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Sat Aug 29, 2015, 09:35 AM

Sestak: Time for U.S. to strenghten economic stance

Because Sestak is independent of Debbie Wasserman Schultz, the DNC and corporate lobbyists like Ed Rendell, he can timely advocate strong, solid policy positions consistent with progressive Democratic values - he doesn't have to get prior approval from campaign donors. He does not have to depend on or be controlled by position papers or PR releases spoon-fed to him by the DNC, DWS or a slick, glad-handing campaign manager. Here's an example, in explicit response to the recent China/stock market brouhaha.

Days of erratic Wall Street stock market activity, caused by uncertainty in China, provided yet another example of how the time is right for the United States to take an even stronger leadership role in the global economy, according to retired Adm. Joe Sestak, a candidate in Pennsylvania’s 2016 U.S. Senate race.

The Dow Jones Industrial Average lost more than 800 points between Aug. 18 and Thursday, even when counting a record-setting, two-day swing of almost 1,000 points to the positive during the most recent days of trading. China’s economy has recently experienced turbulence, including when its currency was devalued earlier this month.

“I think this volatility, particularly with China, is indicative that this is our moment,” said Sestak, a Democrat, during a meeting at Holiday Inn Johns-town-Downtown. “China is now becoming a consumer nation,” he said. “It costs almost as much to produce something manufactured in China as it does here in America, for two reasons. “First, they’ve had double-digit increases in wages for the last seven years. Second, the shipping to transport it back is maxed out. There’s no more. The price of shipping has continued to skyrocket.”

Sestak offered a multi-point approach to improving the U.S. economy: expand domestic manufacturing, utilize the Export-Import Bank of the United States, keep economic protections in place and play a prominent role in global monetary institutions.

“If we are solid and producing and exporting, then now’s our moment,” Sestak said.
Pointing to a difference between himself and incumbent Sen. Pat Toomey, a Republican, Sestak talked about his support for the Dodd–Frank Wall Street Reform and Consumer Protection Act, legislation that modified America’s financial regulations in the aftermath of the Great Recession.

Posted in News, Local news on Thursday, August 27, 2015 10:42 pm. | Tags: United States Senate, Pennsylvania, House Of Representatives, Joe Sestak, Economy, Wall Street, Stock Market, Global Economy, China, Dodd-frank, Pat Toomey


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