Prompted by the President’s appointment of Jeff Immelt as his jobs tsar…
I rustled up some numbers based on my hunch that G.E. may be wonderful in many respects, but U.S. job creation isn’t one of them. Like any company of a certain size, its focus is on efficiency and productivity not job creation. And especially not job creation in high-cost labor markets like the United States:
- In 1980, G.E. employed 405,000 people.
- In 2000, it employed 340,000 people.
- In 2005, four years into Immelt’s tenure, the number was down to 307,000.
- Today it employees 304,000, of whom fewer than half are here in the U.S.
- Between 2008 and 2009, the number of workers employed in the U.S. by G.E. fell from 152,000 to 134,000.
- Below is a graph from on G.E.’s own website which shows not only the drop in employees, but also the dramatic drop in American employees over the past five years.
Is Immelt really the right man to be entrusted by the President with creating American jobs? Wouldn’t an entrepreneur, who has created thousands of American jobs, be a better choice?