Stamp Collections
Posted by SCapozzola on April 1st, 2008
A New York Times article yesterday reported some alarming news. Headlines ‘As Jobs Vanish and Prices Rise, Food Stamp Use Nears Record,’ it noted that “the number of Americans receiving food stamps is projected to reach 28 million in the coming year, the highest level since the aid program began in the 1960s.”
In Michigan, one in eight residents now receives food stamps. It happens that Michigan has lost roughly 280,000 manufacturing jobs since 2000—the highest percentage of manufacturing workforce losses for any state in the U.S. Clearly, these large-scale layoffs are having a ripple effect throughout the Michigan economy.
Manufacturing is unique in its ability to create jobs throughout the economy. It’s estimated that one manufacturing job can create as many as four to five other jobs throughout the rest of the economy. This “multiplier effect” is one of the strongest arguments for developing and retaining a strong manufacturing base.
Conversely, the downturn in Michigan, wherein roughly one-third of all manufacturing workers have been laid-off since 2000, has caused serious repercussions throughout the state.
In order to stop this hemorrhaging of U.S. manufacturing jobs, the U.S. must tackle the dumping, subsidies, and currency manipulation practiced by countries like China. Without a leveling of the playing field, the job losses will continue.
ManufactureThis notes that Hillary Clinton actually addressed the subject of China at a campaign stop in Indiana last Friday. Specifically, she said: “We will get tough on China, because they are not playing by the rules of the global marketplace.”
In “getting tough,” an important first step is to enforce U.S. trade laws. Hopefully Senator Clinton understands that action speaks louder than words, and that both Congress and the Administration must promptly address China’s illegal currency manipulation.
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