GE to hire 5,000 U.S. veterans, investing in plants

[kpete]

GE to hire 5,000 U.S. veterans, investing in plants

By Reuters
Monday, February 13, 2012 7:38 EST

WASHINGTON (Reuters) - General Electric Co plans to hire 5,000 U.S. military veterans over the next five years and to invest $580 million to expand its aviation footprint in the United States this year.

The largest U.S. conglomerate unveiled the moves ahead of a four-day meeting it is convening in Washington starting on Monday to focus on boosting the U.S. economy, which has been slow to recover from a brutal 2007-2009 recession.

“We should have the confidence to act and to restore American competitiveness,” Chief Executive Jeff Immelt, a top adviser on jobs and the economy to President Barack Obama, said in a statement.

The U.S. unemployment rate — seen as the main barrier to a move vibrant recovery — fell to a near three-year low of 8.3 percent in January, helped in part by the manufacturing sector adding about 50,000 workers. Even with that improvement, 23.8 million Americans remain out of work or underemployed, which is keeping the economy a key issue heading into November’s presidential elections.

..................

http://www.rawstory.com/rs/2012/02/13/ge-to-hire-5000-u-s-veterans-investing-in-plants/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:%20TheRawStory%20%28The%20Raw%20Story%29
http://www.reuters.com/article/2012/02/13/us-ge-jobs-idUSTRE81C0OC20120213

[Marrah_G]

1. I would love to know how much the average salary will be

Because after the GE CEO's disgusting interview a few months ago, I have my doubt that these will be "good paying" jobs. The jobs he boasts about creating at the aircraft engine plant in Mississippi are 13 dollar an hour jobs.........

And then he was upset that American workers don't cheer when he walks into a factory like his Brazillian workers do. He felt they should be grateful to just have employment.

http://www.cbsnews.com/2100-18560_162-20117416.html?tag=contentMain;contentBody

[Bluzmann57]

2. In Mississippi, $13.00/hr. may not be all bad

Mississippi is one of the poorest states in the USA so thirteen dollars an hour is likely not all that bad in that state because the cost of housing etc. probably isn't as much as in other parts of the country, like NYC or Chicago.

[Marrah_G]

4. It is still not a "good" wage

It might just be a "just getting by" wage. These are people who work on building jet engines.

Check out his interview....it was shocking ( and infuriating) even to the interviewer.

[JDPriestly]

9. If a person works 2080 hours in a year, that's a little over $27,000 per year.

The average income in Mississippi in 2009 was $36,646.

http://en.wikipedia.org/wiki/List_of_U.S._states_by_income

Assuming this report is true, GE plans to pay considerably less than the average. It is not a sign that we are moving forward in a good way.

[Uncle Joe]

10. I wonder if those incomes in the wikilist include overtime pay?

If they do, then perhaps GE's wage may be more in line with Mississippi's median income should their workers get overtime as well, more hours than 2080 and increased pay.

[Marrah_G]

11. I posted a link to an interview above

The CEO of GE is shocking in his callousness in regards to workers and wages. I think it speaks volumes about how the 1% perceives American workers. Also this guy heads the President's jobs commission.

[Uncle Joe]

13. I agree, the ridiculous multiple of CEO compensation as compared to their average worker is

tragically dysfunctional, not to mention immoral.

I believe in the late 80s it was something along the lines of 29xs their average worker's salary and the last time I checked it was well over 400xs, they've become consumed by avarice.

[Marrah_G]

14. Wow- that is just insane

Like my mother says " how much money does one person possibly need"?

[Uncle Joe]

17. I've come to conclusion that unrestrained avarice may be a form of addiction as well,

they're sick.

While people addicted to drugs, food or alchohol may wall themselves away from society, the person addicted to greed has walled themselves away from humanity.

They're not connected or part of it anymore, more money or possessions just means more distance.

[Marrah_G]

18. You might be right on the money there

pun intended It's like they just keep hoarding it for the sake of hoarding it.

[bhikkhu]

22. If you go farther down that Wiki list, per capita income is $15k

...and the $36k figure you give is household income, which includes all earners.

$27k is a decent wage for an individual in Mississippi, and would be a decent wage where I live as well. Not getting rich, and not enough to raise a family on without some help, but decent nevertheless.

[JDPriestly]

24. That is good.

As I understand it a family would not do well on that one salary. That's good for Mississippi. I was surprised to see what a high rate of unemployment there is in Mississippi. I think it ties with D.C. for fourth place in unemployment.

http://www.bls.gov/news.release/laus.nr0.htm

Seems strange that Mississippi has high unemployment but a low cost of living and low wages.

[dixiegrrrrl]

21. 13.00 an hour in Miss, or here in Ala. is

equivalent to 26.00 an hour in Cal. ..or more.
Our cost of living is about 46% lower than in Cal.
Trust me, I know this, having moved from Ala to Cal and back, working in both states.

[xtraxritical]

12. GE is the largest tax manipultor in the world.

The tax codes need to be amended so that all companies pay something. What's fair 30% ? If they choose to leave for third world companies f...em. They utilize and beat the heck out of our infrastructure (roads, pollution, etc.) and contribute nothing, f...em.

[cliffordu]

29. You are right.

I hear McDonalds is hiring.

That would be better.

[Scuba]

3. That's a nice first step.

[FailureToCommunicate]

5. Any positive news about hiring -especially VETERANS- is good, BUT one has to

wonder if its done to blunt criticism for GE paying almost NO TAXES!

http://www.nytimes.com/2011/03/25/business/economy/25tax.html?pagewanted=all

[bhikkhu]

23. That NYT story was debunked

http://www.outsidethebeltway.com/ge-paid-taxes-in-2010-after-all/

...not that GE is any more of a tax-paying good citizen than any other multinational corporation, but for the record GE did pay taxes, and the NYT was extra-sloppy on that story.

[FailureToCommunicate]

25. Umm, no not really. The facts stand

"Update: The New York Times mounts what sounds like a pretty convincing defense of its story to Henry Blodget
UPDATE 2: Wow, just when we thought it was over... The NYT may be off the hook, at least on the "federal income tax" assertion. No sooner had we published our conclusion that the NYT's statement was "flat-out wrong" than the NYT came right back and said there wasn't a single factual inaccuracy in its article, which was why GE hadn't asked for a correction. And, more importantly, the NYT sent us an AFP article in which GE spokesperson Anne Eisele--the same spokesperson who wrote the comment below--said the following:

"GE DID NOT PAY US FEDERAL TAXES LAST YEAR, BECAUSE WE DID NOT OWE ANY."

Now, that's very different from what Anne told us (see comment below, in which Anne says GE paid US federal taxes and owes them). And it supports the New York Times's position that GE's tax bill was "none." And it suggests that GE is still trying to find a way, any way, to talk its way out of this, even if that means giving out false information. (And it also undermines GE's legitimate gripe that "American tax bill"--the NYT's phrasing--should include things like local, state, and payroll taxes).
We have asked Anne and GE, once again, to explain themselves. They're working on getting us a response...

http://www.theatlantic.com/business/archive/2011/03/did-ge-really-pay-no-us-taxes-in-2010/73178/

You'll have to do better than a blogger for saying 'the story was debunked'

[bhikkhu]

27. Well, rather than resort to another blogger, looking at their 2010 year-end report:

which is here: http://www.ge.com/pdf/investors/events/01212011/ge_webcast_pressrelease_01212011.pdf

...if you sift down to page 6, they list the net earnings from operations before taxes for GE, as $15.166 billion. Then they list the "Benefit (provision) for income taxes" - (which, as the earlier article mentioned, is pretty screwy way to word it) as $2.024 billion, then they list the adjusted earnings from operations as $13.142 billion.

Which looks very much like they have paid about 13% in taxes on their operating profit.

ed. sp

[FailureToCommunicate]

30. Citing a press release FROM G.E. themselves doesn't

really really inspire confidence in its, ah, truthfulness.

Again, this is a quote from the official spokesperson for G.E. Anne Eisele:

"GE did not pay U.S. federal taxes last year, because we did not owe any."

more interesting tid bits here: http://www.businessinsider.com/ge-taxes-2010


Now I actually did not say - and would find it hard to believe- that GE paid no U.S. taxes (actual corp income taxes, not just state and local taxes) but the way they hide profits and shuffle profits overseas to avoid and/or lower their tax exposure is worth a bright shining light. They have the legal right I suppose to hide every cent to be able to pay top executives and shareholders the most profit, but that don't make it right. And the curtain is getting pulled back a little more and more. This is not the "We bring good things to life" GE any longer. This is the case with many of the largest, formerly US, corporations not just GE. But that is what the OP was about.

[bhikkhu]

31. I linked to the shareholder statement, which is verified by the SEC

...as opposed to another blogger, recounting a twitter-battle with GE public relations department. Which doesn't include any accountants capable of reading a financial statement, if you followed how the whole mess got going in the first place.

[Brickbat]

6. The place where Mr. Brickbat works has done a big veterans hiring push.

It's resulted in a large contingent of workers who follow orders very well and don't rock the boat. It's interesting. ETA: I have to say I now view drives to hire veterans with a jaundiced eye.

[qb]

7. Ironic that many of these veterans were sent to a war started by an illegitimate president

whose "appointment" in 2000 was facilitated by GE's manipulation of the reporting of the Florida results.

[bahrbearian]

8. The War profiteers are hiring Vets, amazing. Showing compassion? or Guilt?

[SomeGuyInEagan]

16. Doubtfully either. Corporations exist only to profit.

Sentimentality and good intentions will get CEOs and boards sued by shareholders. All that matters is profit, and increasingly corporations are focused on short term profits, which only compounds problems (for consumers, for workers, for the planet).

It is a sad little economic system, but it is America.

[peace frog]

15. Hey GE, speaking of providing jobs

how's about bringing back to the US from overseas most of those former US jobs, hmmmmm? Whaddaya say?
Do that, and I'll join the high-fiving going on. Otherwise your news is a yawner.

[Iliyah]

19. Hey I called

411 to get a phone number in Sacramento (I live in Los Angeles) and guess what, the operator was from India and I could barely understand him AND he got mad at me because I kept asking him what he was trying to say - LOL

Shit, they need to bring a lot of the jobs back to the US, period!

[Javaman]

20. While I find this admirable, wouldn't fall under...

discriminitory hiring practices?

[Angleae]

26. Most likely not

It is illegal in Mississippi to discriminate based on

Race
Color
National origin
Religion
Sex (including pregnancy, childbirth, and related medical conditions)
Disability
Age (40 and older)
Citizenship status
Genetic information
Off-duty tobacco use
Military status*

*This is usually either to prevent discrimination against reserve/national guard or to prevent discrimination against non-honerable discharges

[Javaman]

28. Ah okay. Thanks. :) nt