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Reply #150: President Obama: "We think GE has something to teach businesses all over America. [View All]

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Better Believe It Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jan-23-11 03:37 PM
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150. President Obama: "We think GE has something to teach businesses all over America.
Are GE and Jeffrey Immelt Really American?
by Dave Lindorff
January 22, 2011

Between 2005 and 2009, according to GEs own 10-K financial reports, the company shed jobs in the US so fast, and added them abroad so fast, that the US employee share of GEs total workforce dropped from 51% to 44%, a process of job destruction that has continued apace since then. In 2009 and 2010, according to information compiled by the United Electrical Workers (UE), GE closed down 29 manufacturing plants in North America, 28 of them in the US and one in Canada. A total of 3000 workers lost their jobs in those closings, with many of those jobs being added at GE facilities overseas in low-paying countries like China and India. But actually, the job losses were greater, as those shuttered facilities had until recently employed twice that many workers, UE reports.

Just last September, for example, GE announced that it was shutting down its last US lightbulb manufacturing plant and moving that operation to China. The 200 workers at the factory in Winchester, VA, who had been earning some $30 per hour making lightbulbs for the US market, were all added to the US jobless rolls. Why? Workers in China could make the new substitute fluorescent bulbs cheaper, and then GE could import them back into the US duty-free.

Doesnt sound like the kind of model thats likely to be adding many jobs here in the US, does it?

And yet, President Obama, in naming Immelt to his new post, said, We think GE has something to teach businesses all over America.

Read the full article at:

http://www.commondreams.org/view/2011/01/22-7

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