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Why Did Obama Choose Outsourcing Champion Jeffrey Immelt as Jobs Advisor? [View All]

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The Straight Story Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Feb-08-11 05:40 PM
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Why Did Obama Choose Outsourcing Champion Jeffrey Immelt as Jobs Advisor?
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Why Did Obama Choose Outsourcing Champion Jeffrey Immelt as Jobs Advisor?

President Barack Obamas choice of Jeffrey Immelt, chairman and CEO of General Electric, to chair the newly-created Presidents Council on Jobs and Competitiveness has drawn criticism for many reasons.

GE is a model for whats wrong with corporate America these days, writes Shahien Nasiripour at The Huffington Post. Its a company thats hoarding cash, sending jobs overseas, relying on taxpayer bailouts and paying less taxes than envisioned.

On the issue of shipping jobs overseas, GEs actions are particularly glaring. The company regularly tops the list of transnational corporations ranked by the size of their foreign asset holdings, as it receives more of its revenues and profits from abroad than from its U.S. operations. Also, the majority of its 304,000 employees are based overseas.

Between 2005 and 2009, the U.S. employee share of GEs total workforce dropped from 51% to 44%. In 2009 and 2010, GE shuttered 28 manufacturing plants in the U.S.

Dave Lindorff at This Cant Be Happening says GE is not an American company. It is a foreign company that happens to be headquartered in the U.S.
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