America is in the midst of structural (not cyclical) unemployment. In an odd attempt to remedy this Obama has asked Corporate America - the people who sent the jobs overseas - to advise the president on how America can create jobs and be competitive.
Corporate America sent Jeffrey Immelt, CEO of General Electric who now heads the President's Council on Jobs and Competitiveness. This striked many as an interesting choice given that General Electric is a Transnational Corporation that while technically headquartered in America is not heavily invested in America's future.
Some thought Immelt may have been different - WRONG. Tuesday at the Milken Institute (founded by famous Insider Trading Crook Michael Milken) Immelt let it all hang out at minute 77:
GE is a global company 60% of our revenues come from outside the United States. I am a complete Globalist.
Is that what we want in America? "Our" largest companies not giving a damn about the people that subsidize them and bail them out.
GE is an "American" company when it needs money and favors and a "Global" company when it has American responsibilities.
Obama can kill Bin Laden 20 times but until he deals with a parasitic economy he's changed nothing.