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Senator Schumer blames American job losses on Chinese currency manipulation

By By MIKE LaFAVE

NEW HARTFORD, N.Y. (WKTV) - U.S. Senator Charles Schumer was at Jay-K Lumber Wednesday, explaining how Chinese currency manipulation is impacting the local economy.

According to Schumer, Oneida County lost 1,000 manufacturing jobs last year.

New York's senior Senator says China keeps its currency artificially low, giving them a 30% advantage on imports here in the United States. The Democratic Senator blames this practice for the local loss of manufacturing jobs.

"It's against the rules of free trade and it's against what every other country does," Schumer said to a crowd at Jay-K Lumber. "And it puts our own manufacturing jobs here in the Mohawk Valley and and so many other places throughout America at a huge competitive disadvantage. You take away that 30%, we can compete."

Schumer is pushing legislation in the Senate that would end this practice. He says if the legislation passes, thousands of manufacturing jobs would return to the Mohawk Valley.

"Just imagine you have two stores, two little 7-11 type stores, each on a different side of the street here. And they sold the same goods, but one sold them for 30% less than the other. Who would get all the business? It's obvious," Schumer said.

Opponents fear the bill will anger the Chinese, and they could be tempted to dump the billions of dollars of U.S. debt they own. If that were to happen it could potentially cripple the American economy.

Schumer believes right now the legislation will get 70-80 votes in the Senate. That is enough to override a Presidential veto if necessary, although it is unlikely President Barack Obama would veto the bill if is passes both chambers of Congress.

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