[CTC] Eliminating Currency Manipulation in the TPP Could Create Jobs in Every Congressional District

[Arthur Stamoulis]

Begin forwarded message:


Friends and colleagues:
 
This week, EPI posted a new snapshot.  Please feel free read, use, and share to make the point about how many jobs could be created in every district in the U.S. if the U.S. addressed currency manipulation in an effective way, such as through the TPP.  The TPP has no provisions on currency whatsoever, so it is likely to contribute further  to the offshoring of jobs we have already been experiencing due to this practice.  It raises the question of whether the executive branch and the Majority ought to be more focused on currency reform as a job creation measures rather than a TPP that lacks any enforceable currency provisions. Currency reform is where the jobs are. 
 
-Celeste 
Eliminating Currency Manipulation in the TPP Could Create Jobs in Every Congressional District                  
By Robert E. Scott              
http://www.epi.org/publication/eliminating-currency-manipulation-in-the-tpp-could-create-jobs-in-every-congressional-district/ <http://www.epi.org/publication/eliminating-currency-manipulation-in-the-tpp-could-create-jobs-in-every-congressional-district/>                 

April 23, 2015

Currency manipulation distorts trade flows by artificially lowering the cost of U.S. imports and raising the cost of U.S. exports, and is the leading cause of growing U.S. trade deficits. More than 20 countries, led by China, have been spending about $1 trillion per year <http://iie.com/publications/interstitial.cfm?ResearchID=2302> buying foreign assets to artificially suppress the value of their currencies. Several members of the proposed Trans-Pacific Partnership (TPP)—including Japan, Malaysia, and Singapore—are well known currency manipulators, and others—including both Korea and China—have expressed interest in joining the agreement. Experts such as Peterson Institute for International Economics director emeritus C. Fred Bergsten <http://piie.com/publications/pb/pb14-2.pdf> and former Treasury Secretary Larry Summers <https://cdn.americanprogress.org/wp-content/uploads/2015/01/IPC-PDF-U.S.appendix.pdf> have recommended that new trade agreements address currency manipulation.
Currency manipulation can and should be addressed <http://www.epi.org/blog/tpp-and-provisions-to-stop-currency-management-not-that-hard/> through trade agreements such as the TPP. Eliminating currency manipulation <http://www.epi.org/publication/stop-currency-manipulation-and-create-millions-of-jobs/> could reduce the U.S. trade deficit by between $200 and $500 billion, adding 2.0 to 4.9 percent to U.S. GDP and creating 2.3 to 5.8 million U.S. jobs, with about 40 percent (900,000 to 2.3 million) of those jobs gained in manufacturing. Furthermore, jobs would be gained in most or all congressional districts, as shown in the map below. By eliminating currency manipulation, each of the top 20 districts would gain at least 14,700 and as many as 24,400 jobs in the high impact scenario.
The site has a great info graphic where you can click on every congressional district and see how many jobs can be created. 


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