Posted by
Roxanna M. on Sunday, January 23, 2011 9:16:45 AM
Most of Obama's economic team has left the public sector to return to the public sector, i.e., they are leaving taxpayer-funded jobs to return to taxpayer-funded jobs, which could explain why we're in such a mess. People who spend their lives slurping and burping at the public trough don't understand how things really work.
Well, the man in charge is going to fix all that. Obama has appointed Jeff Immelt of GE to chair the new President's Council on Jobs and Competitiveness, the purpose of which is to find "new ways to promote growth by investing in American business to encourage hiring, to educate and train our workers to complete globally, and to attract the best jobs and businesses to the United States."
Let's see how well Immelt has done at GE. When Immelt took over from Jack Welch, shares of GE were selling for $40. In 2009, the shares were selling for $7 and are still below $20. GE took a $139 billion government bailout and still slashed its dividend by 68% to $.10 per share and eliminated 18,000 jobs. I'll bet he didn't eliminate his bonuses and perks.
GE has its own political action committee (GEPAC) which is "an important tool that enables GE employees to collectively help support candidates who share the values and goals of GE . . ." GE also supports global warming legislation, which has proven to be such a colossal waste of time, effort, and money in Spain. And, should we remind Obama and Immelt that America is now out of the business of making lightbulbs and that henceforth, China will be supplying us with compact fluorescent bulbs.
How did the greatest nation on earth come to this.