GE Stabs the US in the Back

GE Stabs the US in the Back:

In 1876 Thomas Alva Edison opened a laboratory in Menlo Park, New Jersey, for the purposes of exploring how to produce and distribute electricity.

History records that he invented the incandescent electric light bulb there. By 1890, he had established the Edison General Electric Company, now know simply as GE.

In 2011, Jeffrey Immelt, the CEO of GE and the chairman of President Obama’s “Jobs Council” is eliminating jobs for American employees of GE at a furious pace. To add insult to injury, in 2010 GE paid no federal taxes at all despite worldwide profits of $14.2 billion. GE claimed a tax benefit of $2.3 billion.

From an America corporate icon to an American disgrace, GE epitomizes how federal policies, cronyism, and rent seeking is destroying America from within by avoiding taxes and shipping jobs overseas. Keep in mind, none of this is illegal. It is, however, unconscionable.

A recent article at EconomicCollapse.com took a look at the way GE is “moving jobs and economic infrastructure to China at a blistering pace.”

For example, “GE makes more medical-imaging machines than anyone else in the world and now GE has announced that it is ‘moving the headquarters of its 115-year-old X-ray business to Beijing.”........................