The fact that President Obama is still standing behind Jeffery Immelt, Chairman of the Council on Jobs and Competitiveness, after this month’s developments is devastating. Immelt is General Electric’s CEO and, in the past few years, he has successfully cut jobs in America while outsourcing many others overseas. In this time he has also doubled his own salary and is imminently expected to ask 15,000 GE employees to accept massive pay cuts.
In 2010 GE made $14 billion in profits ($5 billion in the US alone) yet paid ZERO DOLLARS in federal taxes. Yes, zero dollars and zero cents. And this was after a $3.2 billion bail-out was issued to the company. It’s hard to understand how taxpayers helped out GE when they were in major trouble, and now GE has worked hard to find loopholes to screw us in return. One of Immelt’s many justifications for this atrocity is that GE has paid over $14 billion in taxes over the past five years... Oh, that’s right, I’ve paid my taxes for the past fives years too so I deserve one year off as well. I don’t think so. That’s not how this works!! Under Immelt, GE spends hundreds of millions of dollars hiring lawyers to evade taxes, and I guess it has paid off. Article after article, I am still amazed every time I read these facts.
And let’s not forget that Obama has just recently named Mr. Immelt Chairman of the CJC. The Council on Jobs and Competitiveness was created to strengthen the Nation’s economy and find new ways of creating jobs - not really something I can see Immelt being successful at considering his performance history. Somehow the President still believes he should support Immelt even though he seems to be the very thing Mr. Obama says he is against. Obama even continues to say that GE is a “model” company.
Jeffrey Immelt is a disgrace, and President Obama needs to wake up and let him go!
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