Speaking of the president and big business
Posted by Mitch Kokai at 06:53 AMThe latest Bloomberg Businessweek tells us that the interests of President Obama and General Electric CEO Jeffrey Immelt “increasingly overlap.”
[T]he GE chief certainly shares Obama's focus on job growth through green technology, infrastructure spending, and increased efficiencies in health care. "People want to see business and government work together, both in the U.S. and globally, to drive innovation, employment, and growth," Immelt wrote in a 2009 letter to shareholders.
Fred Barnes has explained recently why the overlapping interests are bad for consumers and taxpayers.
Immelt is a classic example of a rent-seeking CEO who may know what’s good for his own company but not what produces economic growth and private sector job creation. He supported Obama on the economic stimulus, Obamacare, and cap-and-trade – policies either unlikely to stir growth and jobs or likely to impede faster growth and hiring.
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