Companies On Obama's Jobs Council Have Doubled Investments Overseas

Bloomberg:

Seven publicly traded U.S. corporations represented on President Barack Obama's advisory council for jobs and competitiveness -- including General Electric Co. (GE) and Intel Corp. (INTC) -- have devoted a growing pool of their non-U.S. earnings to investments in other countries.

Read the whole story: Bloomberg

Comments

[ggs83]

12:12 AM on 06/15/2011

So who on the President's team is minding this store? It should be easy--you invest in America or leave the council. Is this about jobs or being the IMF. Still not crazy about Geithner--his focus is not here. On the domestic front, who is Obama's Hillary, or Penetta, or Pertraus or Gates. We know and respect the leaders on the foreign affairs side but who are the comparable leaders on the domestic side? If domestic economy and jobs are as important as foreign affairs, then there should be leaders of equal caliber and presence but that is not the case and hence the mess.

[Transit]

06:45 AM on 05/25/2011

Individuals living abroad whose earning are not subject to US laws are capped on how much they can earn without paying US taxes. After a given amount they must pay Federal taxes.

Corporations (which according to the Supreme Court are individuals) don't have to pay taxes regardless of how much they earn but can used that money as collateral when borrowing money in the US.

So it's a matter of numbers. US companies have an awful lot of money overseas that is not being used to create jobs here. The question is If we reduced the corporate tax rate ( relatively high against other countries) but tax companies on overseas profits will it balance out. We need help in the US and we're only going to get it if the American companies' bottom line shows they can make money here as well as somewhere else.

[PathofTotality]

04:01 PM on 05/24/2011

Did they also invest in the US? If so, what was that number?
Intel was supposed to start a plant in Chandler, AZ that would employee 4,000 people. Did that happen?

http://www.businesswire.com/news/home/20110218005980/en/Intel-Invest-5-Billion-Build-Factory-Arizona

Just wondering..........

[TOPCAT711]

02:32 PM on 05/24/2011

This is why they need government subsidies, and tax breaks.....so they can sell-out their own country for the 'almighty dollar'.

GREED will destroy America......It's well on its way.

[Eagleman]

12:13 PM on 05/24/2011

How convenient ?

Sent private sector jobs overseas. Hire more government workers. Become a Lazy Bum Nation....

[Brady68]

08:00 AM on 05/24/2011

- have devoted a growing pool of their non-U.S. earnings to investments in other countries

When you read about their non US earnings being reinvested in the areas where they are earning it make better sense. The fact is intel and ge started their global markets long ago. this is not new and this did not just start happening under Obama

[rtx47]

07:05 AM on 05/24/2011

Multiple articles from various authors bemoan lack of domestic job production; with outsourced jobs creating domestic unemployment. Yet, recent CNN program on public education informed us that currently 2 million high-tech well-paying jobs are unfilled due to lack of applicants. Clearly in schools, we need emphasis in STEMM education (science, technology, engineering, math and medical) and end to social promotions.

Gordon Brown (former Prime Minster and finance minister of UK) recently informed us that internationally there's need for 50 million jobs (even in India and China, and "MILLIONS IN EUROPE AND AMERICA"). The article views the shrinking globe as international market place; rather than viewing jobs and consumer demand as national or bilateral trade agreements. America is being displaced as the world's largest consumer nation.

http://www.newsweek.com/2011/05/15/take-back-the-future.html

Reality is post-WW II, Western countries through discipline and quality of production carried reputable brand recognitions. Unfortunately with recent financial meltdowns and other similar shenanigans eg. ENRON etc, many, even within the country, no longer trust these brand names.

Globalization produces opportunities which we can and should capitalize; NOT through market-manipulation, creative-financing, speculation, hedge-fund and insider-trading practices or slick-marketing; but THROUGH industrialization and technological innovation i.e. the old fashioned way, which we perfected since the industrial revolution. Such innovation, much of which is through individual ingenuity and personal accomplishments, will improve the lives of the aspiring millions across the globe and in our own backyard.

[World Citizen]

09:57 AM on 05/24/2011

"Unfilled due to lack of applicants..."

I am in this industry... As I looked for work, I noticed that I am asked to send my CV to Indian recruiting firms. Somehow we are also missing american recruiters! I gave it a try but these indian recruiting firms quoted me rates which are 60% of what I used to earn in 1999-2000.

We do have qualified applicants - but just not ready to accept the very low rates / wages that these companies and indian recruiting firms are quoting to pay.

You would think that with the reported lack of supply of talent that the rates / wages should go up according to supply and demand. But no.... This reported lack of talent is what they have been using all along to justify bringing in cheap foreign workers or offshoring/outsourcing.

[Cheshirekat02]

03:12 PM on 05/24/2011

I am a student in IT , and couldn't agree more with you World Citizen. I've been writing to companies, replying to ads endlessly, looking for anything (internships, volunteer work) to get my hands dirty. The interesting thing I find in tech anyhow, is that HR not IT people are posting these jobs, which may be alright in some fields but when reading the requirements that often lack any logical sense. They want people with the experience of the Professors instructing me, at the rate I am willing to accept as a student. Often I find the requirements just do not make any sense. College is not on the job training, why is it I who is willing to literally work for nothing, unable to find anyone to take me up on it?

I really believe most of these postings are companies testing the waters to see how low they can go.They want experience but not if your over a certain age, how does that work exactly? How do you not age as you gain experience or attempt to. Maybe that's where I am wrong. Schools are overflowing as we attempt to fit in to what you are looking for in applicants. Companies no longer want to invest in their own country or communities, but we are to debt ourselves trying to fit your perfect mold.

[jcaunter]

06:47 AM on 05/24/2011

Obama sure knows how to pick "people" who are philosophically aligned with him.

[iridium53]

12:02 AM on 05/24/2011

Doubled their overseas investment while they've cut their American investment.

And these are the individuals giving Obama advice - along with his Wall Street pimp Daley.

[juicybrisket]

10:54 PM on 05/23/2011

then they should be removed from the jobs council for doing this. the idea of the council is to creat jobs in america, not overseas.

[jcaunter]

06:50 AM on 05/24/2011

You obviously are pretty naive about how the Obama Administration actually does things. The goal of the jobs council is to make the jobs of Wall Street bankers and top corporate executives even more profitable than they already are, which is also Obama's primary goal.

When you finally understand that, Obama's actions, if not always his rhetoric, become very understandable and even predictable.

[structurequity]

10:51 PM on 05/23/2011

A corporate entity that is besieged by shareholder profit and maximizes its domain by shipping production into non-unionized or even worse autocratic regime backed labor slavery is tasked with proving advice to our president as to how he can best bring our citizens to the promised land. Not gonna happen!

[dkinton49]

10:32 PM on 05/23/2011

This clearly tells us that they have no faith in Obama's economic policy, nor in the future for business in the USA. Get rid of BHO and they would invest in the USA.

[Brady68]

07:57 AM on 05/24/2011

they started their move during the clinton days and accelerated under w, this did not just start recently

[Saxton]

08:09 AM on 05/24/2011

Just like they did under Bush, right. These companies have been off-shoring for over a decade, putting a Republican in office is not going to change that reality.

[OSI MODEL]

09:23 PM on 05/23/2011

Obama is like a call girl show up and get your piece. Buffett shows up gets his 100 million in tax credit fo railorad maintenance, the list goes on. One moe Obama failure

[fakeresume]

08:23 PM on 05/23/2011

As the middle class here in the US dies off, the rising standard of living overseas will more than make up for the lost revenue here. Once the rapidly growing middle class in India, China and other countries start wanting to live their own version of the American Dream, things here will get ugly very quickly! As long as corporations NEEDED Americans to buy their products there was a facade of civility. Once the Global market for their products mature, say goodbye to what's left of the middle class in the US.

[didyouseethat]

08:21 PM on 05/23/2011

Guess all of the POTUS supporters are just fine with this, since it's "Their Guy".