...Undaunted by his spectacular porkulus bust and unemployment numbers still hovering near double-digits, Obama peddled this latest shovel-unready scheme last week:
“We’ve got the potential to create an infrastructure bank that could put construction workers to work right now,” he asserted at a press conference, “rebuilding our roads and our bridges and our vital infrastructure all across the country. So those are still areas where I think we can make enormous progress.”
Only a cynic would point out that $230Bn was Porkulated and $73Bn/year is spent on this stuff anyway--just by the Feds.
Anyhow, it's $640Bn in spending. Bonded, of course--and likely 'off-books' Gummint bonding.
Well, Immelt, the Man for ChinaJobs, steps up and pulls out his pom-poms. That should be a hint....Last week at a Chamber of Commerce jobs summit shindig, Obama supporter and head of General Electric Co. Jeffrey Immelt pushed a “repatriation tax holiday” to help pay for the infrastructure bank. The idea would be to pressure companies to redistribute foreign profits back to the U.S. by giving them a special tax break....
Nope. GE doesn't need tax breaks. They already pay zero. So what's in it for them?
Water-infrastructure rebuilding. GE has lotsa water-related entities (some here in Milwaukee.)