In quite an impressive display of crybaby capitalism that has come to define the actions of some of this country’s largest corporations, General Electric is planning to ship hundreds of jobs overseas — to France, Canada, Hungary, and elsewhere.
Congress has thus far failed to reauthorize the Export-Import Bank, a key distributor of loan guarantees and export subsidies that pad the profits of the already rich.
Lost in this move was a startling admission made by GE’s Vice Chairman, Jim Rice:
In other words, General Electric, a “private” company — one of the largest in the world — cannot compete without government assistance. Quite a free market, eh?
So GE is playing the victim, as if they are being unfairly targeted by the meanies on Capitol Hill.
Perhaps GE’s executives have forgotten the fact that their company continues to exists only because the Nanny State was there to bail them out in 2008. GE, through a strange loophole, became a beneficiary of the Troubled Assets Relief Program, a program established to bail out failing financial institutions; the company would ultimately receive over $100 billion from taxpayers.
Perhaps they have also forgotten the fact that, since 1992, their company has received a total of 1,113 state, local, and federal subsidies, costing taxpayers $1.3 billion.
If you want to see a ‘culture of dependency’ at work, take a close look at some of the nation’s largest, most profitable corporations. They have come to expect luxurious treatment at the expense of the public, and if they don’t get it, they go somewhere else, like entitled teenagers who threaten to run away when their parents don’t buy them the latest iPhone.