Jobs and a healthy economy are what the American people demand. Cutting taxes and reducing federal spending is one part of the solution. The other part, and the most important one for this administration, is the trade imbalance deficit with China.
Our trade deficit is holding down our growth rate. Peter Navarro, a business professor at the University of California, put it this way: “The U.S. budget deficit is largely a product of our slow growth over this decade, and our slow growth is largely a product of China’s stealing our market.”
The Obama administration should toughen its stance against China if it wants to see our growth rate return to levels that can create jobs in the United States.
China is stealing jobs and shutting factories in the United States, hampering U.S. growth rates on a long-term basis. According to Navarro, there are 25 million people who can’t find jobs. If we revamp our policies with China, we will be able to reopen our factories here.
Mike Bakir, La Plata