The chairman of the President Barack Obama's Council on Jobs and Competitiveness, Jeffrey Immelt, the CEO of GE, praised China this morning on CBS:
"China is changing," said CBS host Charlie Rose. "It may be being stabilized as we speak. What does that mean for China and what does it mean for the United States? Should it change expectations?"
"It is good for China," said Immelt. "To a certain extent, Charlie, 11 percent is unsustainable. You end up getting too much stimulus or a misallocation of resources. They are much better off working on a more consumer-based economy, less dependent on exports. The one thing that actually works, state run communism a bit– may not be your cup of tea, but their government works."
Bloomberg's Julianna Goldman reports that G.E.'s CEO, Jeffrey Immelt, is not "rooting for Republican presidential hopeful Mitt Romney in this year’s election." Immelt is head of President Obama's Council on Jobs and Competitiveness, as well as an informal economic adviser to the president.
General Electric, one of the largest corporations in America, filed a whopping 57,000-page federal tax return earlier this year but didn't pay taxes on $14 billion in profits. The return, which was filed electronically, would have been 19 feet high if printed out and stacked.