Alarming report shows Ohio has lost 3,500 factories in past decade
Lead Summary
By
-
A Dayton Daily News report shows an alarming trend for Ohio's manufacturing sector.
Citing data from the U.S. Bureau of Labor Statistics, the newspaper reports that Ohio has lost some 3,500 factories in the past 10 years, resulting in a payroll decline of some$7.8 billion per year.
"The losses track the impact of offshoring — the moving of jobs overseas — by multinational companies and the economy’s slide into the Great Recession," Steve Bennish of the DDN wrote in an Oct. 21 story.
"The data also shed light on the current debate over a $6 trillion cumulative trade deficit that piled up over a decade, and whether the U.S. should put more pressure on China to stop manipulating its currency, which undercuts domestic manufacturing."
According to the report, a number of prominent lawmakers from Ohio are at odds with House Speaker John Boehner over legislation that takes a hard-line approach over China's currency manipulation.
"Sens. Rob Portman, a Republican, and Sherrod Brown, a Democrat, believe the U.S. should take a harder line toward China by punishing currency manipulation," the DDN said.
"However, U.S. House Speaker John Boehner, R-West Chester, said the move jeopardizes U.S.-China relations. Boehner is refusing to allow a House vote on an anti-currency manipulation bill."
Third District Rep. Mike Turner is a co-sponsor of the legislation.
“We only have to look at the Miami Valley economy to see the need to address our trade imbalance with China," Turner said. "I will continue to support measures which increase the United States’ competitiveness and to stop unfair trade practices,” Turner said.
For the complete story, go to www.daytondailynews.com.[[In-content Ad]]
Citing data from the U.S. Bureau of Labor Statistics, the newspaper reports that Ohio has lost some 3,500 factories in the past 10 years, resulting in a payroll decline of some$7.8 billion per year.
"The losses track the impact of offshoring — the moving of jobs overseas — by multinational companies and the economy’s slide into the Great Recession," Steve Bennish of the DDN wrote in an Oct. 21 story.
"The data also shed light on the current debate over a $6 trillion cumulative trade deficit that piled up over a decade, and whether the U.S. should put more pressure on China to stop manipulating its currency, which undercuts domestic manufacturing."
According to the report, a number of prominent lawmakers from Ohio are at odds with House Speaker John Boehner over legislation that takes a hard-line approach over China's currency manipulation.
"Sens. Rob Portman, a Republican, and Sherrod Brown, a Democrat, believe the U.S. should take a harder line toward China by punishing currency manipulation," the DDN said.
"However, U.S. House Speaker John Boehner, R-West Chester, said the move jeopardizes U.S.-China relations. Boehner is refusing to allow a House vote on an anti-currency manipulation bill."
Third District Rep. Mike Turner is a co-sponsor of the legislation.
“We only have to look at the Miami Valley economy to see the need to address our trade imbalance with China," Turner said. "I will continue to support measures which increase the United States’ competitiveness and to stop unfair trade practices,” Turner said.
For the complete story, go to www.daytondailynews.com.[[In-content Ad]]