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It's Economics 101, Mr. President!

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Almost ten years ago in November, 2003 Warren Buffett and Carol Loomis authored the article: America's Growing Trade Deficit Is Selling The Nation Out From Under Us. Here's A Way To Fix The Problem--And We Need To Do It Now. It included the following sentence: "We were taught in Economics 101 that countries could not, for long, sustain large, ever-growing trade deficits." Until the U.S. trade deficit is systemically and holistically addressed America's unemployment problem will continue to be structural and not cyclical as in previous recessions. The best way for President Obama to challenge CEOs on jobs is to label China a currency manipulator, promptly on October 15th and publicly state he will sign the Currency Reform for Fair Trade Act (HR 1276); only then will CEOs have something to fear.

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