(CNSNews.com) – Vice President Joe Biden, speaking in Minneapolis, Minn., Tuesday said GOP presidential candidate Mitt Romney and his allies “sound like squealing pigs” when they object to Democratic efforts to pass “the toughest Wall Street regulations in history.”
Biden blamed “Republican obstructionism” for “slowing down” the Obama administration’s economic progress and credited the administration with the creation of “200,000 brand new good paying jobs.”
“In spite of that, in spite of Governor Romney’s insistence to let Detroit go bankrupt, we rescued the automobile industry, saved a million jobs and created 200,000 brand new good paying jobs," he said.
"Over the objection – though they sound like squealing pigs – over the objections of Romney and all his allies, we passed the toughest Wall Street regulations in history, turning Wall Street back into the allocator of capital it always has been and no longer a casino, and they want to repeal it,” Biden said.
The unemployment rate as of July 2012 is 8.3 percent. Back in January 2009, when the president was first sworn into office, unemployment was at 7.6 percent, according to the Bureau of Labor Statistics.
Biden said the Obama administration “stood up to China, defending American tire companies when Chinese tires overwhelmed our market.”
The administration also established a trade enforcement unit for the first time “to make sure American companies are not taken advantage of.”
“I guess I should never be surprised, but I was surprised by Romney’s response to our actions when we did that. He called us, our actions against China protectionism. He said ‘it was bad for the nation,’ bad that we exercised our rights under the international trade agreements to stem the flow of cheap, Chinese tires, saving American jobs. Tell that to the people making those tires here in the United States of America. A bad thing to save jobs?” Biden said.
The vice president also said the Obama admininistration “brought trade cases against China at twice the rate of any previous administration.”
“I got news for y’all. The president and I brought trade cases against China at twice the rate of any previous administration, and as long as they’re not playing by the rules we’re gonna continue to, no matter what Romney calls it,” Biden said.
“And now …what’s fascinating like a lot of other things – I know this will shock you – Romney’s changing his tune. I know that surprises you. I know you’re shocked. Now he’s talking tough on China, says we’re not tough enough with China. I wish he had been that tough when the companies owned by Bain were exporting thousands of jobs to China,” he added.
During a campaign event in Manchester, N.H., Romney said he would crack down on “cheaters like China.”
"I want trade that works for America. That means we're going to open up new markets for our goods in Latin America and other places, and we're going to crack down on cheaters like China when they play on an unfair basis,” the former Massachusetts governor said.
In an op-ed in the Washington Post published on Oct. 3, 2011, Romney said China has ignored rules that others have followed.
“China sells high-quality products to the United States at low prices,” he wrote. "But too often the source of that high quality is American innovations stolen by Chinese companies. And the source of those low prices is too often subsidies from the Chinese government or manipulation of the Chinese currency.
“Some argue that access to quality goods at low prices are good for our consumers. But like the predatory pricing prohibited under our antitrust laws, China’s underpriced products lead to an undesirable and inefficient elimination of competing businesses, with serious long-term consequences. And in this case, the businesses killed are often our own,” he wrote.
“Meanwhile, American companies do not even get the supposed benefit of the free-trade bargain: When they try to do business in the Chinese market, they find policies designed to shut them out,” Romney added.
“Candidate Obama talked tough about China’s trade policies; President Obama has whispered about them,” he wrote. “China smiles, diverts attention by criticizing the United States and merrily continues to eat our economic lunch. Who can blame the Chinese for ignoring our timid complaints when the status quo has served them so well?”