Ryan: White House should label China a "currency manipulator" - CBS News [dayinformations.blogspot.com]
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Republican vice presidential candidate, Rep. Paul Ryan, R-Wis., campaigns at Youngstown State University, Saturday, Oct. 13, 2012 in Youngstown, Ohio.
/ AP Photo/Mary AltafferAdministration officials announced Friday they would be delaying the release of a currency report due Oct. 15 that could have labeled China a country that purposely devalues its money to gain a competitive advantage in its trade practices. Mitt Romney has repeatedly highlighted the China currency issue during the campaign.
"The administration had their eighth chance to label China a currency manipulator -- it's due in two days -- they say they are going to push this deadline off until after the election. That's eight opportunities to say, 'You know what, play fair with us, trade with us fairly,'" Ryan said.
The Treasury Department said it wanted to assess progress during an early November gathering of finance ministers and central bank presidents, delaying until after the election a politically-charged decision that could fuel Republican claims that the administration is soft on China.
"Two million jobs we've lost, according to the International Trade Commission because of one country, China, taking our intellectual property rights, meaning taking our patents, taking our goods that we make and copying them and selling them - that's not correct, that's not right, that's cheating," Ryan said. "And you know what, we are going to do something about it."
The ITC Commission study Ryan cited actually said that better protections of the nation's intellectual property could lead to the creation of 2.1 million new jobs, not that it had led to the disappearance of existing jobs.
A similar claim in an ad released by Romney's campaign has been labeled "misleading" by fact checkers.
Romney's campaign sees no issue with the claim. "A lost job is a lost job," said spokesman Michael Steel when asked about Ryan's use of the study.
Responding to Ryan, Obama campaign spokesman Danny Kanner took the offensive, pointing to the president's action against a surge in Chinese tire imports by imposing tariffs in 2009. The Obama campaign has highlighted Romney's opposition to the move - which one study says saved as many as 1,200 domestic jobs - in an ad.
"Congressman Ryan's tough rhetoric can't hide the fact that Mitt Romney will never crack down on China's cheating - just look at his record. When President Obama stood up to China on behalf of American tire workers, Romney called it 'decidedly bad for the nation,' " Kanner said in a statement.
Even though he has made tough talk about China a prominent focus about his campaign, Romney had business ties to the country prior to his presidential election in which he has taken a harder line. According to an Associated Press story published earlier this week, as the chairman and chief executive of consulting firm Bain & Co., Romney helped oversee the company's expansion into China in the early 1990s, including tasking members of the firm with holding management seminars for Chinese government trade officials.
Bain & Co. - which is separate from the venture capital firm Bain Capital that Romney helped found in the 1980s - was among several U.S. strategy firms that branched out to Beijing during the 1990s.
Ryan also faulted the president for insufficient bipartisan compromise on budgeting issues. He implied House Republicans had been hoping for "triangulation" from the president, referring to a term that was coined when former President Clinton worked with then-House Speaker Newt Gingrich to craft budget deals.
"We were hoping that that's the kind of administration we would have in its second half of its term. And so we put our budget out there and what we got was nothing but attacks and demagoguery from the president," Ryan said.
He omitted mentioning that President Obama worked with House Speaker John Boehner to craft a deal to raise the debt ceiling in the summer of 2011 - a deal that was undermined in part because House Republicans (including Rep. Ryan) took a hard line against any revenue increases.
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