What a heart warming story. The CEOs of the biggest corporations in America, like Obama Jobs Czar Jeff Immelt, have the balls to act like the US Corporate tax rate of 35% is too high, even though they only pay 18%. They peddle the false storyline that they are the driving force behind the U.S. economy, when the facts prove they have fired Americans and moved the jobs overseas for the last decade. They have gutted the U.S. economy and now use their puppet politicians in Washington DC to demand a 5% tax rate for the profits they have sitting overseas. Bush allowed this to happen during his reign of error. The corporate CEOs declared it would lead to more jobs in the U.S. It led to more jobs in Shanghai and massive bonuses for the CEOs.
The Republican Party is completely captured by these Mega-Corporations. The Democrats play the game, but they are just as captured. Remember what Mitt Romney said, “Corporations are people too.”
The facts are right before your eyes. This country has been destroyed slowly but surely by the greed and avarice of the biggest banks and corporations in this nation. To deny these facts, is to deny reality.
U.S. Firms Keen to Add Foreign Jobs
By DAVID WESSEL
U.S.-based multinational corporations added 1.5 million workers to their payrolls in Asia and the Pacific region during the 2000s, and 477,500 workers in Latin America, while cutting payrolls at home by 864,000, the Commerce Department reported.
The faster growth abroad was concentrated in emerging markets, such as China, Brazil, India and Eastern Europe, according to economists Kevin Barefoot and Raymond Mataloni, of the U.S. Commerce Department.
“Judging by the destination of sales by affiliates in those countries,” the economists wrote in a recent survey, “the goal of the U.S. multinational corporations’ expanded production was to primarily sell to local customers rather than to reduce their labor costs for goods and services destined for sale in the U.S., Western Europe and other high-income countries.”
The data show the dramatic changes in the nature of globalization during the past decade, when U.S.-based multinationals concentrated their growth opportunities abroad. And it is likely to become fodder in the political debate over U.S. and foreign corporate tax codes and policies aimed at encouraging companies to produce more jobs at home.
The newly released data also show that while American companies still do the bulk of their capital investment and research-and-development spending inside the U.S., an increasing share is being done abroad.
The multinational companies, for instance, reduced capital-investment spending in the U.S. at an annual rate of 0.2% in the 2000s and increased it at a 4.0% annual rate abroad. Still, they allocated $2.40 in capital spending in the U.S. for every $1 spent abroad.
Among companies in industries outside of finance, 57% of overseas hiring between 1999 and 2009 took place in Asia. The firms added 683,000 workers in China, a 172% increase over the decade, and 392,000 workers in India, a 542% increase. Another 18% of the overseas hiring occurred in Latin America.
Overseas, U.S.-based corporations still employ more people in Europe than in any other part of the world. Most of the hiring during the 2000s took place in lower-wage countries in Eastern Europe.
The companies cut 14,700 workers in Germany during the decade and added only 8,700 in France, while increasing their payrolls in Poland by 135,500 and in Hungary by 53,700.
The U.S.-based multinational companies employed 23.1 million workers in the U.S. in 2009 and 10.8 million in majority-owned affiliates in other countries, a total that doesn’t reflect millions more employees at unaffiliated overseas companies from which U.S. companies make large purchases.
Between 1989 and 1999, U.S. -based multinationals, both financial and nonfinancial, added 4.4 million workers in the U.S. and 2.7 million workers overseas.
In the 2000s, as the government reported in April, the firms cut their work forces in the U.S. as they expanded them abroad. The latest data show that the firms cut 864,600 workers in the U.S. between 1999 and 2009 and added 2.9 million workers abroad.
The Commerce Department’s Bureau of Economic Analysis does a benchmark survey every five years to pick up multinational companies it has overlooked.
The update for 2009 turned up multinational firms with large U.S. work forces that weren’t included in the preliminary data released in April. The earlier data showed that U.S. multinationals had cut 2.9 million workers in the U.S. in the 2000s and added 2.4 million abroad.
Much of the overseas investment and hiring by U.S. multinationals has been in the service sector and other industries outside manufacturing. Among U.S. multinational firms in manufacturing, about 60% of employment is still in the U.S. But the manufacturers cut their U.S. payrolls by 2.1 million in the 2000s and added 230,000 workers overseas.
In all, U.S. multinational manufacturers employed 6.9 million workers in the U.S. in 2009 and 4.6 million abroad.