Oct 26, 2015

GE Just Admitted That it Will Move American Jobs Overseas Even if Ex-Im is Reauthorized

Post by Derek Yale

Arlington, VA — When pressed over the weekend about its rhetoric on the Ex-Im Bank, General Electric admitted that it will continue shipping American jobs overseas even if Congress revives the bank.

GE’s vice chairman for global operations said that “an extension of Export-Import Bank funding . . . would not remove the business risk that the bank might be killed a few years later.”

The company already has been caught numerous times misleading the public about its decision to relocate operations, and now lawmakers can be aware that voting for reauthorization will not bring these GE jobs back to the U.S.

Freedom Partners Spokesman James Davis Issued The Following Statement:

“The fight to renew Ex-Im was never about keeping jobs in the U.S.; it was entirely about GE increasing their profits with American tax dollars. Millions of Americans are struggling to make ends meet. A single mom, working two jobs to put food on the table, shouldn’t be forced to subsidize corporate profits, and lawmakers shouldn’t cave to empty threats that turn employees into political bargaining chips.”

GE Admits It Will Move Jobs Overseas—Even If Ex-Im Is Reauthorized

Ex-Im Reauthorization Doesn’t Change GE’s Plans To Ship Jobs Out Of The U.S. “If funding for the Export-Import Bank is quickly restored, will the Waukesha plant and its workers be spared? No, Mr. Rice [Vice Chairman of Global Operations] said, the decision is irreversible. An extension of Export-Import Bank funding, he said, would not remove the business risk that the bank might be killed a few years later.” (Steve Lohr, “Ex-Im Bank Dispute Threatens G.E. Factory That Obama Praised,” New York Times, 10/25/15)

That’s Not What GE Has Been Telling The Public

GE CEO Jeff Immelt Was Telling People That More U.S. Jobs Would Only Move Overseas “Unless The Stance On EXIM Changes.” (Lewis Krauskopf and Ankit Ajmera, “GE To Get Up To $12 Billion In Export Financing From Britain,” CNBC, 09/24/15)

“GE Chief Says He’d Move Jobs If Ex-Im Isn’t Reauthorized.” (Rudolph Bell, “GE Chief Says He’d Move Jobs If Ex-Im Isn’t Reauthorized,” Greenville News, 06/20/15)

GE Said That It Would Have To Send Jobs Overseas If It Could “Access Export Financing No Longer Available In The United States.” (David Lawder, “GE To Move Engine Plant To Canada As U.S. Export Financing Nixed,” Reuters, 09/28/15)

Flashback

Immelt Told Ex-Im Chairman Fred Hochberg At The Bank’s 2010 Annual Conference That General Electric “Is Big Enough That We Can Never Use [A Lack Of Government Support] As An Excuse” For Not Being Able To Do Business Somewhere. HOCHBERG: “Are there places where because of that you have found it much harder to do business than it might otherwise have been because we don’t have the same kind of national interest that you see in Germany and you see in Italy. Many countries, the government takes a much more direct hand in promoting exports.” IMMELT: “You know Fred, our company is big enough that we can never use that as an excuse. You know, in other words, GE should never use as an excuse that we couldn’t go someplace because the government wasn’t there.” (“A Conversation: Powering Jobs Through Exports,” Export-Import Bank of the United States, 03/11/10)

IMMELT: “We Can Fight Our Own Way By And Large.” (“A Conversation: Powering Jobs Through Exports,” Export-Import Bank of the United States, 03/11/10)