Obama Attacks China’s Subsidized Cars As U.S. Subsidizes Cars


Obama will  give a speech in Ohio today announcing enforcement action against China at the World Trade Organization because he says China is illegally subsidizing exports in their autos and auto parts sectors.

Huh? We ourselves are subsidizing the Volt. Obama is the one who sent GE to China. Heck, he sent the manufacturing of the Volt to China.

He will buy votes with this and that is the only reason we are seeing this on September 17th.

The hypocrisy and deceit is mind boggling.

China needs to be addressed. They play games with their currency and we are relying far too heavily on Chinese manufacturing. Obama has done nothing about it in four years.

He is suddenly going after China trade with the election two months away and he is going after them for something we ourselves do. Obama is subsidizing electric cars no one wants with taxpayer money, cars which ironically rely on coal, another industry he is destroying. He needs to let GM make the cars that will sell.

As president, Obama can use his bully pulpit and our tax money to begin a trade war with China that won’t go well but which will play well until November 6th.

Romney will be speaking at the U.S. Hispanic Chamber of Commerce today.

He will say:

“Many Hispanics have sacrificed greatly to help build our country and our economy, and to leave for their children a brighter future. Today, those sacrifices are being squandered by a president who cannot stop spending.”

Romney said his test on federal spending would be whether a program is “so critical that it is worth borrowing money from China to pay for it.”

Romney has accused Obama of being weak on China and ceding American jobs to the rising Asian power. The president countered with claims that Romney has investments in Chinese companies and outsourced jobs to China while running the private equity firm Bain Capital.

Obama and Romney are fighting for the middle class. Manufacturing in the U.S. is crashing and Obama has been unsuccessful in bolstering this sector, thus his latest action against China.

Romney released a television advertisement Thursday accusing Obama of “failing American workers” and ignoring unfair trade practices by China. And in his weekly podcast Saturday Romney said that “In 2008, candidate Obama promised to take China `to the mat.’ But since then, he’s let China run all over us.”

Obama countered with a TV spot focused on its claims that Romney outsourced jobs to China while working in the private sector. His campaign also released a new web video Saturday in which Obama deputy campaign manager Stephanie Cutter said Romney holds investments in Chinese companies.

The problem goes far beyond China. The socialist world economy is crumbling as our president rushes towards socialism. It is affecting the manufacturing sector.

“Lackluster demand continues in all regions of the world, and is supporting much lower raw materials prices in the second half of 2012.” (Chemical Products)

Index Series
Direction Rate
PMI™ 49.6 49.8 -0.2 Contracting Faster 3
New Orders 47.1 48.0 -0.9 Contracting Faster 3
Production 47.2 51.3 -4.1 Contracting From Growing 1
Employment 51.6 52.0 -0.4 Growing Slower 35
Supplier Deliveries 49.3 48.7 +0.6 Faster Slower 7
Inventories 53.0 49.0 +4.0 Growing From Contracting 1
Customers’ Inventories 49.0 49.5 -0.5 Too Low Faster 9
Prices 54.0 39.5 +14.5 Increasing From Decreasing 1
Backlog of Orders 42.5 43.0 -0.5 Contracting Faster 5
Exports 47.0 46.5 +0.5 Contracting Slower 3
Imports 49.0 50.5 -1.5 Contracting From Growing 1
OVERALL ECONOMY Growing Slower 39
Manufacturing Sector Contracting Faster 3