GE CEO Jeff Immelt: Businesses Spending Money To Preserve The Status Quo Is ‘Just Lunacy’
GE CEO Jeff Immelt: Businesses Spending Money To Preserve The Status Quo Is ‘Just Lunacy’
Earlier this month, the Chamber of Commerce announced the $100 million Campaign for Free Enterprise, which Chamber President Tom Donohue called the “most important project the Chamber has embraced in its nearly 100-year history.” With the campaign, the Chamber is attempting to influence and obstruct a slew of upcoming legislation, including cap-and-trade, health care reform, and financial regulatory reform. On Wednesday, in fact, the Chamber condemned the House Democrats’ health care bill, calling it “broken beyond repair” and advocating that Congress “take this legislation back to the drawing board.”
Previously, no one had rebuked the Chamber’s approach. But last night, Jeffrey Immelt, Chairman and CEO of General Electric, appeared on Charlie Rose and said that businesses spending money to obstruct legislation like this is “just lunacy“:
From a business standpoint, the notion that businesses are going to put a bunch of money in ads to protect the status quo is just lunacy. It’s just not what we should be doing right now. Like I said, when I think about health care in a GE context, we’re going to win some, we’re going to lose some on health care. But I think it would be totally inappropriate for GE to be saying we don’t need health care reform right now. We do.
Watch it:
It’s in the interest of big business to get health care costs down, a notion that Immelt seems to grasp. As Igor Volsky pointed out, our health care system — by leaving so many uninsured and not embracing new technologies or comparative effectiveness research — “inflates health care costs and expects businesses to pick-up the tab.” General Motors CEO Rick Wagoner has admitted that a national health care program could have helped the auto industry avert financial disaster.
So are there any other corporation’s out there that also think the Chamber’s campaign is lunacy? Or do the likes of Nike, UPS, and Duke Energy all believe that the Chamber is really doing what’s best for business?
Cross-posted on The Wonk Room.
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Wow, nice quick deletion of the troll, TP – thanks! :D
June 26th, 2009 at 5:35 pmThat’s something I never could figure out. Why isn’t big business in this country firmly behind a single payer health care system. If they want to remain competitive in the world today, having a single payer health care system is the one thing that will help American business the most. How can a company in this country compete with one in Canada when here they have to pay for employee health care and in Canada they don’t.
Recently Toyota looked into opening a plant in the USA. They ended up in opening the plant in Canada instead, and their one reason for doing so was the fact that Canada had a single payer health care plan for all their citizens. Opening the plant in the USA and paying for the health care for it’s workers would have been much less profitable for Toyota than opening the plant in Canada.
June 26th, 2009 at 5:35 pmThe wingers are going all, getting their readers to call and email reps on cap and trade. here’s a link about the tactic that includes the contact info they’re posting for their readers to use:
http://blahgblog.wordpress.com/2009/06/26/direct-action-by-the-left-and-right-online/
June 26th, 2009 at 5:35 pmMy first question about Immelt would be similar to why Phillip-Morris would support the tobacco regulation legislation; and the answer would almost assuredly be similar: GE would gain, but not in a good-for-the-public-gain kinda way..
There are devils in those details…
June 26th, 2009 at 5:44 pmBilbo Hussein Baggins Says:
That’s something I never could figure out. Why isn’t big business in this country firmly behind a single payer health care system.
I think it’s because they know that while millions of people may come to the United States to find work, Americans are not fleeing the country by the millions to live and work elsewhere. So they don’t need to offer any incentives to keep us here, as opposed to going to Canada or Mexico. That’s just IMHO.
June 26th, 2009 at 5:50 pmI appreciate the sentiment, Immelt, and it can do nothing but help in the long run…but…
Where have you been for the last eight years?
Health care reform is a freight train, and it looks like it’s gathering supporters as it rolls along. I only hope what we end up with will be worth fighting for now.
But no matter how good or mediocre it ends up being, Republicans will add it to their never-ending list of things to b*tch about.
June 26th, 2009 at 5:50 pmWow. Those idiots have $100 MILLION to spend? On an ad campaign?
It’s long past time to bring back the 90% tax rate, folks. Long past time. This reminds me of the old adage that snorting cocaine is a sign from God that you have too much money. So is this.
June 26th, 2009 at 5:53 pm“That’s something I never could figure out. Why isn’t big business in this country firmly behind a single payer health care system.”
Knee-jerk? Old habit? Afraid of angering their Republican masters? I dunno. Stupidity? Sheer stupidity?
Yep. Nailed it. A quick review of the business practices of some of the largest corporations confirms that very distinct possibility.
June 26th, 2009 at 5:54 pmThe Chamber of Commerce is beholden to Rupert Murdoch and the rest of the corporate overlords. They have no interest whatsoever in the well-being of the American citizenry.
June 26th, 2009 at 6:03 pmThis post is odd, given Obama, Orzag, Emanuel, and Summers Chamber of Commerce lingo on the need for health care reform.
“Not embracing new technologies”? The technological imperative, from which GE does quite well, is one of the causes of rapidly rising health care costs.
The Chamber wants to spin reform in the direction of for-profit health care companies. Congress seems more than ready to assist.
June 26th, 2009 at 6:04 pmApparently just like bush, Obama is releasing the ugly crap late on Fridays. What the GDHell is this sh¡t???
Here’s a shining example:
FUBAR.
June 26th, 2009 at 6:04 pmLook, if you’re not a health insurance company, then health care reform (including single-payer or at least the public option) will help you by taking much of that overhead off of your books. Period. It’s just good for business.
June 26th, 2009 at 6:05 pmOMG, my fingers are shaking as I type this, but watchdog is right in this case! GE is a major player in the healthcare IT arena, has a huge division with a vested interest in becoming the select IT vendor nationwide. Lots of the stim dollars that were earmarked for healthcare IT upgrades flowed directly to GE.
Okay, time to check my pulse… that was hard!
PEACE
June 26th, 2009 at 6:08 pmThis crappy organization. This United States Chamber of Commerce that encouraged and helped with the worst of the trade agreements. This business sponsored group that would help to preserve the business status quo they are now calling lunacy.
What they are against now they have always promoted often at the expense of the employees but mostly at the expense of this country. They are fee paid in one way or another. As far as I am concerned they can rot as an anti-American group. No different from the scum sucking businesses that have taken their company’s overseas. They are a nightmare for the American trying to earn a living.
They are a Chamber of Horrors. They represent the most greedy and selfish of corporations. Thank them for their part in those lousy trade agreements. I would not listen to these people if they gave me the time of day.
The words United States Chamber of Commerce, are a misnomer like the Federal Reserve. What they are is the swinging door for our overseas traders to be in bed with. And at our expense. Always at our expense.
June 26th, 2009 at 6:12 pmCongratulations Watchdog. On a day when this site has been bombarded with more trolls than a stone bridge, you just posted without question the most moronic comment in the past 24 hours. GE, like most multinationals with a significant US workforce supports healthcare reform because US exporters are at a competitive disadvantage with European and Japanese companies whose employees enjoy national plans. Ever wonder why a country the size of Germany is among the world’s largest exporters while paying its employees generous wages? It helps that its employers don’t incur the overhead of employee health insurance. And while your comments betray you as a Bill-O drool monkey, consider that GE also makes aircraft engines which go into military jets (the kind that Republicans love to buy by the gross), that GE’s television networks benefit from Republican deregulation of the communications industry and that GE Capital enjoyed the benefits of Chimpy’s deregulation of the financial markets right up to the point at which they imploded. GE, like any large conglomerate, is designed to make money no matter who is in charge. Not all of the US Chamber’s members are in the same boat. Lots of them (insurance and pharma companies for example) only benefit if the current, inefficient system stays in place. Now be a good troll and go back to Red State.
June 26th, 2009 at 6:15 pmThe Chamber of Commerce wants the United States to look like a third world society. If we don’t get health care relief for the middle class, you can kiss the middle class good buy.
June 26th, 2009 at 6:19 pmPoint out where my facts are wrong Watchpuppy. Tell me how paying enormous insurance premiums doesn’t hurt the competitive profile of US exporters. I’ll check back later to see how you’ve done.
June 26th, 2009 at 6:28 pmWhen employees no longer have to rely on employers for the health insurance that their lives and the lives of their children may depend on, then the employees will gain a hell of a lot of bargaining power, and a lot of employers may suddenly discover that they can kiss a lot of asses.
June 26th, 2009 at 6:30 pmi wondered how long it would take before calling up the NBC/MSNBC boogeyman…
all things considered, it’s rather generous of GE to offer 3 hours of cable evenings to fact-based, reality-being-liberal-biased reporting…
thanks for that too, mr. immelt.
and GE is not the only mfgr. of light bulbs nor medical equipment…
and, really, halliburton??? is immelt the v.p.???
jeez… no wonder it’s so hard to people to do “the right thing”…
bam bam bam… damned if ya do, damned if ya don’t…
just sayin’…
June 26th, 2009 at 6:47 pmConsider the following. Companies like GE and GM are heavily involved in their employees’ health care costs. The Chamber of Commerce may represent those companies that do not provide or provide very limited health care programs for their employees. The battle in congress may end up a battle of corporate interests; who would profit the most from a particular approach?
June 26th, 2009 at 6:58 pmA recovery from the present set of circumstances may depend on this reform. This should have been done in the Clinton years.
Wayne A. Schneider said:
I never considered that point before, but I think you’re onto something there Wayne…
June 26th, 2009 at 7:29 pmBilbo Hussein Baggins Says:
That’s something I never could figure out. Why isn’t big business in this country firmly behind a single payer health care system.
This particular group, GE, is invested in health care insurance, defense and I believe the media.
June 26th, 2009 at 7:38 pmwatchdog Says:GE also owns MSNBC and NBC.
This has nothing on Cheney’s relationship with Haliburton.
You’re right. GE has nothing on Cheney’s relationship with Haliburton. Cheney’s relationship with Haliburton was one of the catalysts for the invasion of Iraq.
Cheney, the former CEO of the Oil Field company and soon to become one of the largests defense contractors, Haliburton, was the big winner on two fronts for bringing a war for the defense contractor side of Haliburton and for blowing up all the oil producing equipment that the oilfield side of the company would have to rebuild. Cheney had one foot for pushing for war and the other foot planted in making big bucks in the oilfield business.
GE has nothing of the kind.
Cheney is a war profiteer from the war of choice that he help start.
June 26th, 2009 at 7:42 pmAs congress actually votes for their contributors interest hoping through corporate owned media voters will not notice, isn’t GE CEO Jeff Immelt and others like him really running the show?
Grip of the CEO’s will hold until we can manage to get some kind of campaign finance reform.
June 26th, 2009 at 7:50 pmHey, don’t forget that GE also makes nuclear warhead detonating devices! Let’s give credit where credit is due.
June 26th, 2009 at 7:52 pmhad enough Says:
[...]
Grip of the CEO’s will hold until we can manage to get some kind of campaign finance reform.
it’s true.
campaign finance reform… can’t wait for that battle… not.
’cause you KNOW that one’s gonna be a ROYAL battle…
looking forward to it.
June 26th, 2009 at 8:35 pmHere’s my major concern with the idea of a healthcare ‘compromise’ that takes single payer off the table:
A big focus in Healthcare these days is the Electronic Medical Record (EMR). While it’s a spiffy idea that will streamline medical record keeping, reduce treatment errors and make you records accessible no matter where you go for treatment, it creates an incredible database of ALL your prior medical records that the Insurance Companies will be able to use AGAINST you when you get yourself a new policy. You think denials because of pre-existing conditions are bad now? every time you sneeze it will be laid out right there for the insurance companies to see, and many will suffer as a result.
It is CRITICAL that we get single-payer established. Every employer in the U.S. would SAVE MONEY, and it will PREVENT the EMR from being used as a tool against patients by the insurance companies!
(sorry for the rant – I’m a frequent lurker but I just had to open an account and post because I work in healthcare IT and I think this is a grave risk.)
June 26th, 2009 at 10:20 pmwatchdog Says:
“What about the new Toyota’s plant in Tupelo, Mississippi?”
Should read this watchdog. They don’t make cars at that plant. They were supposed to start making cars but have delayed it over and over again. Just administration staff currently there. 100 people. They are going to be relocated to georgetown plant. They prolly just wanted the free land, Haley Barbour seemed all to eager to give it to them. Good ole tax credits for a foreign company. How sad.
http://www.autonews.com/article/20090610/ANA02/906109987/1176
June 27th, 2009 at 1:05 amIf a public plan would destroy the private sector, can anyone explain this to me?
The United States Postal Service is a “public” option of sending items or mail. Yet, companies like UPS, FedEx, DHL, and the many other shipping/trucking companies are still in business and doing fine.
Social Security is a public retirement plan. Yet, I can still goto a private bank and get a private retirement plan.
Foreign countries such as Canada still have private health insurance plans, right beside the public plan.
How is any of this possible under conservative logic?
June 27th, 2009 at 1:10 amDaniels, great examples, and only a few of many. You asked:
“How is any of this possible under conservative logic?”
Either through the use of ignorance, or outright lies. Take your pick. It’s the conservative business model, and it had a rather limited shelf life, as we have seen.
June 27th, 2009 at 2:21 amCheck out ‘watchdog’s’ URL:
youngobamafiringcrackrocks.jpg
A paragon of credibility, this guy is.
June 27th, 2009 at 2:25 amDaddy-O Says:
——————————————————————————–
Daniels, great examples, and only a few of many. You asked:
“How is any of this possible under conservative logic?”
Either through the use of ignorance, or outright lies. Take your pick. It’s the conservative business model, and it had a rather limited shelf life, as we have seen.
Dont count on it. I remember people saying reaganomics and conservatives were dead in the early 90’s……
June 27th, 2009 at 3:21 amGE opening research center in Michigan
Fri Jun 26, 2009 12:06pm EDT
DETROIT (Reuters) – General Electric Co plans to open a research center in the economically ailing U.S. state of Michigan, where it will develop new manufacturing technologies.
The $100 million site will eventually employ more than 1,100 people and will be part of GE’s network of Global Research Centers, the largest U.S. conglomerate said in a statement on Friday. It will be located in Van Buren Township, in Michigan.
Michigan, home to the nation’s auto industry, faces high unemployment as a result of the car makers’ struggles.
GE Chief Executive Jeff Immelt told reporters in a press conference that hiring for the facility would start by the end of this year.
GE “can tap into some of the great labor resources that already exist in the state,” Immelt said, adding that, “We view this as a long term commitment.”
The announcement by GE comes on the same day that General Motors Corp is expected to announce that it will build a small car at an existing plant in Orion, Michigan.
GE, the world’s biggest maker of jet engines and electricity-producing turbines, also has research centers in Niskayuna, New York; Bangalore, Shanghai and Munich.
[...]
http://www.reuters.com/article/domesticNews/idUSTRE55P4JE20090626
again, thank you….
June 27th, 2009 at 11:38 amDaniels, great examples, and only a few of many. You asked:
“How is any of this possible under conservative logic?”
Either through the use of ignorance, or outright lies. Take your pick. It’s the conservative business model, and it had a rather limited shelf life, as we have seen.
June 27th, 2009 at 2:19 pmseslichat
June 30th, 2009 at 7:06 pmseslichat paneli
Thank you..
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