From Hans Bader, a realistic assessment of Obama’s record on outsourcing.
“79 percent” of all green-jobs funding in Obama’s $800 billion stimulus package went to foreign companies, with the largest payment going to a bankrupt Australian company. For example, the Obama Administration spent $1.6 billion on Chinese and other foreign wind power. The practical effect of those subsidies was to outsource American jobs. ABC News reported on thesubsidies for Chinese wind turbines contained in the stimulus package:
Despite all the talk of green jobs, the overwhelming majority of stimulus money spent on wind power has gone to foreign companies, according to a new report by the Investigative Reporting Workshop at the American University’s School of Communication in Washington, D.C.
Nearly $2 billion . . . has been spent on wind power. . .But the study found that nearly 80 percent of that money has gone to foreign manufacturers of wind turbines.
“Most of the jobs are going overseas,” said Russ Choma at the Investigative Reporting Workshop. He analyzed which foreign firms had accepted the most stimulus money. “According to our estimates, about 6,000 jobs have been created overseas, and maybe a couple hundred have been created in the U.S.” Even with the infusion of so much stimulus money, a recent report by American Wind Energy Association showed a drop in U.S. wind manufacturing jobs last year.
The stimulus package also showered money on left-wing community organizers and liberal lobbying groups.
Earlier, NewsMax reported on a $2 billion subsidized loan by the U.S. government to a Brazilian oil company:
Gulf Oil CEO Joe Petrowski says President Barack Obama’s weekend comments in Brazil that the United States looks forward to purchasing oil drilled for offshore by that nation “is rather puzzling,” and “hypocritical” as his administration has imposed a virtual moratorium on domestic drilling. The signal to purchase more foreign oil comes after the U.S. Export-Import Bank invested more than $2 billion with Brazil’s state-owned oil company, Petrobras, to finance exploration.
The CEO of General Electric, which has received government “green jobs” money, is a close Obama advisor. GE has been busy outsourcing American jobs, eliminating a fifth of its U.S. workforce since 2002. GE made $14.2 billion in profits in 2010, but paid no taxes at all, even though America’s corporate tax rates are among the highest in the world. Indeed, GE actuallyreceived a tax benefit of $3.2 billion from the government in 2010, and received a preferential bailout at taxpayer expense.
Read the whole post. It just goes on and on and on and on like this. What causes outsourcing? When you have the highest corporate tax rate in the world – that causes outsourcing. When you keep piling on regulations and regulations onto businesses, from Obamacare to Dodd-Frank – that causes outsourcing. When you take money collected from taxes paid by American businesses and hand it out to foreign companies owned by Democrat-allies – that causes outsourcing. When you block energy companies from developing energy here at home – that causes outsourcing.