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13 Bumps

When he said hope and change, was he talking about other countries?

Seven publicly traded U.S. corporations represented on President Barack Obama's advisory council for jobs and competitiveness -- including General Electric Co. (GE) and Intel Corp. (INTC) -- have devoted a growing pool of their non-U.S. earnings to investments in other countries.

As a group, multinational companies with current or former chief executive officers on Obama's jobs council have, over the past four years, almost doubled the cumulative amounts they've reinvested overseas, according to data compiled by Bloomberg.

By doing so, companies may be able to take advantage of faster-growing markets or lower production costs, and they can defer U.S. income taxes on profits from overseas sales. Underscoring the difference between corporate interests and the national interest, they're also investing money elsewhere that could be helping the U.S. economy, said former U.S. Labor Secretary Robert Reich.

"That's a signal that they are betting less on America," Reich said. "We've got to understand there's a fundamental difference between the competitiveness of these companies and the competitiveness of America and American workers."

Answer Question

Asked by Carpy at 5:38 PM on May. 23, 2011 in Politics & Current Events

Level 39 (114,053 Credits)
Answers (13)
  • He was just hoping I wouldn't notice his change sucks.

    Answer by pookiekins34 at 5:40 PM on May. 23, 2011

  • LOL he was just hoping no one would figure out his change sucks the life out of all of us.

    Answer by gemgem at 5:44 PM on May. 23, 2011

  • bump


    Answer by wendydays at 5:50 PM on May. 23, 2011

  • he bailed out over seas banks!??

    Answer by gammie at 6:03 PM on May. 23, 2011

  • He was hoping that no one would ask just what KIND of "fundamental change" he had in mind for America!! Change isn't necessarily a good thing!! But his supporters never asked for a definition.

    Answer by LoriKeet at 6:09 PM on May. 23, 2011

  • Of course, this was always an important part of their agenda...

    Answer by agentwanda at 6:09 PM on May. 23, 2011

  • I think from Obama's perspective everything is going as planned.

    Answer by yourspecialkid at 6:17 PM on May. 23, 2011

  • Yes, now you've got it - everyone else but the U.S.!

    Answer by tasches at 6:25 PM on May. 23, 2011

  • It's all a part of that "share the wealth" mentality.

    Comment by Carpy (original poster) at 6:32 PM on May. 23, 2011

  • It's all a part of that "share the wealth" mentality

    And the people that voted for him thought THEY were getting the shared wealth, not other countries LOL

    Answer by DSamuels at 7:47 PM on May. 23, 2011

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