Ending Currency Manipulation Could Create 5.8 Million Jobs in U.S.
Called the Single Most Important Policy Change for U.S. Workers.
The United States could create up to 5.8 million new jobs if it acted to end global currency manipulation, according to a report released today by the Economic Policy Institute (EPI). The study found that every state would see significant job gains within three years, with a major impact on manufacturing job growth.
Currency manipulation is the primary cause of the nation’s $456.3 billion annual goods (non-petroleum) trade deficit, a massive imbalance that has harmed American manufacturing. The EPI report finds that eliminating currency manipulation over the next three years would significantly rebalance trade flows, creating jobs in every state and almost every congressional district.
“Congress and the Administration have a new focus on manufacturing because they understand its value to the American economy,” said Scott Paul, president of the Alliance for American Manufacturing (AAM). “But they are ignoring the most important job-creating opportunity for manufacturing; stopping currency manipulation. The key to an economic recovery is restoring manufacturing job growth. And to shore up those jobs, Washington should launch a national manufacturing strategy that starts with passing bipartisan legislation to end currency manipulation."
TABLE: Net U.S. jobs created by eliminating currency manipulation, by congressional district, high-impact scenario, 2015 (in alphabetical order)