After appointing Wall Street people to his cabinet, the much ballyhooed liberal candidate for change, now President, is looking after his working class supporters. (sarcasm)
Jeffrey R. Immelt, the chairman and chief executive of General Electric Co. tapped by President Barack Obama as his next top outside economic adviser, will be asked to guide the White House as it attempts to jump-start lackluster job creation and spur a muddled recovery.What also comes to my mind is the bailout of General Motors that resulted in a two-tiered wage schedule for US workers. Now GM is laying off US skilled workers while Chinese and other foreign workers are making more GM cars than American workers are making here. See this and this.
Immelt's firm stands as Exhibit A of a successful and profitable corporate America standing at the forefront of the recovery. It also represents the archetypal company that's hoarding cash, sending jobs overseas, relying on taxpayer bailouts and paying less taxes than envisioned.
