Report Finds Currency Reform Would Create Millions of Jobs

The Business Journal

YOUNGSTOWN, Ohio -- A report issued by the Economic Policy Institute argues that cracking down on countries that artificially devalue their currency could lead to millions of new jobs in the United States within three years.

U.S. Sen. Sherrod Brown, D-Ohio, used the new report as a basis for a conference call with reporters Wednesday as he urged support for his legislation that would treat currency manipulation as a violation of U.S. trade law.

"A quarter million Ohio jobs could be created if we can eliminate currency manipulation by next year," the senator said. The report found that should foreign currency reform become trade law, it could lead to the creation of between 2.3 million and 5.8 million jobs in the United States within three years.

For Ohio, some 75,000 of the new jobs created would be in manufacturing, Brown notes, while the state's gross domestic product would increase by $17 billion, improving municipal government coffers up to $3.7 billion. Such measures would also result in Ohio's unemployment rate dropping by 3%.

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