Some Good News from the Senate

Yes, it’s a really slow news day around here, and considering the state of the nation, slow news days are certainly welcome.

Meanwhile, here’s some good news from the Senate that made me smile.

On Monday, the Senate will take up legislation that would impose tariffs on Chinese goods so long as China depresses the value of its currency. Despite the partisan polarization that grinds lawmaking to a halt these days, the bill’s support is thoroughly bipartisan, with sponsors ranging from such conservative Republicans as South Carolina’s Lindsey Graham to liberal Ohio Democrat Sherrod Brown. The legislation is expected to clear the Senate’s 60-vote hurdle for a floor vote and move on to the House…

… Between 2001 and 2010, the U.S. trade deficit with China cost Americans 2.8 million jobs, according to a report by economist Robert Scott, issued last week by the liberal Economic Policy Institute. Most of those jobs — 1.9 million — were in manufacturing, and of those, almost half were in computers and electronics.

This wasn’t simply the consequence of China’s cheaper labor or more generous corporate subsidies.

Finally! Hopefully there won’t be any jerkasses attaching anti-abortion amendments or some other form of awfulness to prevent it from getting to 60.

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  • JMKirker

    Thank you. Mainly for the phrase “jerkass.” Wonderful.

  • http://www.facebook.com/profile.php?id=1128441487 Ferris J. Anderson Jr

    Now you know why the right is in opposition to this. It means the foothold that their corporate masters have in China will erode, and all those profits that they make there at the expense of the American worker will evaporate. They’ll have to once again depend on the American market for their profits. Considering the growth of the occupy movement, and the planned spending cuts of the right if they get power again, those corporate masters will have a hard time maintaining there opulent lifestyles. Haha, welcome to the 99%.

  • sjc6224

    It will also be entertaining to watch the conniption the Washington Post oped page will have when this passes. If it benefits American workers at the expense of “free trade”, the Post will be firmly opposed.

  • dildenusa

    This is an interesting democratic approach to “divide and conquer.” For years both parties had a hands off approach to China. Oh sure, they would rock the boat a little but basically it was full steam ahead. So now, it sounds like stop all engines. But some people still might drown before the wake dissapates.

    We need to drop the hammer on China but we also need to drop the hammer on Wall Street. The way to do that is tax “carried interest” as regular income, not capital gains. Also reinstate Glass – Steagle. Then the Chinese will see that we are serious about reining in spending and the trade deficit. The Chinese won’t take this seriously if we don’t reform our tax code and regulate lawless financial markets.

  • Robert Burns

    China is the bad actor of the current decade, but we still don’t hold other nations accountable for their trade restrictions. It is still darn impossible for Ford to sell a Focus in Japan, yet their imports flood our market.

    Free trade is a myth.