Under ten years of Jeffrey Immelt‘s leadership, General Electric has transitioned from being a great American company to a rat’s nest of crony corruption – and a tool for international exploitation of cheap labor and resources – while simultaneously robbing America blind. Since Immelt took the helm, GE has shed 34,000 American jobs, while hiring 25,000 overseas; now it does so at the taxpayers’ expense.
While retaining his position as CEO of GE, Immelt is now Obama’s “Jobs Czar,” serving on the President’s Economic Advisory Board. Insomuch, Immelt is the largest kleptocrat in modern American history. My generation will have to work the rest of their lives to pay down the debt he’s helping to create. In my opinion, Immelt is actively and recklessly assisting in America’s ruin. Allow me to explain.
For starters, General Electric netted $14.2 billion in profit, and paid $0 in taxes in 2010. Individuals and corporations paying 35% in taxes on income may ask, “How’d they do that?” General Electric is among the few federally-connected corporations who helped write the Stimulus Bill of 2009. In doing so, they managed to qualify for as many of the loopholes and incentives they helped write into law. Turns out, they didn’t pay taxes in 2009, either, having benefited from $80 billion of loans from the TARP Bailout Program.
Immelt has an obvious conflict of interest as both Corporate CEO and Administration official: He is assisting in federal policy decisions which directly ingratiate himself and GE. Conflicts of interest are nothing new for Immelt: GE owned majority share of NBC until January 2011, which was sold to Comcast, upon FCC and DOJ approval; a week later, Immelt was appointed czar. NBC is the parent of MSNBC, which served as Obama’s media megaphone during the 2008 election; therefore, GE directly assisted putting Obama in the White House. In turn, Obama rewarded GE through tax breaks and Immelt’s czarship.
As a globalist, Immelt’s signature achievement is the wholesale robbery of the next generation of Americans by sending jobs overseas, at our expense. Sixty percent of GE’s business is now overseas, while America borrows 40 cents to the dollar in deficit spending. A year ago, Immelt feared China’s rise; now he loves China, and China loves him, and for good reason.
A few ways Immelt is destroying the American economy:
1. GE profited from the passage of Obamacare, as GE manufactures the X-Ray machines that are part of Obamacare’s testing for bone density (Section 3111). After its passage, GE shipped all their X-ray manufacturing jobs to China, closing their 115-year old division in Waukesha, Wisconsin, in July 2011. And, surprise: Not only is GE one of the privileged companies to receive an HHS waiver from Obamacare, they also received $36 million for the “Early Retirement Reinsurance Program” in Obamacare.
2. GE is the sole purchaser of Chevrolet Volts in China. General Motors is giving away the technology it used to develop the Volt to China’s SAIC motor company. The Volt arguably bankrupted General Motors, while the Obama Administration pushed its development. In exchange for GM manufacturing the Volt in China, Immelt’s GE is going to buy thousands of Volts to use at their “Corporate campus” in Shanghai, and assist on building charging stations to aid Chinese infrastructure, while the Chinese will subsidize the Volt’s development at $19,000 per vehicle, crushing any competition. While GM is no longer “made in America,” GE is fast-tracking the destruction of the American automobile industry – and our economic supremacy.
3. GE spent millions lobbying the federal government to pass the Energy Independence and Security Act of 2007, which effectively outlawed the incandescent lightbulb. GE has since shipped all their light bulb manufacturing to China, closing the last factory of the 140-year old division in Winchester, VA, in September 2010. GE is set to poison American homes with mercury from their inadequate Compact Fluorescent Lightbulbs, and again, profit from the destruction of American manufacturing. And, yet another surprise: New EPA regulations on greenhouse gases were mandated in January 2011; GE received an exemption to the regulation in February.
Immelt is a shining example of why Occupy Wall Street hates corporations, and why the Tea Party hates government. As an Obama Administration official, Immelt today stated he “sympathizes” with the protesters who also want to destroy the capitalist system.
Philosophically speaking, I am not “anti-corporation.” If you read my other writings, you would find I am very pro-capitalism. I want corporations to succeed in a competitive free market. But this is not capitalism; this is corporatism. Public funds for non-contractual private firms is, indeed, corporate welfare. Doling out cash to save particular firms in particular industries is not authorized anywhere in the U.S. Constitution. Today, the policies of the Obama Administration directly help Immelt’s GE. Cap-and-trade, had it passed, would have been the largest Christmas present GE ever received.
The way I see it, Immelt has infiltrated government, is robbing my children’s prosperity, and is destroying the American economy. Paraphrasing Herman Cain paraphrasing Thomas Jefferson, we’ve got some “altering and abolishing” to do. We need to demand Immelt step down from one of his two posts immediately.Share on Facebook