Loading ...Same thing for GM and who knows how many more.
The chairman of General Electric and the man who once headed President Barack Obama’s Council on Jobs and Competitiveness issued a scathing letter to his stockholders Friday, accusing Obama’s policies of failing to create jobs and destroying the competitiveness that American companies need to succeed in the global market.
Jeffrey Immelt, General Electric’s CEO, wrote in his annual letter that most government policies are perpetuating “slow growth, poor job creation, populism, low productivity, higher regulation, poor policy and more slow growth,” according to the Daily Caller.
Oddly, the harsh words about the government’s abysmal performance were meant to be reassuring to the GE stockholders, because Immelt said the company is operating successfully despite the government’s policies.
And that’s because it’s willing to make decisions that might seem harsh in the political world but are necessary in a real, competitive marketplace, he wrote. Misplaced government priorities, Immelt wrote, are destroying small businesses, the backbone of the U.S. economy.
In the fall, Immelt and GE found themselvesin the White House’s crosshairs because of a GE agreement with a French company that would move about 500 jobs out of the United States (a decision the Obama administration also blamed on Republicans, of course).
“In business, if you don’t lead these changes, you get fired; in politics, if you don’t fight them, you can’t get elected. As a result, most government policy is anti-growth,” Immelt wrote to stockholders. “In the U.S., we want exports but seem to hate trade and exporters; globally, governments love small businesses but then regulate them to death.”
Immelt also criticized the administration for forcing American companies to adopt political correctness at the cost of business effectiveness.
“It doesn’t do any good to win awards for good governance if you are getting eaten alive by competitors,” Immelt wrote. “Our sole truth of performance is in the market, winning with customers and investors.”
Winning with customers. Winning with investors. And savaging the performance of the Obama White House.