U.s. Companies Created 2.4 Million Jobs Overseas

[+EdwardGlen]

FYI;

 

Today's Number of the Day is 2.9 million.

 

We've all come to believe that when big businesses–meaning the mutli-nationals that dominate the airwaves with their advertising and the halls of Congress with their lobbyists–when they begin to hire again, the U.S. economy will hum and whir the way it's supposed to.

 

Well, here's some bad news:

 

During the first decade of this century–and not just the dip of the recession at the end of it–U.S. multi-nationals cut their workforces in this country by 2.9 million jobs, while increasing their employment overseas by 2.4 million.

 

Take GE, for example: between 2001 and 2010, GE cut 25,000 U.S. jobs, and added 2000 jobs overseas.

 

Wait a minute! Is this the same GE that made $14.2 billion in profits last year and paid no–ZERO– U.S. taxes? The same GE whose chairman Jeffrey Immelt is the the chair of President Obama's job creation committee, the Council on Jobs and Competitiveness?

 

Somebody at the White House should have checked these numbers before making this appointment.

 

As Immelt points out: jobs follow not only labor costs, but also markets. In 2000, 30 percent of GE's business was overseas. Today–60 percent of it is.

 

For more on this subject, CLICK HERE to read a really superb article in The Wall Street Journal written by David Wessel.

 

And for even more, CLICK HERE to read CNNMoney coverage of GE's tax situation.

 

The chief of General Electric (GE, Fortune 500) on Thursday defended the conglomerate's zero tax rate in 2010, and called for reform of the U.S. tax code.

 

In his first public speaking engagement since a barrage of criticism about not having to pay taxes in 2010, GE chief executive Jeff Immelt told the Economic Club in Washington that his company did nothing wrong.

[+washtenaut]

Many of these multi-nationals want to bring their profits made overseas back to the US but there currently is a 35% tax rate if they do that.

 

They are now lobbying for a 'tax holiday' on this money so that it can be brought back tax free or at very low rates. They claim that this money can be used then to create jobs for Americans.

 

I don't buy that. If they were concerned about American jobs, they wouldn't have sent so many jobs overseas in the first place.

 

These companies are only driven to increase shareholder value. Even if they started out as American companies there is no actual loyalty to America or any country for that matter.

[+EdwardGlen]

Many of these multi-nationals want to bring their profits made overseas back to the US but there currently is a 35% tax rate if they do that.

 

They are now lobbying for a 'tax holiday' on this money so that it can be brought back tax free or at very low rates. They claim that this money can be used then to create jobs for Americans.

 

I don't buy that. If they were concerned about American jobs, they wouldn't have sent so many jobs overseas in the first place.

 

These companies are only driven to increase shareholder value. Even if they started out as American companies there is no actual loyalty to America or any country for that matter.

 

 

Tax cuts do not create jobs we all know that and again the GOP is asking for another 10% cut for the richest 2%, another trillion dollars given to the rich on our backs.

 

Take the tax to 90% like it was in the fifties for the rich is what I say...

[DT61]

When the UN stated in 1999 that they wanted to end global poverty by 2015 - where did anyone think they were going to get the money and ability to do it?

Should have been obvious to those paying attention.

[MORE COWBELL]

they can re-package SH1TE anyway they want to ...put a pretty liitle bow on it ...shoot put it in a dress with lipstick on and it still END's UP BEING SH!TE!

[wolfgama]

<<<<<< Gama's Other Half!!..As A Machinest/Tool Maker..Of 35 Yrs..I have seen more of this then anyone Should!!...The American Trade's are a Lost Breed!!......"GOP"..All Born with more then any of us will see in a life time!!....The Root Of All Evil!!!..."GREED"..But the Rich keep getting Richer!!...HUM!!..Not Rocket Science!!..Just My Opinon!!...

[coxie0527]

The globalist elite have no national loyalties. We make mistakes, by thinking they do. Their county is money and power.