Goodyear’s Plans to Move Jobs to China Adds to Nation’s Economic Woes

by Tula Connell, Dec 21, 2006

Goodyear strikers have leafleted customers at outlets around the nation to explain how Goodyear has backed away from its promises to workers.

This is a crosspost from The Bonddad Blog. Click here for the full post.

Let’s see. U.S. Treasury Secretary Henry Paulson went to China last week to get the Chinese government to voluntarily lower the value of its currency, the yuan.

He failed.

But to save face for the United States, China said it will buy four Westinghouse nuclear reactors—never mind worries that this nation is selling its competitive advantage one industry at a time.

At the signing ceremony for the deal, U.S. Energy Secretary Samuel W. Bodman had this to say:

The Chinese were very demanding.

Too bad the same can’t be said of the Bush administration when it comes to creating economic policies that will strengthen the United States. (Bonddad has done a great job detailing Bush’s economic failures here and here, where he points out Bush’s job growth record is the worst in 40 years.)

So, while China keeps its yuan undervalued by as much as 40 percent, this nation runs up a $202 billion trade deficit with China in 2005—and Bush’s solution is to send his cabinet to China to ask its government to see things our way, rather than take any concrete action.

Meanwhile, profit-making corporations like Goodyear are adding to our economic imbalance by sending family-supporting U.S. jobs overseas—to China.

Click here to read the full post.

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