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Friday, January 21, 2011

Obama's Lack of Understanding is Stunning

Obama yesterday added Jeff Immelt, the Chairman of GE, to his advisory group. Now I think GE is a great company and I have a lot of respect for Jeff Immelt. But Obama says he wants Jeff to focus on creating new jobs so let's look at his record.

In 2000, when he was appointed the new Chairman, GE had 223,000 employees. 131,000 in the U.S. and 92,000 overseas.

In 2010, GE had 300,000 employees with 150,000 in the U.S. and 150,000 overseas.

Jeff is great at creating new jobs. The problem is that they are all overseas.

Having said that, it is still absolutely true that 70% of all new jobs are created by small businesses, and GE sure ain't no small business. I am not sure just what Jeff knows about how small businesses work.

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