Unemployment is the worst ever. Not since the great depression has unemployment been this bad for so long. Finally, the public is standing up and protesting. This is the 24th day that 1-2 thousand people have gathered in a park in Lower Manhattan in New York City to protest the lack of money trickling down from corporate America to the non working public.
Today even stars showed up in support. Kanye West and Russell Simmons were there and now Reverend Sharpton threatened to be there too. Protestors have really changed throughout the years. The professional protestor was anyone from the 60’s and 70’s who were anti-government, anti-war, and anti-establishment. They literally did not have any materialistic things. They valued peace, love and drugs.
These protestors are of a generation that want materialistic things. They come with their computers and smart phones and have even set up a media center. They are organized and for the most part peaceful and very educated. They have provided free food and are organizing a protest to the Upper East Side of town where the richest people live in New York City.
Maybe somebody read this Blog of mine. I warned and hoped this would happen back in a post in May 31st when I asked, “Where are the protestors?” and revealed the exorbitant profits CEO’s and companies were sitting on. On June 2nd I let you know that Obama appointed a Jobs Czar which is ironic that there aren’t jobs now because he is one of the corporate greediest. Even in the last paragraph of my Post on August 9th I told you the only way to save America now is to reward the companies that hire Americans and our deficit would be reduced because more people would be paying taxes from their new jobs.
From May to now October how have we improved? Zero. One of the main reasons is that U.S. Companies have gone abroad. The workers and their profits are out of this country! Over the past decade big companies have cut almost 3 Million jobs in the U.S. while adding almost as much overseas. Ironically, no company has gone more global than GE! Yes, Obama’s hand picked CEO Jobs Czar is hiring out of America!
GE is huge. It makes everything from refrigerators to jet engines. This past week Obama has been pushing his new Jobs Act. The Republican CEO of General Electric is a crazy choice to implement Obama’s plans. Jeff Immelt is a fast talking big mouth with lots of personality. Yes, like a used car salesman. He is supposedly heading a Counsel of CEOs, Wall Streeters and Labor Leaders under the Jobs Council to help the President come up with a plan for long term job growth.
This country needs to create 300,000 jobs per month just to get back to where we were before the recession. Instead of growth we are talking about another recession soon! The President chose this guy because he is one of the few that are building new manufacturing plants in the U.S. There is a new factory in Baitsfull, Mississippi where they are making new jet engines for Boeing.
Jeff is adding 15,000 jobs in the U.S. about half in manufacturing. In Louisville, Kentucky where the GE appliance parts factory is located, they lost about 16,000 jobs to China. He just started hiring more here because wages are going up in Mexico and China. With the weak dollar now the U.S. is poorer than other countries. These aren’t good jobs, they all pay only about 13 dollars per hour. He is arrogant, he boasts that he gets 50,000 applicants for 15,000 jobs.
Places like Brazil once known for samba, sun and soccer is now one of the worlds fastest growing new economies. Even my waiter at my favorite restaurant is going back to Brazil for a better job. GE built a manufacturing company town there 90 minutes from Rio because Brazilians are buying GE products. There GE is growing by 35% per year compared to 1% yes, one percent in the U.S. How does that give Americans jobs? It doesn’t!!!
GE has become so global that more than half of its 300,000 workers are now overseas. 60% of its revenues come from overseas. When he became CEO it was 30%. This arrogance is totally unacceptable while he takes jobs and profits overseas. He has 8,000 employees in Brazil and rising. He is making trains there and bringing its research and development aspects of the company THERE not HERE.
How is this guy American if he is bringing most of his company overseas? Obama wants to spend again this time on a $447 Billion Dollar Jobs Package. This CEO wants to spend this taxpayer money on retraining existing job holders. That is nothing to help anyone but himself and the other greedy corporate thugs.
In the 10 years as CEO, he has remade GE. He sold half the company he inherited including plastics, insurance and the TV network NBC. He is getting rid of jobs here not growing or even saving jobs and gullible Obama puts HIM in charge of America’s job mess. He tripled spending in this country from medical research to green technology all with the help of taxpayer money not from his profits.
You will see him promoting American innovation meanwhile he has been accused of transferring our technology to other countries. He just had a recent joint venture with China and a new GE computer system will go into China’s aircraft not our own planes. He says it is the only way the company can grow.
What is not in Obama’s Job Package is lowering the current 35 % corporate tax even though most companies aren’t forced to pay. We have to pay our income tax or we go to jail. Corporations can slide because we want them th stay! That is bull crap! Jeff admits that the U.S. has the most antiquated tax system in the world as he takes advantage of our President, our jobs and focuses on global profits around the globe. Trillions of dollars from profits are being kept overseas and not even in U.S. Banks.
Ultimately, American companies like GE have NO civic duty to this country. The stock holders want to see the companies grow, have earnings, cash flow and be competitive. He uses the stupid analogy that everyone in Japan roots for Toshiba and everyone in Germany roots for its company Seaman’s. America should be rooting for GE. Well, those overseas companies are not investing in our job growth as you are in those countries. That is the difference!!! Our companies and its leaders or CEO’s could care less about America.