The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( TheStreet) -- The China Currency Bill is the most significant jobs bill Congress could pass. It enjoys the bi-partisan support of nearly 80 Republican and Democratic Senators, yet President Obama and Speaker Boehner oppose it, illustrating both are out of touch with the problems besetting the American economy. The nearly $600 billion trade deficit is destroying more American jobs than the mortgage crisis, too much business regulation, and high health care costs combined. Americans haven't forgotten how to make things or compete. Unlike what President Obama would have us believe, Americans are not undereducated dolts, unenlightened in the ways of global competition. Rather through a failure to act on issues the President has identified -- Chinese mercantilism -- and on issues where his ideology prevents action -- the development of abundant U.S. energy -- Americans are being denied their fair opportunity to compete. Simply, the U.S. economy suffers from too little demand for what Americans make. Americans are spending again, but since the first quarter of 2009, the trade deficit is up 55%. In the second quarter, it was nearly $600 billion or 4% of GDP -- thanks almost entirely to surging imports of subsidized imports from China, barriers to U.S. exports into the Middle Kingdom and higher oil prices.