Career Calling

January 22, 2011

Obama’s Jobs Creator

Filed under: Commentary — claycerny @ 2:07 pm
Tags: , , , ,

Huffington Post reports on Jeffrey Immelt, the CEO of General Electric and the man President Obama has picked to bring jobs back to America.  Immelt and his business have been very successful.  They are holding more cash than any major corporation in the world.  How did GE achieve this distinction?  By chasing cheap labor in other countries.  Immelt’s biggest concerns are tax policy and deregulation.  If that were the key to increasing jobs in America, we’d still be living in the glow of Bush’s Economic Miracle (which, of course, did not happen).  The article also describes how GE managed to cut its tax payments while increasing its profits.  Nice work – for the corporation and its executives.

Once again, President Obama has disappointed the left and labor, ignoring people like Robert Reich and Dean Baker in favor of someone beloved by Wall Street.  I don’t see this move will help American workers.  It will help the investor class, Bush’s base, which Obama seems to want to recruit.  When a politician of either party talks about jobs, look for the politics – because that’s all they can give us.

Postscript:  Robert Reich has issued his take on the President’s new direction.  He analyzes what will really bring jobs to America and warns us against buying smoke.

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