Monday, August 15, 2011
GE and China
Throughout each week as I come across potential blog material, I save it and read it over the weekend. One item that I saved was a blog from Jack Cafferty of CNN. The subject of this particular blog was concerning GE and the message that it is sending to America by closing its X-Ray Division in Wisconsin and moving it to China. It is extremely hard to believe that a CEO who serves on the President's Jobs Creation Council is creating jobs in another country and investing $2 billion in China to do so. GE will create research centers throughout China. GE has been a very successful company in the US and has been a mainstay of our economy over the years. As a customer of GE, I gave pause after I learned that they didn't pay any US income taxes on $5B in profits from US operations and $14B in total profits for all of last year. I think that I need to rethink my relationship with GE. There couldn't be a better time in US economic history when this country could use a boost such as the one that GE is planning to export to China.