Obama’s Outsourcing Far Worse Than Romney’s
Who’s the worst outsourcer in today’s presidential race? It isn’t Mitt Romney – it’s Barack Obama.
Obama’s second largest fundraiser is John Rogers, the CEO of investment giant Ariel Capital Management. He has raised more than $1.5 million for Obama’s reelection campaign. Bully for him, except for one thing: Ariel Capital Management owns a $48.6 million stake in Accenture, which just happens to be, according to the International Association of Outsourcing Professionals, the nation’s “best” outsourcer.
And that’s not all for Rogers; he stated that he wants to intensify the trend that started with moving call centers and factories overseas to outsourcing “day-to-day activities” including pest control, landscaping, and secretarial functions. And Rogers isn’t ashamed one bit:
“We’re making a very big bet right now on outsourcing. People have generally soured on the idea, and many companies are trading at discounts to their private-market values. But we don’t think that view accurately reflects the powerful secular growth we’re going to see as companies and individuals outsource more of their day-to-day activities.”
Of course, Rogers isn’t just anyone; he and Obama were buddies in Chicago, and Rogers’ ex-wife Desiree left a $350,000 per year job at Allstate Insurance Company to serve as White House party planner.
If Obama’s second largest fundraiser is outsourcing jobs by the bushel, you just know his biggest fundraiser has got to be cravenly doing the same thing, right?
Right. Obama’s largest fundraiser, DreamWorks CEO Jeffrey Katzenberg, who raised $2 million for the campaign and co-hosted a $10 million Hollywood fundraiser in May, has been trying to outsource jobs to China by expanding his company’s work there. Why, Jeffrey has even been investigated by the SEC for doing it.
GE CEO Jeffrey Immelt was appointed by his good friend Barack to lead the White House Jobs Council. During Immelt’s reign at GE, GE rid itself of more than 34,000 American workers, while adding 25,000 foreign workers to its payroll. Additionally, in July 2011, GE fired 150 workers at its X-ray division in Wisconsin and moved the operation to China, hiring 65 new workers there.
While Obama’s campaign released an ad boasting of green jobs it has created through energy loans it has given, they failed to mention a salient point: among the loans were three taxpayer-guaranteed loans to Spanish clean energy conglomerate Abengoa worth $2.78 billion to create 195 permanent jobs—more than $14 million per job—as well as a $529 million loan guarantee to Fisker Automotive, which manufactures $100,000 electric cars in Finland and is now virtually bankrupt.
Now let’s talk auto industry. Obama’s Department of Energy gave nearly $6 billion in taxpayer-guaranteed loans to the Ford Motor Company, which is expanding its business outside the U.S. Obama gave General Motors $50 billion and GM started building cars in China and Mexico to save on labor; later, Obama gave GM $45 billion in tax breaks so GM did not have to pay a dime in income taxes after making a $7.6 billion profit.
Now we get the picture. Obama criticizes Romney for outsourcing while being the king of outsourcers himself.