WASHINGTON (Feb. 27, 2014) — The U.S. government could create up to 5.8 million jobs for its citizens if it took strong measures to end currency manipulation by China and other nations, according to a new report by the Economic Policy Institute (EPI).
The EPI and the Alliance for American Manufacturing (AAM) introduced the report, "Stop Currency Manipulation and Create Millions of Jobs," in a Feb. 26 teleconference.
Participating in the teleconference were Robert E. Scott, the report's author; AAM President Scott Paul; Sen. Sherrod Brown, D-Ohio; and Rep. Sander Levin, D-Mich.
Sen. Brown and Rep. Levin are the sponsors of bipartisan bills that would make provisions forbidding currency manipulation mandatory in any trade agreements with foreign countries.
Currency manipulation is the main cause of the nation's annual $703 billion trade deficit in manufactured goods, Mr. Scott said in the report.
Ending currency manipulation would reduce the federal deficit by as much as $266 billion in 2015, he said, and create jobs in every state and the District of Columbia.