The Treasury Department once again, refuses to call it as it is and label China a currency manipulator.
Senator Chuck Schumer:
This report is as disappointing as it is unsurprising. It's clear it will take an act of Congress to do the obvious and call China out for its currency manipulation.
"Claiming China doesn't manipulate its currency makes about as much sense as saying LeBron James doesn't play basketball.
"It's clear that China's announcement before the G-20 last month was nothing more than a charade, but the Administration seems to have fallen for this rather unbelievable promise.
"Congress must pass strong legislation to address China's currency manipulation so that America's workers and businesses can compete on a level playing field.
"We will never double exports unless we stop China's cheating.
"This is a step backward."
Don't think it's just Democrats blasting the administration for refusing to confront China, Republicans are as well.
As expected, the administration has again failed to identify China as a currency manipulator. China recently allowed a modest crawling peg of its currency exchange rates, but overall China’s currency is tightly controlled and mostly removed from market forces. So Treasury’s determination doesn’t match the facts."
"Everyone knows China manipulates its currency,” continued Grassley. “If the President continues to avoid acknowledging China’s currency manipulation and fails to address it in a meaningful way, Congress will have to act."
China's currency manipulation has cost the United States 2.4 million jobs between 2001 and 2008.
In case you missed it, Treasury Secretary Geithner went on TV claiming the government cannot create jobs, which is completely false. It's more this government refuses to do what is necessary to create jobs.