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Obama’s Hypocrisy Washes Up

- March 28, 2012

If Obama And Biden Want To Know Where U.S. Jobs Are Going, They Should Look Closer To Home

CORPORATIONS ON OBAMA’S JOBS COUNCIL HAVE DOUBLED THEIR OVERSEAS INVESTMENTS AS THEY SHED JOBS AT HOME

The Corporations Represented On Obama’s Jobs Council Have Almost Doubled Their Overseas Investments. “Seven publicly traded U.S. corporations represented on President Barack Obama’s advisory council for jobs and competitiveness -- including General Electric Co. (GE) and Intel Corp. (INTC) -- have devoted a growing pool of their non-U.S. earnings to investments in other countries. As a group, multinational companies with current or former chief executive officers on Obama’s jobs council have, over the past four years, almost doubled the cumulative amounts they’ve reinvested overseas, according to data compiled by Bloomberg.” (Mike Dorning, “GE Joins Intel To Advise Obama As Overseas Holdings Expand,” Bloomberg, 5/23/11)

  • “Many Of The CEOs On The Jobs Council Have Also Overseen Significant Layoffs This Year.” “Many of the CEOs on the jobs council have also overseen significant layoffs this year. Companies such as Xerox and American Express have cut jobs. Other companies whose CEOs serve on the panel have received hundreds of millions of dollars of stimulus funding, without creating many jobs.” (Alana Semuels, “Union Calls For Removal Of Member From Obama’s Jobs Council,” Los Angeles Times, 10/11/11)

Jobs Council Member ImpreMedia Wants To Lay Off A Third Of Its Union Workforce And Outsource Jobs. “Discontent grew Tuesday, when members of the Newspaper Guild of New York called on the President to remove Monica Lozano, CEO of ImpreMedia, from the panel. ImpreMedia wants to lay off a third of unionized workers at El Diario, the guild says, and is outsourcing jobs. The guild created a website, outsourcemonica.com, to host its grievances.” (Alana Semuels, “Union Calls For Removal Of Member From Obama’s Jobs Council,” Los Angeles Times, 10/11/11)

A Majority Of Jobs Council Chairman Jeff Immelt’s GE Employees Are Now Located Overseas. “GE’s earnings reinvested abroad grew to a total of $94 billion in 2010 from $47 billion in 2006, according to disclosure filings. At the end of last year, 54 percent of GE’s 287,000 employees worked outside the U.S. As recently as Dec. 31, 2005, a majority worked in the U.S., according to disclosure reports filed by the company. The portion of the company’s revenue that comes from U.S. sales fell to 47 percent in 2010 from 56 percent in 2005.” (Mike Dorning, “GE Joins Intel To Advise Obama As Overseas Holdings Expand,” Bloomberg, 5/23/11)

  • During The First Two Years Obama Was In Office, GE Closed 29 U.S. Plants And Eliminated More Than 3,000 Jobs. “Another complicating factor is union uneasiness about outsourcing by GE. Officials at the United Electrical Workers Union said the company has closed 29 plants in the United States and one in Canada in the past two years, eliminating more than 3,000 jobs. ‘We understand the logic of asking someone like that to step up and play a leading role,’ said Damon Silvers, the policy director for the AFL-CIO. ‘But there's a real tension there in making a GE executive a central figure thinking about US jobs.’” (Sheryl Gay Stolberg, “Obama Makes Another Pro-Business Move,” The New York Times, 1/22/11)

Immelt Admits “His Company Has A Reputation For Running Most Of Its Business Overseas.” “When Immelt was named the chairman of Obama’s Council on Jobs and Competitiveness in January, he acknowledged that his company has a reputation for running most of its business overseas, the result of more than three decades of reducing its domestic operations to minimize costs.” (Abby Phillip, “Offshore Jobs Boost GE, A W.H. Ally,” Politico, 3/25/11)

  • Due To Aggressive Lobbying For Obama’s Green Energy Tax Incentives, Immelt’s GE Paid No Taxes In 2010 And Got A $3.2 Billion Refund From The Taxpayers. “Last year, the company paid nothing to the government. Instead, the government paid GE $3.2 billion in tax breaks. ‘Its extraordinary success is based on an aggressive strategy that mixes fierce lobbying for tax breaks and innovative accounting that enables it to concentrate its profits offshore,’ according to The Times. Some combination of aggressive lobbying for green energy tax incentives — for which the administration had pushed aggressively in the Recovery Act and in President Obama’s budgets to Congress over the last two year — and strategies run out of its in-house tax department have made GE one of the leading companies in reducing its corporate tax burden.” (Abby Phillip, “Offshore Jobs Boost GE, A W.H. Ally,” Politico, 3/25/11)

Obama’s Cozy Relationship With GE Runs “Contrary To Obama’s Rhetoric About Slowing The Rapid Offshoring Of American Jobs.” “But he neglected to mention that GE’s offshore operation also allows it to avoid paying most of its taxes to the federal government. GE’s spokesman told the Times that reducing its tax burden is part of the company’s ‘responsibility’ to its shareholders. But it also appears to run contrary to Obama’s rhetoric about slowing the rapid offshoring of American jobs.” (Abby Phillip, “Offshore Jobs Boost GE, A W.H. Ally,” Politico, 3/25/11)


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