Report: Jobs Still Heading Offshore
Report: Jobs Still Heading Offshore
Back in January, White House officials named General Electric CEO Jeffrey Immelt as its new “jobs czar”, charging him with finding solutions to the nations ongoing unemployment crisis. Three months later, the jobless rate has barely moved, Americans are even more pessimistic about the US economy, and Immelt has felt some heat after it was reported a couple of weeks ago that GE paid no taxes this year.
And some new data on the job market won't help matters for Immelt. The Wall Street Journal reported on Wednesday that U.S. multinational companies have reduced their domestic workforce by 2.9 million over the last decade, while increasing their international workforce by 2,4 million. As recently as the 1990s, in contrast, multinationals were expanding their workforces both overseas and domestically.
Making matters worse, Immelt's own GE is one of the worst culprits, as its total number of U.S. employees has fallen from 162,000 in 2000 to just 134,000 in 2009. When President Obama named Immelt to the newly conceived “jobs czar” position, he said that Immelt “understands what it takes for America to compete in the global economy.”
But critics have vented frustrations that the White House has been too complacent on the job market, with a number offering public criticism of the White House's lack of action. A coalition of progressive groups led by former Wisconsin Democratic senator Russ Feingold, meanwhile, has seized on the report that GE didn't pay taxes to launch a campaign to remove Immelt from the post.
U.S. multinational conglomerates play an important part in the nation's economy. They employ some 20 percent of the nation's workforce and account for some 23 percent of the nation's private-sector production.
Back in January, White House officials named General Electric CEO Jeffrey Immelt as its new “jobs czar”, charging him with finding solutions to the nations ongoing unemployment crisis. Three months later, the jobless rate has barely moved, Americans are even more pessimistic about the US economy, and Immelt has felt some heat after it was reported a couple of weeks ago that GE paid no taxes this year.
And some new data on the job market won't help matters for Immelt. The Wall Street Journal reported on Wednesday that U.S. multinational companies have reduced their domestic workforce by 2.9 million over the last decade, while increasing their international workforce by 2,4 million. As recently as the 1990s, in contrast, multinationals were expanding their workforces both overseas and domestically.
Making matters worse, Immelt's own GE is one of the worst culprits, as its total number of U.S. employees has fallen from 162,000 in 2000 to just 134,000 in 2009. When President Obama named Immelt to the newly conceived “jobs czar” position, he said that Immelt “understands what it takes for America to compete in the global economy.”
But critics have vented frustrations that the White House has been too complacent on the job market, with a number offering public criticism of the White House's lack of action. A coalition of progressive groups led by former Wisconsin Democratic senator Russ Feingold, meanwhile, has seized on the report that GE didn't pay taxes to launch a campaign to remove Immelt from the post.
U.S. multinational conglomerates play an important part in the nation's economy. They employ some 20 percent of the nation's workforce and account for some 23 percent of the nation's private-sector production.
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