Responding to concerns that China is undervaluing its currency by up to 40 percent, Sen. Evan Bayh, D-Ind., introduced legislation this week to increase tariffs on the communist country by 27.5 percent.Hopefully this will help bring back those jobs that are being outsourced to workers overseas.
Many economists believe China's booming economy is gaining an advantage in the international marketplace by undervaluing its currency, the yuan. Areas where U.S. exports are high, including the manufacturing and steel sectors, are most susceptible to market upsets when Chinese currency is undervalued.
"Chinese companies are benefiting from rigged competition that puts Hoosier workers 15 percent to 40 percent behind before they even step out of the door on their way to work each day," said Bayh, who introduced the measure as part of a bipartisan effort. Sens. Charles Schumer, D-NY, and Lindsey Graham, R-S.C., are cosponsors.
I would have voted the exact same way as Senator Evan Bayh on these two nominations. However, this editorial in the Marion Chronicle Tribune shows some displeasure with Senator Bayh:
A BOO for Indiana Sen. Evan Bayh for seeming to forget his Midwestern roots and common-sense political history when it came time to vote for the confirmations of Condoleezza Rice as secretary of state and Alberto Gonzales as attorney general. Bayh says his votes were matters of principle and not politics, but his votes seem like a strange change from his style as Indiana governor and what he has done in his first years in the United States Senate.2008 Hopefuls are testing the waters. Democrats that are appearing to be making a run in 2008:
Evan Bayh, Indiana Senator (former Governor)
Joe Biden, Deleware Senator and 1988 candidate
Hillary Rodham Clinton, New York Senator and former First Lady
John Edwards, former North Carolina Senator
John Kerry, Massachusetts Senator and 2004 nominee
Bill Richardson, New Mexico Governor and former Secretary of Energy
Tom Vilsack, Iowa Governor
"Many, many people on both sides will spend the next couple of years putting themselves in a position so they can decide whether or not to run," Bayh adviser Anita Dunn said.Republicans hoping to run in 2008:
"If two years from now, you're just getting started on building a political team, two things will happen: All the top talent will be gone and, more importantly, you'll start out with a team that's not cohesive," she said.
George Allen, Virginia Senator
Bill Frist, Tennessee Senator
Rudy Guiliani, former New York City Mayor
Chuck Hagel, Nebraska Senator
John McCain, Arizona Senator
George Pataki, New York Governor
Mitt Romney, Massachusetts Governor