'Your papers, please' must never be heard in America
Independent voices from the TWT Communities
Presidential candidates of both parties like to score points with voters by promising to get tough with China, but recent evidence suggests that currency reforms quietly adopted by the Asian giant since 2005 have come close to eliminating the biggest trade distortion and bone of contention between the two countries.
Noticeably absent from President Obama's latest economic-stimulus package are any further attempts to create jobs through "green" energy projects, reflecting a year in which the administration's original, loudly trumpeted efforts proved largely unfruitful.
"When it comes to economic relations with China, U.S. political leaders are responding to the problems of yesterday rather than preparing for tomorrow," said Samuel Sherraden, an analyst at the New America Foundation, contending that the currency fight is a thing of the past.
Mr. Sherraden said the slowdown poses a substantial threat to U.S. growth because China had been America's fastest-growing export market.