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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Peter O'Brien who wrote (440504)	8/9/2003 3:42:40 PM
From: Thomas A Watson	Respond to of 769667

I wonder, did you just insult the word opinion.

To: Peter O'Brien who wrote (440504)	8/9/2003 9:57:28 PM
From: Lizzie Tudor	Read Replies (5) \| Respond to of 769667

my position is that in order to avoid high unemployment in the white collar professions our govt needs to push on china and to a lesser degree india to float their currencies. This is typical friedman econ, nothing out of the ordinary here. China has its currency artificially low and that is the equivalent of dumping products, it is like a reverse dumping of labor, the low Yuan makes everybody elses workers uncompetitive, in a true free market the Yuan would rise. Anyway China wants to keep their currency low because it benefits them, and they have issued statements that AG better back off or else they won't buy our debt! So, to answer your question, I think Bush's reckless tax cutting, which drove us into the deepest deficit ever, has now backed us into a corner and we have much less trade leverage with China. My belief is the job loss due to offshoring of white collar workers is severe, we are losing between 50K and 100K white collar jobs a month. How do we turn this around with no free float of the Yuan? Tariffs of some sort are all I can think of. The other issue is opportunity cost, I am all for tax cuts if they do some good, with these global workforce exodus issues how about cutting the payroll tax, why in the world would anybody cut dividends in this climate. A dividend tax cut is pandering to the rich pure and simple while the educated workforce (who made these people rich) is hurting for jobs and heavily taxed. Interestingly, in the early 90s I had an executive friend who had been an interim CEO of Atari for awhile. When I met him he hated George Bush senior, he thought the republicans allowed asia to dump in the USA and consequently Japan destroyed our consumer electronics, cameras, walkmans and TVs, things like that. Now here we are again same deal but in reverse, its labor this time. I see an article that some engrs at IBM are interested in investigating a union, well that is just great if you ask me.