modernizing its military at a "remarkable rate," including its own nuclear weapons capability, says a congressionally mandated panel exploring the relationship between the United States and China.
In its annual report to Congress, the U.S.-China Economic and Security Review Commission said China has spent the past two decades improving and advancing its military nuclear posture and could have a "triad" of land, sea and air delivery systems "within the next two years." China's People's Liberation Army "reportedly tested a variety of new nuclear ballistic systems in 2012, including a submarine-launched intercontinental ballistic missile," Dennis Shea, chairman of the commission, told reporters Wednesday. "We just urge Congress to get a better handle on the size of the Chinese nuclear arsenal, as well as the nuclear doctrine of China."

Estimates vary as to the exact size of China's nuclear arsenal, but most Western assessments, including those of the United States, say China possesses somewhere between 100 to 500 weapons. Members of the commission said the United States should push for more transparency and understanding from the Chinese on the size of their arsenal. "We just don't know," Larry Wortzel, another member of the 12-person panel told reporters. "The Department of Defense seems especially stubborn about not changing its estimates."

And China's absence from the types of nuclear-arms reduction and limitation treaties the United States has with countries like Russia is another area ripe for action, the commission said. "If the Chinese are going to go forward with all these modernization efforts which they are undertaking - road, mobile and air - they are going to upend the entire arms control regime that currently exists," C. Richard D'Amato, another commissioner on the panel, said. "They need to be brought into some sort of dialog to develop some kind of understanding as to where we are all going together on arms control."

In addition to its nuclear arsenal, China has had a busy year modernizing other parts of its military machine, the report said. Apart from commissioning its first aircraft carrier, China test flew a second advanced fighter with potential stealth capabilities, improved on its satellite navigation system, and expanded the scope of its military exercises and training activities. The report sent to Congress on Wednesday also covered areas in U.S.-Chinese trade and economic capabilities, China's role in cyberespionage, and the consequences of its demand and consumption of global resources.

Source
 
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gazpatmore

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Polls decisively show that Americans say they are not better off now than they were four years ago. The same, however, cannot be said for Chinese citizens. A recent poll by the Pew Research Center finds that 70% of Chinese people say their finances are better off now than they were five years ago.

Indeed, the Obama years have been a boon to China economically. Specifically, China has benefited from President Obama’s weakness on leveling the trade deficit and cracking down on Chinese currency manipulation.

First, Mr. Obama has failed to make good on his promises to equalize the Chinese-American trade deficit. Chinese exports to America are up and climbing. In September, Chinese exports leapt another 5.5% from the previous year. Why does that matter? Jobs. From 2001 to 2011, America's trade deficit with China killed or displaced over 2.7 million U.S. jobs, 76.9 percent of which came from manufacturing. And 662,100 of those jobs were lost from 2008 to 2011—even though Chinese imports dropped when Mr. Obama entered office in 2009.

Second, Obama has failed to crack down on Chinese currency manipulation. By artificially lowering the value of its currency, Chinese companies bidding on projects can quote lower prices than their American competitors. That means fewer jobs for the U.S. and more outsourcing to China.

According to the Peterson Institute for International Economics, even a revaluation of Chinese currency that’s less than half of its fair market rate would translate into 300,000 to 700,000 American jobs in two to three years. By some estimates, the current trade deficit costs 1 percent of GDP growth every year. That’s a loss of nearly 1 million jobs annually. Even leftist New York Times columnist Paul Krugman has reluctantly conceded the indefensibility of not cracking down on Chinese currency manipulation. “In normal times,” wrote Mr. Krugman, “I’d be among the first people to reject claims that China is stealing other people’s jobs, but right now it’s the simple truth… Something must be done about China’s currency.”

In the second presidential debate, Mr. Romney said that “On Day 1, I will label China a currency manipulator, which will allow me as president to be able to put in place, if necessary, tariffs where I believe that they are taking unfair advantage of our manufacturers.”

Historically, a strong stance on Chinese currency manipulation followed by rigorous pressure works. From 2005 to 2008, President George W. Bush’s Administration took a hard line against China’s undervalued currency and saw the value of the yuan jump 21% over the three year period. Mr. Obama’s record since his first day in office? The yuan has risen just 8.5% in value.

Americans may not be better off economically than they were four years ago, but China is.

:eusa_whistle::eusa_whistle:
Not hard to do when your starting from nearly nothing. Anything more than nothing is an improvement
 

Mad Scientist

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Of course they're better off, they got most of our jobs now. That's called "Free Trade". Suckers! :lol:

You think Americans will ever figger out it was their own Gov't that did this? You think Americans will rise up and demand accountability?

Nope, neither do I. The Domesticated and Dumbed Down Americans only get upset and fight over Black Friday deals at WalMart.
 

Katzndogz

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The Chinese became better off when China started moving away from communism to capitalism. We are worse off because we are transitioning from capitalism to communism.
 

gazpatmore

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Depends on how you define "better off" though. If its in terms of money, how long with that "better off" state last for? Look at the Greeks, the Romans, the Ottomans and more recently we British. How long did our empires last for? World domination, economically or politically, cant go on forever...people get pissed off and fight back, and then the cycle starts all over again.

And I dont think the Chinese are THAT much better off. I was in Hong Kong a few years ago and I tell you what, money cant buy class or respect.
 

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