About All Those Jets China is Going to Buy...

Wonder why there aren't any particularly big celebrations in Seattle over Obama's announcement that China is buying $19 billion in jetliners from Boeing?  Perhaps it's because these orders have been on the books for years:

The claim: A White House fact sheet released Wednesday to coincide with the state visit of Chinese President Hu Jintao said: “In preparation for this visit, several large purchases have been approved including for 200 Boeing airplanes. … The approval, the final step in a $19 billion package of aircraft, will help Boeing maintain and expand its market share in the world’s fastest growing commercial aircraft market.”

What we found: The deal President Hu signed does not include any new jet orders.

Delivering the formal approval during Hu’s visit is designed to make the Chinese government appear responsive to U.S. concerns about the balance of trade.

However, all of the airplanes in the sale were announced and booked by Boeing as firm orders over the past four years. Chinese airlines had already paid nonrefundable deposits and signed contracts for the jets, most of them as far back as 2007.

By the way, the day after this deal was announced Boeing laid off 1,000 American workers.

Rainbows and unicorns.