Friday, January 21, 2011

Barnes: Rips Immelt Appointment; Obama's Pet CEO

Fred Barnes on unloads on the latest central planner to advise the President:
In General Electric CEO Jeffrey Immelt, President Obama may not have picked the worst possible corporate executive to head his new panel on job creation. But Immelt is pretty close.

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.

Just before the stimulus was passed in February 2009, Immelt said in a statement: “Bold, visionary action – like that we need from Congress today – never comes easy, but we urge Congress to expeditiously conclude the stimulus package.” GE, he said, favors “swift passage of legislation…that can be promptly signed by the President.”

He got his wish. And two months later, Immelt told the Cincinnati Enquirer that Obama had “pumped nearly $1 billion into the economy… and my sense is that, over time, these things will work.” He was wrong. Unemployment has remained well above 9 percent for more than a year and growth has increased slowly and erratically.
Up next is Tim Carney, who promises that Barnes' comments are only a warm up act.

1 comment:

  1. I've got my "Go Tim!" pennant out and I'm ready to start waving it...