In a column published in the San Francisco Chronicle, self-described “token conservative” columnist Debra J. Saunders describes General Electric Chairman and Chief Executive Jeffrey Immelt as the “Jobs Czar from Hell.”
President Obama chose Immelt to head the President’s Council on Jobs and Competitiveness last January – this despite some pretty glaring conflicts of interests, says Saunders.
“When Obama appointed Immelt to his jobs and competitiveness council, the president said that Immelt ‘understands what it takes for America to compete in the global economy,’” wrote Saunders. “Unfortunately, Immelt seems to have learned that the best way to increase GE’s profits was to eliminate a fifth of its American workforce, ship jobs overseas and hire a small army of tax attorneys.
“The New York Times reported last month that General Electric earned $14.2 billion in international profits, including, $5.1 billion in the United States. Yet GE did not pay a dime in federal income taxes last year… According to the Associated Press, Immelt’s compensation package doubled to $15.2 million last year, while this year GE is seeking major concessions from the unions that represent its shrinking American workforce,” said Saunders.
“What kind of economic advice can Immelt give?” asked Saunders. She then goes on to provide an outline of Immelt’s unprincipled blueprint for doing business in the United States, including a probable push against lowering U.S. corporate tax rates in order to boost GE’s profits in low-tax countries overseas.
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