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Politics : PRESIDENT GEORGE W. BUSH
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To: JakeStraw who wrote (473710)10/9/2003 3:41:44 PM
From: DuckTapeSunroof  Read Replies (1) of 769670
 
Jake, Jake... what a short memory you have:

"Probably no single company illustrates the benefits of
sourcing cheap imports from China better then Wal-Mart,"
says Stephanie Pomboy, editor of MacroMavens. "Importing
roughly $12 billion in goods from China (or roughly 10% of
our total trade gap with China) the company has been able
to maintain margins and increase headcounts. Indeed, since
China first pegged the yuan to the dollar in 1994, Wal-Mart
has nearly tripled its workforce from 528,000 to 1.4
million today... As the country's largest employer, what's
bad for Wal-Mart is probably bad for the U.S. overall. If
so, the message would seem to be that, by raising input
prices and squeezing profit margins, a Chinese re-
evaluation will end up costing more jobs than it saves."

>>> So, Jake, what is our current trade deficit with China in manufactured goods? (Hint: it's our nation's SECOND LARGEST after our trade deficit with Japan... but climbing far faster.)

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