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Jeffrey Immelt, the jobs czar who destroys jobs

Philip Delves Broughton:

I rustled up some numbers based on my hunch that G.E. may be wonderful in many respects, but U.S. job creation isn’t one of them. Like any company of a certain size, its focus is on efficiency and productivity not job creation. And especially not job creation in high-cost labor markets like the United States:

  • In 1980, G.E. employed 405,000 people.
  • In 2000, it employed 340,000 people.
  • In 2005, four years into Immelt’s tenure, the number was down to 307,000.
  • Today it employees 304,000, of whom fewer than half are here in the U.S.
  • Between 2008 and 2009, the number of workers employed in the U.S. by G.E. fell from 152,000 to 134,000.
  • Below is a graph from on G.E.’s own website which shows not only the drop in employees, but also the dramatic drop in American employees over the past five years.

Is Immelt really the right man to be entrusted by the President with creating American jobs?

Simple answers to simple questions:

Yes.

If you want to destroy what's left of the American middle and working class, and normalize permanent 10% nominal (20% real) DISemployment, Immelt is exactly the right person.

NOTE Immelt's also exactly the right guy if you're in favor of hollowing out US R&D and tax evasion.

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Submitted by Hugh on

After the financial meltdown in September 2008, I used to write that we would know if Obama and the Democrats were serious about reform if they brought back Glass-Steagall. Much more was needed than a return to Glass-Steagall but that was the acid test. Well, not only was it not re-enacted, no effort serious or otherwise was made to do so. Indeed much like single payer in the healthcare debate, except for a few stray references and in certain corners of the blogosphere, it was frozen out of any discussion.

What made Glass-Steagall and single payer so important was that they were tried concepts that we knew would work. There absence meant what we were going to get instead was kabuki and looting.

The same is true with jobs. The Great Depression is the closest analog to what we are currently experiencing. Back then it was shown that the only way to create jobs in an environment of slack demand was if government did it. The federal government was the engine that put people back to work. It did so until 1937 when it pulled back plunging the country back into depression, and took the country out of depression again when war forced it to return to spending and hiring. We are looking at the same situation now and if government doesn't use fiscal policy to hire and create demand, recovery is not going to happen.

And that's where Bill Daley and Jeffrey "Mr. China" Immelt come in. Obama is not going to do what works. As he has in the past, he's sticking with kabuki and looting.

letsgetitdone's picture
Submitted by letsgetitdone on

both need to be impeached. But with the Rs having a majority in the House, only his Oiliness is vulnerable.