G.E. to Move X-Ray Business From Wisconsin to Beijing
Jack Cafferty of CNN's Cafferty File informs us that General Electric plans to move its 115 year old x-ray business from Wisconsin to Beijing, China.
Although G.E. has stated that none of the staffers in Wisconsin will lose their jobs they do plan on hiring 65 additional personnel when they open the facility in China. It is General Electric's goal to invest two billion dollars in China.
Cafferty who quite often seems rather close to doing a Howard Beale impression had this to say about these developments, "The kind of news that makes you want to reach for something sharp and jab it in your own eye."
Why does this situation exacerbate Cafferty's grandfatherly irascibility? Two reasons.
The first reason is that even though G.E. reported profits of 14.2 billion dollars they paid $0 in federal taxes. Over 5 billion dollars of that profit was earned in the United States.
The second reason that absolutely drips in irony is that G.E. CEO Jeffrey Immelt heads up the President's Council on Jobs and Competitiveness.
This council is tasked with developing solutions to our jobs crisis and creating more jobs....in the United States. Normally I would not think clarification would be necessary, but in today's political and economic environment it is required.
This move by G.E. goes exactly against the grain of the Republican philosophical argument that suggests tax breaks for corporations encourage job creation and investment in our economy. G.E. could not have possibly paid any less in taxes, yet Mr. Immelt is moving this operation to Beijing, China.
If this was not so sad it would be amusing.
Watch the video supplied by MoxNews.com: