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<p class=MsoNormal align=center style='text-align:center;line-height:11.25pt'><b><font
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font-family:"Trebuchet MS";color:white;font-weight:bold'>March 27, 2010</span></font></b><font
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font-family:"Trebuchet MS";color:white'> </span></font><font size=2
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<p><strong><b><font size=2 color="#003366" face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:#003366'>All 50 states
have lost jobs to China</span></font></b></strong><b><font size=2
color=blue face="Trebuchet MS"><span style='font-size:10.0pt;font-family:
"Trebuchet MS";color:blue;font-weight:bold'><o:p></o:p></span></font></b></p>
<p><font size=2 color=black face="Trebuchet MS"><span style='font-size:
10.0pt;font-family:"Trebuchet MS"'>As concern over the U.S.-China trade
imbalance grows, a new paper by EPI's Senior International Economist <a
href="http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=Z7uNZRHCiEcZFDmZFddR4ZQ2mqxqLg%2Bb"><strong><b><font
face="Trebuchet MS"><span style='font-family:"Trebuchet MS"'>Robert Scott</span></font></b></strong></a>
finds that 2.4 million American jobs have been lost to <st1:country-region
w:st="on">China</st1:country-region> between 2001 and 2008, and that every
state along with the <st1:State w:st="on">District of Columbia</st1:State>
and <st1:place w:st="on">Puerto Rico</st1:place> has felt the impact.</span></font><b><font
size=2 color=blue face="Trebuchet MS"><span style='font-size:10.0pt;
font-family:"Trebuchet MS";color:blue;font-weight:bold'><o:p></o:p></span></font></b></p>
<p><font size=2 color=black face="Trebuchet MS"><span style='font-size:
10.0pt;font-family:"Trebuchet MS"'>Scott's paper, <a
href="http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=Y2Vf7U%2Fr6JQglOCexMSjy9%2BDpCVnqOsp"><em><i><font
face="Trebuchet MS"><span style='font-family:"Trebuchet MS"'>Unfair China
Trade Costs Local Jobs</span></font></i></em></a>, provides the first
detailed analysis of the jobs that have been lost since <st1:place w:st="on"><st1:country-region
w:st="on">China</st1:country-region></st1:place> joined the World Trade
Organization in 2001. It finds that, in addition to impacting every <st1:place
w:st="on"><st1:country-region w:st="on">U.S.</st1:country-region></st1:place>
state, the job loss has touched every Congressional district in the
country.<o:p></o:p></span></font></p>
<p><strong><b><font size=2 color="#003366" face="Trebuchet MS"><span
style='font-size:10.0pt;font-family:"Trebuchet MS";color:#003366'>New
Hampshire, California, <st1:place w:st="on"><st1:State w:st="on">Texas</st1:State></st1:place>
all suffer big losses</span></font></b></strong><font size=2
face="Trebuchet MS"><span style='font-size:10.0pt;font-family:"Trebuchet MS"'><br>
Scott's paper features a color-coded <st1:place w:st="on"><st1:country-region
w:st="on">U.S.</st1:country-region></st1:place> map illustrating where job
loss has been the most severe, as well as several detailed charts that
measure job loss by industry and by state. <st1:place w:st="on"><st1:State
w:st="on">New Hampshire</st1:State></st1:place>, which lost 16,300 jobs
during the seven-year period covered by the study, suffered the largest job
loss as a share of total employment. In terms of total jobs displaced, <st1:State
w:st="on">California</st1:State> was first, with 370,000 jobs lost,
followed by <st1:State w:st="on">Texas</st1:State>, <st1:City w:st="on">New
York</st1:City>, <st1:State w:st="on">Illinois</st1:State>, and <st1:place
w:st="on"><st1:State w:st="on">Florida</st1:State></st1:place>, which all
lost more than 100,000 jobs.<o:p></o:p></span></font></p>
<p><font size=2 color=black face="Trebuchet MS"><span style='font-size:
10.0pt;font-family:"Trebuchet MS"'>In addition to the loss of jobs, the
paper finds that <st1:place w:st="on"><st1:country-region w:st="on">U.S.</st1:country-region></st1:place>
workers who have kept their jobs have suffered depressed wages as a result
of competition with lower-wage workers overseas. "The impact,"
the paper says, "has affected essentially all production workers with
less than a four-year college degree - roughly 70% of the private-sector
workforce, or about 100 million workers."<o:p></o:p></span></font></p>
<p><font size=2 color=black face="Trebuchet MS"><span style='font-size:
10.0pt;font-family:"Trebuchet MS"'>The paper received widespread media
coverage throughout the <st1:place w:st="on"><st1:country-region w:st="on">United
States</st1:country-region></st1:place>, from the <a
href="http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=VyNJvDaR7bIm3BNQnQA0QpQ2mqxqLg%2Bb"><em><i><font
face="Trebuchet MS"><span style='font-family:"Trebuchet MS"'>Sacramento Bee</span></font></i></em></a>,
to the <a
href="http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=BATSWzlIH6pS43xAnP8HvJQ2mqxqLg%2Bb"><em><i><font
face="Trebuchet MS"><span style='font-family:"Trebuchet MS"'>Boston Herald</span></font></i></em></a>,
and <a
href="http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=Mh7S%2B5qgZmIphJq5w7mg2JQ2mqxqLg%2Bb"><em><i><font
face="Trebuchet MS"><span style='font-family:"Trebuchet MS"'>The Toledo
Blade</span></font></i></em></a>. A <a
href="http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=5KGes5r90Y2eibzWcSbLq5Q2mqxqLg%2Bb"><em><i><font
face="Trebuchet MS"><span style='font-family:"Trebuchet MS"'>Wall Street
Journal</span></font></i></em></a> story on the paper quoted Senator
Charles Schumer (D., N.Y.) saying, "We've known for years that U.S.
manufacturing's paying a heavy price for China's activities, but these
figures exceeded even our worst expectations."<o:p></o:p></span></font></p>
<p><font size=2 color=black face="Trebuchet MS"><span style='font-size:
10.0pt;font-family:"Trebuchet MS"'>Scott's paper comes at a time of growing
concern over Chinese currency manipulation, which has kept the cost of
Chinese exports artificially low, making it increasingly difficult for <st1:place
w:st="on"><st1:country-region w:st="on">U.S.</st1:country-region></st1:place>
manufacturers to compete. Unlike most other major currencies, the Chinese
yuan does not fluctuate freely against the dollar. While the value of its
currency should have increased as <st1:country-region w:st="on">China</st1:country-region>
exported more goods, it has instead stayed low, and <st1:place w:st="on"><st1:country-region
w:st="on">China</st1:country-region></st1:place> has aggressively acquired
dollars to further depress the yuan's value.<o:p></o:p></span></font></p>
<p><font size=2 color=black face="Trebuchet MS"><span style='font-size:
10.0pt;font-family:"Trebuchet MS"'>Earlier this month, EPI hosted a panel
on <a
href="http://salsa.democracyinaction.org/dia/track.jsp?v=2&c=DqI3hGsElGdzKshIxlnpQZQ2mqxqLg%2Bb">Currency
Manipulation</a>, where speakers including Nobel Prize-winning economist
Paul Krugman, stressed that a change of policy was needed to address an
extremely depressed Chinese yuan, which was fueling massive trade deficits
in the <st1:country-region w:st="on">United States</st1:country-region> and
<st1:place w:st="on">Europe</st1:place> and threatening hopes of an
economic recovery.<o:p></o:p></span></font></p>
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