Obama cheerleader moving its 115-year-old X-ray business to China

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bugscoe

Good Grief…Head of Obama’s Economic Advisory Panel Moves Business to China
Posted by Jim Hoft on Wednesday, July 27, 2011, 12:19 PM

Good grief… Even the head of Obama’s Economic Panel is bailing on him.

Obama named his longtime friend and supporter GE chief Jeffrey Immelt to head his economic recovery advisory panel in January. (LA Times)

The head of Barack Obama’s Economic Advisory Panel is moving his business to China.
Bloomberg reported:
General Electric Co. (GE)’s health-care unit, the world’s biggest maker of medical-imaging machines, is moving the headquarters of its 115-year-old X-ray business to Beijing to tap growth in China.

“A handful” of top managers will move to the Chinese capital and there won’t be any job cuts, Anne LeGrand, vice president and general manager of X-ray for GE Healthcare, said in an interview. The headquarters will move from Waukesha, Wisconsin, amid a broader parent-company plan to invest about $2 billion across China, including opening six “customer innovation” and development centers.

The move follows the introduction earlier this year of GE Healthcare’s “Spring Wind” initiative to develop and distribute medical products and services in China, GE said in a statement today. More than 20 percent of the X-ray unit’s new products will be developed in China, LeGrand said.
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Well, we know the move was not based on taxes… GE didn’t pay any taxes last year. The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States.

But that didn’t stop the company from moving business to China.
 
Lol, these guys are behind the curve. China's labor costs are rising fast and businesses in the know are heading for Vietnam.
 
Quote from bugscoe:

Good Grief…Head of Obama’s Economic Advisory Panel Moves Business to China
Posted by Jim Hoft on Wednesday, July 27, 2011, 12:19 PM

Good grief… Even the head of Obama’s Economic Panel is bailing on him.

Obama named his longtime friend and supporter GE chief Jeffrey Immelt to head his economic recovery advisory panel in January. (LA Times)

The head of Barack Obama’s Economic Advisory Panel is moving his business to China.
Bloomberg reported:

Well, we know the move was not based on taxes… GE didn’t pay any taxes last year. The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States.

But that didn’t stop the company from moving business to China.
More...
The hypocrisy of our "leaders" and elected officials knows no bounds.
 
Quote from Ricter:

Lol, these guys are behind the curve. China's labor costs are rising fast and businesses in the know are heading for Vietnam.
More...
Vietnam is less than ideal for hi-tech businesses there is simply not enough of the required skills, its going to pull a lot of low to middle end product manufacturing along with Indonesia over the next few years
 
Quote from Dragons Teeth:

Vietnam is less than ideal for hi-tech businesses there is simply not enough of the required skills, its going to pull a lot of low to middle end product manufacturing along with Indonesia over the next few years
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True enough. Anyway, they're relocating to sell to China, not from China. Nice, short supply chain.
 
Quote from Ricter:

True enough. Anyway, they're relocating to sell to China, not from China. Nice, short supply chain.
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If the US had a proper tax policy of lower corporate domestic taxes and no taxes on domestic manufacturing then it would be Americans making products for export to China.
 
Quote from Mercor:

If the US had a proper tax policy of lower corporate domestic taxes and no taxes on domestic manufacturing then it would be Americans making products for export to China.
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If only that was the simple solution.

The problem with thinking small like that is it fails to see the broader issue.

#1 In china you can hire children to work factories, not in the US.

#2 in china you can pay someone 1-2 dollars USD a day. No american will work for 2 bucks a day when rent is 600 a month.

#3 In China you can dump heavy metals and other pollutants right on the waterways with no issues, in the US you would get nailed by the FDA.

#4 In China you do not need to worry about job safety, if someone gets crushed in a machine, you switch them out with a fresh employee. No nasty OSHA to deal with.

#5 In china you can fire or not hire anyone you want anytime, no discrimination issues or worries regarding the ADA. Gotta use a Wheelchair to move around, sorry we aint hiring you and we aint building no stinking ramps.

#6 In china you can save in IT costs by using pirated copies of software, why spend 100K in software licenses when you can send it to china and they spend 0K in software costs.

Anyhow many more reasons why China attracts US jobs, and taxes are dead last as one of the reasons.
 
Quote from KINGOFSHORTS:

If only that was the simple solution.

The problem with thinking small like that is it fails to see the broader issue.

#1 In china you can hire children to work factories, not in the US.

#2 in china you can pay someone 1-2 dollars USD a day. No american will work for 2 bucks a day when rent is 600 a month.

#3 In China you can dump heavy metals and other pollutants right on the waterways with no issues, in the US you would get nailed by the FDA.

#4 In China you do not need to worry about job safety, if someone gets crushed in a machine, you switch them out with a fresh employee. No nasty OSHA to deal with.

#5 In china you can fire or not hire anyone you want anytime, no discrimination issues or worries regarding the ADA. Gotta use a Wheelchair to move around, sorry we aint hiring you and we aint building no stinking ramps.

#6 In china you can save in IT costs by using pirated copies of software, why spend 100K in software licenses when you can send it to china and they spend 0K in software costs.

Anyhow many more reasons why China attracts US jobs, and taxes are dead last as one of the reasons.
More...

should've moved to india then.
 
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