It's a braintrust composed of 27 members, chaired by Jeff Immelt, CEO of General Electric. Mr. Immelt has closed 29 factories and offshored 30% of GE's American jobs over the past 3 years. He's also the master of not paying his fair share.
Or any share at all. His company paid -10.5% income tax last year on $10.8 billion worldwide profits.
|Jeff Immelt, CEO General Electric|
And it's not like chairing the President's Council has caused Immelt to reconsider his habits. Less than two months ago, Immelt re-headquartered GE Healthcare from Wisconsin to Bejing.
According to the LA Times report, several of the other council CEOs, despite heading profitable corporations, have nevertheless chosen to slash jobs or shutter unionized facilities here to open non-unionized facilities there.
But rest assured, the president's jobs advisors are not all tax-dodging plutocrats; balance is achieved by including 2 labor leaders, 1 economist and a biologist.
What kind of proposals has this braintrust so far presented to the president? They've endorsed cutting business regulation and increasing foreign investment in U.S. companies.
The hypocrisy becomes even more breathtaking when you learn Jobs Czar Immelt's off-shoring of GE Healthcare comes with a plan to invest $2 billion across China for "customer innovation centers," which is clearly laying the groundwork for further job creation there, at the expense of job-creation here.
The 'bastard's favorite economist, Robert Reich says, "Nobody should expect this group to come up with innovative ways of investing in the American workforce and generating not only more jobs but higher wages. That's just not what these big companies do."
Nobody should, but Barack Obama evidently does.