The truth about tax cuts and outsourcing corporations don't want you to know...
By SueN
America’s biggest transnational corporations have a secret they don’t want you to know about. Arguing that they’ll create jobs in the United States if they just get massive tax breaks – many transnational corporations are refusing to release just how many jobs they have ALREADY created in the United States – and how many jobs they’ve created overseas - over fears that if the American people saw just how much outsourcing they’ve been doing – then they’d miss out on their tax breaks.When it comes time to report hiring to government statisticians – these transnational do so under anonymity – under the promise that only the aggregate amount of job creation numbers will be released – and not job creation on a company-by-company basis. That aggregate number is troubling in itself – between 2000 and 2009 – transnational corporations cut 2.9 million jobs here at home – and hired 2.4 million workers overseas. And since lawmakers can’t figure out which company is ACTUALLY creating jobs here in American and which ones aren’t – then it’s impossible to determine which should get tax cuts.
To make matters worse – the guy heading President Obama’s job creation council – GE CEO Jeffrey Immelt – is one of the biggest job outsourcers around with over half of his workforce made up of foreign workers. The real problem here is that our lawmakers for almost two decades have been drinking the so-called Free Trade kool aid – and it’s destroying our economy.
Comments
#2
Didn't obama appoint Jeffery Immelt?
#3
In complete relation: Koch Lashes Out at Warren Buffett
"It is not the role of government to feed these pitiful slobs, or help them find work, or protect them if they get ill. It is up to my own philanthropy, and I shall decide whom to save, and how, and when, or whether to save none at all, and #*#* you all very much if you think otherwise."
#4
It maybe time to leave the national economy behind. Each state should establish their own investment banks and encourage manufacturing and the entrepreneurial spirit. We cannot expect congress to work towards our best interest, given the special interest influence that permeates their day.
However, we could subdue that influence by a grassroots constitutional amendment, limiting campaign donations to candidates only from voters within their political jurisdictions. We could also impose a ban on external PACs, etc from advertising on behalf of a candidate or position. A business and it's owner should not have a stronger voice than a grandmother. We should get to one vote, one voice. Let the politicians speak to us clearly, and let us decide on the merit of their argument. Not the loud and insistent advertisement from special influence. Once the poison of external finance has subsided, our elected officials could finally make decisions based on the facts.
Thanks Thom for providing a great space for free speech!
Jeff in RentonWa
#5
I like the idea of state run investment banks allocating investment capital through a political process. We need more Fannie/Freddie successes.
#6
I hope you are kidding Fannie/ Freddie....................
#7
Are you suggesting all organizations, including labor unions and other interest groups. I doubt it.
#8
Jeff Immelt.....................YES SADLY
#9
Good Ideas Phillip. We can't wait until President Obama wins his 2nd term. We must stomp and holler NOW for a Progressive AGENDA of JOBS HERE and not over there. It is time to list all the CORPORATIONS with the number of jobs they have sent overseas, taking work away from Americans who want and need jobs. We also need to know that TAXES paid into U.S. COFFERS by these same Corporate CEOs and BOARD MEMBERS. In addition, President Obama needs to state what he wants re: jobs to bring our middle class citizens out of the poverty in which they are sinking and back to jobs that pay reasonable wages upon which to raise families. I we in the USA can't do it, how in god's name do we expect others to. We are a NATION OF THE MIDDLE CLASS. We are not a NATION OF THE WEALTHY or of the totally POOR. We need to get up off our Middle Class buns and stop waiting for politicians and others to think of how to find jobs, train for jobs, do jobs, make money from our good ideas. We MUST.
#10
When Buffett was asked why he did not give money directly to the government he responded that he gave it to charitable institutions because their cost of handling was much lower than having the government manage it.
#11
Are you kidding. Fannie and Freddie caused the housing bubble.
" Everyone is entitled to a home"
#12
http://r20.rs6.net/tn.jsp?llr=45v8jddab&et=1107275390334&s=179589&e=001d...
keith olbarmann on current tv
#13
I am horrified at the Kohn quote.
#14
Spelled it wrong--- Koch quote is awful, I am horrified.
#15
Fannie/Freddie are the first big fish in an oligopoly to be considered the victim. They were 50% of the mortgage market, and 100% sub-prime, yet in the context of the oligopoly, they are the victim. Wow.
#16
It should also be noted, that Fannie/Freddie had one purpose, and that was to purchase subprime mortgages, securitize them, and guarantee them. With a semi-government guarantee, you can almost see why the ratings agencies gave the securities, at least 50% of the trash, a AAA rating.
#17
What should be done? How about everytime greedy business owners take advantage of the Republican backed tax break to move American jobs to the slave market countrys, the workers left behind organize their own business cooperatives making the same product. Hell they already do all of the work anyway and without owners and executives bogarting all of the profits there would be enough left for decent wages, health insurance, and a retirement. Lets see, if the average CEO makes 400 times more in one year than the average worker, you could replace him alone with hundreds of new employees. I'm sure the absentee owners are making even more so do the math. Tell the greedy basta....ds not to let the door hit them in a....s on the way out .
Thanks to Senator Sanders for pointing out how unregulated oil speculation "WEALTH WITHOUT WORK" screws all of us "WORKING FOR A LIVING."
#18
as a long time Realtor Let me say it was much More than Fannie & Freddie Problem was US lived 29 yrs under Reaganomics deregulation of robber barons aka corps/ Wall St- big banks- energy - airlines & trucking industries & Bush 1-2 Cheney's sweet oil deals led to crash / edge of depression / Paulsons 700 billion TARP joke on taxpayers.. we paid 100 cents on the dollar for their worthless JUNK ! Gave them zero interest loans We were duped-scammed , screwed & conned every which way Tea Bagger GOP are doing the same demanding more corp cuts - loopholes while cutting our kids education, Pell grants, disabled, sick & old on medicaid. Trying to kill SS as we know it works . Workers paid SS taxes for that. Perry / Bachman vow to gut EPA so corps can dump more toxic chemicals in our water . Sound good to you folks ?
#19
Rating agencies labeled JUNK mortage loans As Triple A That used to be called fraud but no more Its ' legal' under GOP Reagan deregulation of 1981. Reagan gave total amnesty in 86 but left border wide open TO get lots of cheap illegal labor . That was Like a sign " WELCOME AMIGO'S
#20
The American public is childlike in their belief in our political system. They believe that out wretched national condition is the result of incompetence or accident. Nothing could be further from the truth --- Obama and his cronies are very efficiently carrying out the will of their handlers: unemployment, floods of cheap labor, real estate bust, depression, war - - all for the international super rich. Unfortunately, almost the same scenario would have happened under McCain since the electoral process of both parties is owned by the same group.
Our money supply is tied up by the super rich, leaving far too little in circulation. Solution: put enough new money in ciculation to replace that stored by the money hoarders - - - make sure it is put in the hands of spenders not hoarders. Debt reduction is the enemy - - - every dollar of debt reduction by removing goods and services to the middle and lower classes is a dollar less in circulation --- same effect by taxing them. The government must force the money hoarders to place their money in circulation or else it will be confiscated through taxation.
There is enough stuff for everyone to have a good life. Dollar constipation results in poor distribution of the stuff of life as well as lost productivity as a legacy to out children.
Remember, Government bills are paid by printing money not by taxes.
#21
We need an American Spring where the 90% need to demand justice. It is time to wake up and smell the tea, roses, and the coffee. Let's take back our Democracy. Today I viewed,' END:CIV' and 'Capitalism a Love Story', they were a refresh of our cannibalistic capitalistic system. People need motivation and a good movie really puts me in a positive mood. I am anxious to support The Protest against the KeyStone Pipeline and I am excited there are the Days of Rage and October Movement planned to begin more civil disobedience and dissent of the Status Quo. We need courage to stand up and insist another World is possible. When today's headlines consist of Presidential candidates and the majority of Republicans continue to deny mankind's contribution to climate change, the Security Exchange Commission is shredding evidence of the Financial meltdown, Congress charges for access instead of conducting Town Halls, I reflect on Our Nation and consider our people's history and how we have consumed more than our fair share of the planet's resources and interfered with every Democracy to ensure a select few corporations could extract the other nations wealth for corporate profits. Now we can see the tables have turned and now instead of feeling a trickle down we are experiencing the sucking vacuum as our livelihood is being extracted by trans national coporations. It is time to realize that with any corporation it is profit over patriotism. The loss of the manufacturing base is leaving the U.S. and us with the short end of the stick. Wallstreet is the biggest casino with this Country's remaining wealth being wagered and plundered by the Financial Institutions.Transnational's enjoy the protection of the U.S. military, they utilize the infrastructure to conduct business, and as Senator Bernie Sanders points out received tax rebates while recording Billions of Record profits. Enough is enough, why do we continue to allow this? We need to Moveon, Move to ammend, and move to act to fight this oligarchic corporatism. Rebuild the American Dream is a platform for the American people, a plan to do the what is best for the welfare of the people and the planet check it out and spread the word. Peace
#22
Please stop spreading lies.
Fannie and Freddie, by definition, were underwriting conforming loans, also called prime loans. Which were not sub prime. Sub prime were also called non-conforming, which included subprime and jumbo loans.
#23
I would lump our "Dead Beat Billionaires" in with these American Corporations as they collectively are NOT hiring American workers at anywhere near the rate as they are hiring workers in foreign countries. They are all practicing something that I call, "TREASONOMICS" ( - see the definition in my blog elsewhere here on Thom's site).
I've contributed the following thoughts to Paul Krugman and Nicholas Kristof at the New York Times, and submitted the suggestion to Senator Sanders. The main point is that our leaders in Congress can prove or disprove this "job creation theory" of lowering taxes on billionaires:
"We've got a deadbeat billionaire problem in America". We keep giving billions in tax breaks to billionaires and meg-millionaires with the expectation they will "create jobs" with their massive personal fortunes. But they haven't followed through with their end of the deal. No jobs are being created! What? How can this be? The Republican's Vast Right Wing Echo Chamber continuously proclaims as Gospel that the super rich need special tax treatment because they are the only ones who create jobs.
I see the one way to get to the bottom of this perplexing enigma is for the Senate to subpoena every billionaire and mega-millionaire to Washington to testify under oath, before congress, with cameras running, and transcripts recording. And demand that each of them tell us exactly HOW MANY jobs in AMERICA they've created with their PERSONAL FORTUNES for each year they were among the super rich.
We will then know with clarity and precision the concrete past results of the Republican's bedrock mantra-policies of, "low taxes on the rich creates jobs", "tax cuts on the rich will create jobs", and "avoiding job killing tax increases on the rich..." I'd wager to conclude they are all falsehoods upon which no policy can ever be based: If an insufficient number of jobs have been created by relying on deadbeat billionaires and mega-millionaires, then restore the higher tax rates of the 30s, 40s, 50s, 60s and 70s to bring down our nation's debt, fund rebuilding of our nation's infrastructure, secure our safety net programs of Social Security, Medicare, and Medicaid, and put the money back into the economy where proven demand driven forces will create jobs.
And higher tax rates will finally give the top earners an incentive to become more productive. Attaining their personal financial goals will either take a little longer - like it used to, or they'll decide to do as the super rich once did - to figure out how to produce more to increase their income.
They will need to hire more people to produce more to meet the demands from the demand-driven economy, they'll have to work harder and smarter to accelerate their new product development, they'll invest their company's revenue towards expansion and growth instead of pocketing it as they now do, and figure out how to become more efficient.
Okay Congress: the time for you to do this is now.
#24
How about this:
When anyone is elected to congress or the White House or appointed to the cabinet or staff of those elected officials or retained as independent contractors, all of their financial holdings and records- and those of their families as well- are published in all of the major newspapers in every state. And when America's financial health declines for any reason whatsoever, none of those people receive any present or deferred compensation or contributions of any kind from any source. And if America's finances decline by, say, 25% in one year, then 25% of the assets of all of those people are irrevocably seized and put into the general fund of the Treasury. When the personal finances of those self-centered traitors and chicken-hearted wimps are irrevocably tied into America's financial well-being, then all of that tea party, republican, and democrat idiocy will stop in about one and a half minutes.
It should be a crime for any corporation to in any way harm America's financial well-being, and any corporation caught doing so, has all of its assets seized and sold and the proceeds put into the general fund, including foreign-based assets and off-shore accounts, and 95% of the assets of the boards of directors and other executives should be seized and those executives are never allowed to work in any capacity for any corporation for the rest of their lives. And any corporation not willing to submit to these terms should not be allowed to sell anything in America.
If America goes to war, all of the draft-age family members of every congressperson who votes for the war or who abstains from voting, and of the president and vice president and all of their staffs and of every corporate executive of every corporation that provides any goods or services that are directly or indirectly related to the war, and of every member of the Joint Chiefs of Staff and every upper-etchelon Pentagon official are drafted and put on the front lines. And I'm talking about cousins three times removed and all the rest of their immediate and distant relatives who are draft age. And only when all of those people have been killed in the war, should the lives of any other American military personnel or citizens be put at risk. I mean, come on: either the war is worth it, or it's not.
#25
I have put forth the idea to my Reps about campaign donations coming from the people, such as everyone contributes $1.00 and it is pooled and evenly distributed among candidates so that they have an even playing field. I think that would also help rid us of lobbyists who influence our Reps on behalf of the big money interests. I also like your idea of a ban on external PAC's, which this would accomplish. We need "fairness" put back into the media. This would go a long way towards getting the big money out of politics and our Reps back to representing the people who elected them. The big money does not elect them, we the people do.
#26
How about a very simple constitutional ammendment that is essentially a definition of 'person', to be ..."A Person, in context of constitutional protections afforded to 'the people', is here by determined to be a breathing human being, capable by law of voting or enlisting in the armed forces of the United States".
#27
Its time to send a message to the banksters, SEPT. 17 occupywallstreet.org. Our representative need to see that we do not approve of 10 banks owning 77% of American assets. Its time to MARCH ON WALL STREET!!!!
ghostofjefferson.blogspot.com
#28
It's apparent that world wide economic equalization of the working class is in progress led by rapacious US Corps. That is, as our workforces' standard of living plumets those abroad like China, India, etc. are thriving. Does this not explain why US Corps are seeing increasing profits while the US working class findsincreasing unemployment?
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Embarass them with the truth. Shout their names loud and clear. This is no different than Governor Perry writing in his book that he believes social security is "unconstitutional" and then his handlers say that he is being misquoted. The truth will win if we keep repeating it daily. The Republican Party is quckly disintegrating into a lumpy loose mud slick. They do not even like each other. After President Obama wins his second term in office, let's fill the United States House of Representatives and the United States Senate with progessive Democrats who will help him get the people's agenda passed in Congress instead of giving more welfare to the billionair corporatists.
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