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Author Archives: Menglin Huang
U.S Jobless: Not China’s Fault
A job fair last week in Los Angeles. Companies are not laying people off, but hiring is often rare. (from New York Times)
The White House released a recent job report on last Friday, September 3rd, that the unemployment rate in the United States is expected to remain 9 percent through 2012, the next presidential election year. New York Times believes “it’s a signal that the economy has stalled and that inaction by policy makers carries substantial risk“.
Though this is the business inside the United States, it did bring a shock to the global stock markets in the following days. According to Los Angeles Times, Asia’s stock market took a tumble on Monday, the first day of trading after last week’s bleak U.S. jobs report, followed by the volatile Eurozone market, largely because of the fears that the U.S. is sliding back into a new recession after 2008. A report from Wall Street Journal even called this September as “historically the worst month on calendar for stocks“.
What’s more interesting is, however, some people criticize that China is the main cause of the jobless situation in the U.S.. Joe Green, president and CEO of NPRC, blamed China as “luring U.S. manufacturers to their mainland, stealing our discoveries and inventions, and trained their students in America’s elite universities”. He also provided five suggestions to Congress, including giving priority to buy American products, to help getting out of China’s “nightmare”.
COME ON! Be realistic! We are the one freaking out that we may not be able to get our money back!