Polls decisively show that Americans say they are not better off now than they were four years ago. The same, however, cannot be said for Chinese citizens. A recent poll by the Pew Research Center finds that 70% of Chinese people say their finances are better off now than they were five years ago.
Indeed, the Obama years have been a boon to China economically. Specifically, China has benefited from President Obama’s weakness on leveling the trade deficit and cracking down on Chinese currency manipulation.
First, Mr. Obama has failed to make good on his promises to equalize the Chinese-American trade deficit. Chinese exports to America are up and climbing. In September, Chinese exports leapt another 5.5% from the previous year. Why does that matter? Jobs. From 2001 to 2011, America’s trade deficit with China killed or displaced over 2.7 million U.S. jobs, 76.9 percent of which came from manufacturing. And 662,100 of those jobs were lost from 2008 to 2011—even though Chinese imports dropped when Mr. Obama entered office in 2009.