First, U.S. banks took billions from taxpayers. They shed hundreds of thousands of jobs, sending many overseas. General Motors will apply the same management methods. WaPo reported that the percent of GM's foreign built vehicles will rise from 15% to 23%. With a projected rebound in sales, the employment impact grows. Foreign built cars grow from 372,000 in 2010 to 728,500 in 2014. That's nearly a double. How many jobs will government owned GM export?
One aim of business should be to provide jobs, so people can afford to buy their products. Henry Ford understood this. GM China does as well. Americans understand the allure of low wage Asian production. Many paid a personal price when their job shifted. During the Bush years, America exported over 2 million jobs to China.
Just days ago, the U.S. President said:
"I want to see our companies remain the most competitive," the president said, while not rewarding them for moving jobs overseas.More lofty rhetoric from President Obama, that fails in application.