Immelt to jobs summit: Businesses need to do more – Jul. 11, 2011.
This is easy for Jeff Immelt to say. General Electric is the most politically favored corporation in America, having paid no income tax in 2010 despite earning $14.1 billion in profits. GE also stands to beneift from legislation (going into effect in 2012 in the U.S.), that will effectively ban the inexpensive and ubiquitous incandescent lightbulb in American homes and businesses. At $3.77 per bulb for GE CFL’s versus $0.27 for the old school incandescents, it is fairly obvious that GE (as well as Phillips and other companies) should earn considerably more revenue from CFL’s.
Speaking of Jeff Immelt, is President Obama being ironic, or merely cynical, in naming Immelt the chairman of a committee intended to spur American job creation?
“Since Immelt took over in 2001, GE has shed 34,000 jobs in the U.S., according to its
most recent annual filing with the Securities and Exchange Commission. But it’s
added 25,000 jobs overseas.”
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