, Salem, MA


November 14, 2013

Our view: Losing the economic war


None of those things have happened. China continues its old tricks — subsidizing its private sector in order to destroy foreign competition, unfairly manipulating its currency to give itself a big advantage in trade, and suppressing its worker class. It has stolen intellectual property from our nation and bullied against American companies’ attempts to enter its market. Meanwhile, China continues to buy up our mounting public debt, furthering our dependence on it.

The European Union nearly entered into an economic war with China earlier this year in an effort to combat the predatory strategy that China was inflicting on Europe. China’s autocratic government seeks to dominate the world economy. It only responds to serious threats, as the recent showdown with the EU proved.

Meanwhile, our own internal bickering has distracted us. President Obama skipped a crucial Asian summit last month, a move that was widely seen as giving China an advantage in its efforts to dominate its Asian neighbors and push its economic warfare agenda. Obama was here in the U.S., dealing with Congress’ shutdown of the federal government.

“I’m sure the Chinese don’t mind that I’m not there right now,” Obama said. “There are areas where we have differences, and they can present their point of view and not get as much push back as if I were there.”

Next month, our local cities and towns will set their tax rates, and we will hear the same arguments — economic development is needed to ease the burden on local residents. The scramble for the scraps of industry will renew.

We are fools to think that the fate of our local communities is immune to the global picture. It is up to our federal government to see this broader picture, and deal with the economic threats that face our nation. China is a formidable and predatory force that wants it all.

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