Friday, April 8, 2016

Bernie Smacking Around Jeffrey Immelt and GE.......

Jeffrey Immelt was President Obamas Jobs Czar.  The man charged with fixing the employment problem in the United States.  

Jeffrey proceeded to fix the problem by getting rid of more and more and more of his own US workers.  

Bernie Sanders is right to berate Jeffrey Immelt and GE.  I have been doing the same thing for years.  

If you see a scumbag it is OK to point at him and call him a scum bag.

A CNNMoney analysis shows how GE's U.S. footprint has indeed shrunk dramatically over the past two decades.

Back in 1995, roughly 68% of GE's 222,000 total employees were in the U.S, according to its filings with the Securities and Exchange Commission.

By 2005, the percentage of American jobs declined to 51% and by the end of 2015, just 38% of its employees were in the U.S.

GE's total global workforce has increased to 333,000. But it employs fewer American workers today -- 125,000 versus 161,000 in 2005.

A glance at GE's factories tells a similar story -- that a majority of its expansion has happened overseas.

GE has 10 fewer U.S. plants today than a decade ago. But the number of factories overseas has risen by 58. While it used to be split about evenly, today 59% of GE's plants are on foreign soil.

GE did not respond to a request for comment from CNNMoney.

Sanders said that companies need to care about more than just profits.

"If the only thing that matters to you is making an extra buck, you don't care about my family. I think that's immoral," Sanders said. "And I think what corporate America has shown us in the last number of years, what Wall Street has shown us, the only thing that matters is their profits and their money. And the hell with the rest of the people of this country."

To be sure, GE is not the only multinational company moving jobs overseas. Fast-growing economies and cheaper sources of labor in India, Mexico, China and other countries have attracted tons of foreign investment by major U.S. companies. As CNNMoney previously reported, the U.S. has lost 5 million manufacturing jobs since 2000.

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