Ending currency manipulation would create jobs - KSFY News - Sioux Falls, SD News, Weather, Sports

Ending currency manipulation would create jobs

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A majority of the things we own were made in China, Japan, or anywhere other than the United States. This is because many of these countries manipulate their currencies.

"Currency manipulation is when foreign governments purposely devalue their currency to make it cheaper, which makes their goods cheaper to buy around the world, said NSU political science professor, Jon Schaff.

This is what kills off manufacturing businesses in the United States. In a report released by the Economic Policy Institute, it was calculated that if our country acted to end global currency manipulation it would create up to 5.8 million U.S. jobs. This could create as many as 21,100 jobs in South Dakota.

Aberdeen Development Corporation Executive Vice President, Jim Barringer,  says Aberdeen is flourishing, but all cities like new jobs.

"The one thing the Development Corporation strives for is not only more jobs and better jobs, but also diversifying the economy," said Barringer.

"As we look to add that diversity, quite frankly, it creates many opportunities for people that come to the community that maybe their spouse would also like to be employed. This would give them a variety of opportunities to be employed," he added.

Ending currency manipulation definitely has its economic benefits, but controlling what another country does, is never easy.

"The United States wants them to end this, but we have to give them an incentive to that. It's not something that can just unilaterally occur," said Schaff. 

He added that in his opinion, he does not see the United States progressing in manufacturing jobs.

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