Americans have short memories. Most probably don’t remember when the Obama Administration formed the President’s Economic Recovery Advisory Board headed by General Electric’s CEO Jeffery Immelt to advise Obama on creating “shovel ready jobs” in 2009. Now some people actually believe it was literally to form jobs where people used shovels. NO! It was intended to create jobs of all sorts.
But there were no significant jobs created. Before leaving office, Obama finally abolished the board. At a news conference, he and Jeff Immelt laughed when Obama declared there were no shovel ready jobs. It was an insult to American workers for more than one reason. The most obvious is that there was no criticism from the Democrats and liberals. They laughed too.
In 2009 GE was fined $50 million by the Securities and Exchange Commission for accounting fraud. Yet Obama picked Immelt to lead his advisory board.
There was no outrage by the liberals even when facts emerged that Immelt reduced jobs at General Electric while President of Obama’s board. For instance, he transferred or sold off divisions of the company to investors in Europe and China. A specific example is when Immelt moved the GE X-Ray division from Wisconsin to China in 2011. There was not even a whimper from liberals about these jobs going overseas.
General Electric today is in financial trouble because of Immelt’s policies. It was announced this month they may be taken off the New York Exchange.
At one time under former CEO Jack Welch, GE was a thriving corporation. Jeff Immelt’s leadership saw the corporation take a nose dive. Its stock market shares declined by more than 30%. It lost over $150 billion in stock market value.
The declining company fortunes caused Immelt to resign after mounting criticism of his handling of the company’s assets. It was so bad that the SEC started investigating the corporations’ insurance division that may cost GE as much as $15 billion.
Immelt dismantled GE by selling off or transferring many of its assets. The corporation bled money under his leadership. But Democrats never called on Obama to fire him.
The new CEO John Flannery may have to restructure the company by shrinking GE as a money saving solution to maintain solvency. He may sell off divisions to save the company from disappearing.
Like Obama, Immelt refuses to accept blame for the corporations’ decline. Yet it was his policies and his decisions that brought GE to this brink of disaster.
The liberal media and liberal politicians count on Americans not remembering the failure of Obama and Immelt to create job growth. They make false claims that Trump’s success actually is due to Obama. People who believe them either are unable or unwilling to remember the facts. As Obama himself declared, “There are no shovel ready jobs.”
This is just one chapter in the failure of Democrats to put Americans first and work on their behalf. Trump had CEO’s pledging jobs even before he became president. Liberals criticize his success because he is tearing down Obama’s failed legacy. Americans, even liberals, should celebrate Trump’s amazing achievements. Trump is making history. By hating Trump and his success, liberals are exhibiting anti-American behavior and belligerency worth of mental patients.