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Commentary: GE is Corporate Welfare’s Poster Child

Will this presidential election be the most important in American history?

I have a new commentary up at Conservative Review this week that discusses General Electric’s plan to move about 500 jobs to Europe now that Congress won’t extend the Export-Import Bank.

Here’s a quick preview:

By delivering on his threat to move jobs overseas if Congress declines to extend the Export-Import Bank, General Electric CEO Jeff Immelt just made his company a huge political target of the anti-establishment movement that’s powering Donald Trump’s campaign.

While Trump is outraged over the decision to move an Oreo cookie plant to Mexico, just wait until he sinks his teeth into Immelt.

According to news reports, GE is planning on moving about 500 jobs to Europe where the company is taking advantage of a line of credit given to it by Compagnie Française d’Assurance pour le Commerce Extérieur – France’s export credit agency.

Congress recently decided to end support for the Export-Import Bank which boosts sales of U.S. companies by providing government-backed loans, loan guarantees and other credit mechanisms to foreign-based customers.

The outrage from multinational corporations with Congress ending the Export-Import Bank was not a secret. In the months leading to the end of the bank’s authorization which expired on June 30, companies such as Boeing and GE – two of the biggest beneficiaries of the government bank subsidy – threatened to export jobs if Congress dropped support for the bank.

Read the rest at Conservative Review here. 

Tom Borelli

Dr. Tom Borelli is a Newsmax TV contributor and radio commentator addressing political issues from a conservative grassroots perspective. As a columnist, he has written for The Washington Times and authored articles for Newsmax Magazine, Newsmax Insider and previously was a co-host with his wife Deneen Borelli on the SiriusXM Patriot channel. Dr. Borelli appeared on numerous television programs, including the highly ranked Fox News Channel’s “The O’Reilly Factor,” “Hannity,” “The Kelly File," and "America’s News Headquarters." He has also appeared on Fox Business Network’s “Making Money with Charles Payne” and “After the Bell” as well as TheBlaze TV’s "The Glenn Beck Program" and "Dana!" Prior to working for public policy organizations, Dr. Borelli was a managing partner with the investment advisory firm of Action Fund Management, LLC and a portfolio manager for the Free Enterprise Action Fund (FEAF) where he used shareholder activism to challenge corporations that sought to profit from the growth of government. During his 25 years with the Altria Group, Inc., he built a foundation in public policy and issues management, drawing from diverse experiences ranging from basic research to corporate affairs. Dr. Borelli served as science fellow for the U.S. House of Representatives' Committee on Science, Space, and Technology during the 100th Congress. Dr. Borelli has also published scientific papers on interferon and human leukemia.

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