So it's ok for Obama's Job Czar to outsource jobs -- The Black Lodge Saloon

[ Show ]

Support VoyForums

[ Shrink ]

VoyForums Announcement: Programming and providing support for this service has been a labor of love since 1997. We are one of the few services online who values our users' privacy, and have never sold your information. We have even fought hard to defend your privacy in legal cases; however, we've done it with almost no financial support -- paying out of pocket to continue providing the service. Due to the issues imposed on us by advertisers, we also stopped hosting most ads on the forums many years ago. We hope you appreciate our efforts.

Show your support by donating any amount. (Note: We are still technically a for-profit company, so your contribution is not tax-deductible.) PayPal Acct: Feedback:

Donate to VoyForums (PayPal):

[ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, 2, 3, 4 ]

[ Next Thread | Previous Thread | Next Message | Previous Message ]

Date Posted: 19:51:16 07/17/12 Tue
Author: BFIH
Subject: So it's ok for Obama's Job Czar to outsource jobs
In reply to: coyotyl 's message, "Then there's the fact that Bain was merely continuing ..." on 12:52:20 07/17/12 Tue

to the point where over half his company's jobs are overseas, but if Romney owns one or two foreign companies out of the multitude he has invested in that's somehow a grave sin???

No hypocrisy on Obama's part pointing the finger at Romney on that one, right? And how is it that a press that normally gets all over politicians who engage in hypocrisy is giving Obama a free ride on this one?

"I am so proud and pleased that Jeff has agreed to chair this panel -- my Council on Jobs and Competitiveness -- because we think GE has something to teach businesses all across America," Obama told a crowd of GE workers Friday at a plant in Schenectady, New York.

And what does Jeffy teach? Why let's ask your fave pub the H.R. Puffinstuff Post

http://www.huffingtonpost.com/2011/01/21/obama-picks-jeffrey-immel-ge-jobs-overseas_n_812502.html

"....As the administration struggles to prod businesses to create jobs at home, GE has been busy sending them abroad. Since Immelt took over in 2001, GE has shed 34,000 jobs in the U.S., according to its most recent annual filing with the Securities and Exchange Commission. But it's added 25,000 jobs overseas.

At the end of 2009, GE employed 36,000 more people abroad than it did in the U.S. In 2000, it was nearly the opposite.

Unions are worried. Leo Gerard, president of the United Steelworkers, said he hopes the Immelt-led White House panel won't be dominated by big business.

"It has to have more than CEOs that are already operating offshore," Gerard said.

Foreign work has proven lucrative to GE. In 2007, it derived half of its global sales from work abroad. In 2009, that share increased to 54 percent. U.S. sales have shrunk.

And rather than invest in the U.S., the company has decided to look elsewhere. In 2008 and 2009, GE decided to "indefinitely" reinvest prior-year earnings outside the country, according to SEC filings. That's helped the firm lower its tax rate.

In 2009, the Connecticut-based firm effectively had a negative tax rate, thanks to the $498 million loss it booked on U.S. operations versus the $10.8 billion in earnings it booked abroad. GE realized a $1.1 billion tax benefit in 2009.

In 2008, it paid $1.1 billion in taxes for a 5.3 percent tax rate. In 2007, it paid $4.2 billion in taxes for a 15.1 percent tax rate.

By comparison, during those three years -- 2007 through 2009 -- the firm reported combined net income of $50.6 billion.

The corporate tax rate in the U.S. is supposed to be 35 percent."

[ Next Thread | Previous Thread | Next Message | Previous Message ]

Replies:

it's a good point - outsourcing is a fact of life -- bfny, 06:46:30 07/18/12 Wed
- I saw that in the local paper -- BFIH, 20:50:59 07/19/12 Thu