It's not every day that I find myself agreeing with the folks at MoveOn.org, but when it comes to GE and its CEO Jeffery Immelt getting in bed with the Obama administration to direct its policies for the company's financial benefit I share their outrage:
According to The New York Times, last year General Electric (GE) made over $14.2 billion in profit, but paid NO federal tax. None.
In fact, thanks to the millions GE spent lobbying Congress, we American taxpayers actually owed GE $3.2 billion in tax credits.
Now GE is slashing health benefits and retirement benefits for new employees among non-union workers and is expected to push unions to accept similar cutbacks, while its CEO, Jeff Immelt, gets a 100% pay raise.
What's worse? Immelt now sits as chair of the President's Council on Jobs and Competitiveness (Jobs Council), representing corporate America to the President on matters like job creation and corporate taxation. That's a slap in the face to every hardworking, tax-paying American—especially GE employees.
That's why we're teaming up with Russ Feingold and his new group Progressives United today to call for Immelt to go. Will you join the call?
Heck yeah. Let's kick this corporate statist to the curb and replace him with someone who really knows something about job creation and competitiveness. Like maybe one of the Koch brothers. You still with me guys? Guys?