It’s Good To Be The King At GE

One of our favorite dunces on here is Jeffrey Immelt, the horrendously incompetent CEO of GE and on the Council of Economic Advisors for an equally incompetent President of the United States.   Immelt’s accomplishments as a dunce include pushing GE to the edge of collapse and requiring a taxpayer bailout, crowing about how great China was before its collapse,  being incredibly excited about the global economy right before the 2008 collapse and, of course, ripping off America to the tune of billions of dollars.  For this, Immelt pays himself gangster wages. 

Another one of our favorite bureaucrats is John Chambers of Cisco who was on 60 Minutes a few weeks ago saying the U.S. needs to lower its corporate tax rate after it was reported that firms are ripping off the U.S. left and right.  Chambers was pretty much right there with Immelt in all of the remarks above as well as crowing about how great the economy was right before his company’s stock dropped 90% and demand for his company’s products had collapsed right after he had stuffed the sales channel with millions upon millions of dollars of products that needed to be written off because of his incompetence. 

How may times do we need to listen to these economic idiots talk about lowering corporate taxes?   I don’t have access to the database anymore because I cancelled my subscription but not too many years ago, the effective corporate tax rate for multinational corporations in the U.S. was around 11% as I recall.  That’s far lower than the published 35% rate.  Some people say that every ten years this costs the U.S. over a trillion dollars in lost revenues. 

I could stop these con games by corporate con men and their legion of corporate thug lawyers in about ten seconds with a very simple law that would protect democracy and democratic competition in markets - No public corporation, yes public, who receives the benefit of society’s wealth, support and backing through public funding, is allowed to send a single penny of American capital outside of our nation’s borders.  Period.  Private corporations and individuals can do whatever they want to do.  It is their money.  But public corporations are relying on the wealth, backing and funding of our society and, therefore, government (the will of the people) is going to protect that investment on behalf of our citizens.  You want to move your private company outside of the U.S.?  Good riddance.  Hopefully, you’ll never come back.  Let someone else inherit your sorry ass.  Because you, the corporate bureaucrat, never created the wealth of the corporation in the first place.  Society did.