China’s rise, fueled in part by currency manipulation to make its exports cheaper, played a key role in the loss of roughly five million American manufacturing jobs."
The exchange rate when China joined the WTO was about 8.3 yuan to a dollar. Last year it rose to about 6.3 yuan per USD. Tell us which nation has increased their currency exchange rate so dramatically vis a vis the USD? Recently, when the yuan was allowed to float, it proved too weak even to maintain its 6.4 per USD exchange rate.
I know many progressive Chinese who were aghast that China joined the WTO, and who would've been pleased had the US not relocate their factories to that country. This is because the so-called Chinese "miracle" was achieved on the backs of the ever-suffering peasants, who were often underpaid and overworked. The workers themselves hardly earned enough to feed their families, while the local Chinese compradors grew rich from their ill-gotten gains, though not so much as the American corporations that became filthy rich. What Johnson failed to mention is that these corporations had the lion's share of the profits but preferred to stash them overseas instead of bringing them home, as patriotic Americans ought to do.
There is the usual meme of "getting tough" with the Chinese over trade. The question is, why not? If possible, American corporations should relocate all their factories to other developing nations. Don't tell us the Chinese have the power to prevent American corporations from doing that! In fact, as wages have risen in China, many multinationals have done precisely that, including Chinese companies that have relocated their factories to their neighbors, to Africa and even Latin America. Further, the TPP has excluded China, so from now on, hacks like Johnson would've to tell us who to get tough with should the recession - and it's a recession for the 99% - continues.
The present grave socio-economic situation was created largely by the greed of the 1% who've garnered much of the nation's wealth at the expense of 99%. This greed is manifested not only by the oppression felt by workers in China, Mexico, Bangladesh, etc., but also by Americans. It is truly strange that billions of dollars could go towards bailing out banks and other financial institutions, towards wars in the Middle East, towards maintaining and even expanding military bases around the world, but no money could found for a more humane healthcare system, a better education that would not result in a heavily-indebted student population, or for programs that could ensure a living wage for all Americans, including people of color. America can solve its problems only by changing or at least modifying its socio-economic system, and this is the revolution that Bernie is talking about.