Posts Tagged ‘Fortune 500’

Manufacturers Voting With Their Feet As Obama Kills The Economy

November 21, 2009

Emerson Electric, an American company founded in 1890, ranking number 111 on the Fortune 500, and the nation’s largest manufacturer of electronics and electronic equipment, is saying bye-bye to the country that hired Barack Obama.

You have to wonder how many businesses are saying goodbye to Obamination with their feet – or will soon start as his policies begin to take hold.

Emerson Electric Votes With Its Feet, Saying The Goverment Is Destoying American Manufacturing

By Richard McCormack
richard@manufacturingnews.com

One of the country’s most important industrial companies says the United States is not a good place to manufacture and it will continue moving its assets offshore.

The federal government is “doing everything in [its] manpower [and] capability to destroy U.S. manufacturing,” says David Farr, chairman and CEO of Emerson Electric Co., in a presentation at the Baird 2009 Industrial Conference in Chicago Ill., on Nov. 11. In comments reported by Bloomberg, Farr added that companies will continue adding jobs in China and India because they are “places where people want the products and where the governments welcome you to actually do something. I am not going to hire anybody in the United States. I’m moving. They are doing everything possible to destroy jobs.”

In his Powerpoint presentation available on the Emerson Electric Web site, Farr notes that the federal government is damaging prospects for U.S. economic growth with a $1.41 trillion federal deficit (10 percent of GDP); $12 trillion in government debt that will grow to $20 trillion in 10 years; a policy of printing money; a “non-targeted $800-billion stimulus”; bailouts for Wall Street and the automobile companies; the prospect for cap and trade legislation; a “government takeover” of health care to the tune of more than $1 trillion; increasing taxes and regulations; and a “lack of U.S. $ support” for manufacturing. The global stimulus “soon will fade,” says Farr.

If I wanted to destroy a nation economically from within, I would do precisely as Obama is doing.  I would create a climate of confusion and uncertainty by preventing businesses from knowing what the future will hold for them so that they could not plan.  I would constantly threaten them with policies that will necessarily provide them with disincentives to hire new employees or expand their operations.  I would burden them with higher taxes and more onerous regulations.  And I would make essential resources (such as energy) more expensive.

And then I would simply sit back and watch that economy crawl into a hole.

You might like socialism just fine, but many of the companies that actually employ workers and produce the profits that keep government revenues flowing, don’t like it at all.


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