Hugh J. Campbell, son of a steelworker, sends us this:

The following is a response to President Obama Challenging CEOs to Hire the Jobless:

Almost ten years ago in November of 2003, Warren Buffett and Carol Loomis co-authored an article entitled 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.

That article 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 rather than cyclical, as it was in previous recessions. Structural problems are rarely solved with cyclical remedies. Hiring the long-term unemployed is wise and compassionate. But the bogus way the official unemployment rate is calculated may, in all likelihood, cause the official unemployment rate to rise and not fall, providing political ideologues an opportunity to lobby for more cyclical remedies, like tax cuts.

The best way for President Obama to challenge CEOs on jobs is to label China a currency manipulator, promptly on Oct.15,  and publicly state that he will sign the Currency Reform for Fair Trade Act (H.R. 1276)—only then will CEOs really have something to fear.

Mr. President, please rethink any policy position you share with the Club for Growth, Americans for Tax Reform and the U.S. Chamber of Commerce, like the proposed Trans-Pacific and U.S.-EU Trade Partnerships. There are few shared values between the aforementioned groups and “We the People.”