By Jeff Simpson
We recently brought you the story of how, because the Republicans in Congress(Thanks Paul Ryan and Jimmy "fit and trim" Sensenbrenner) refuse to allow a vote on reauthorizing the export-import bank, GE is closing up shop in the Republican stronghold of Waukesha and heading to Canada where they can get the help they need.
"We believe in American manufacturing, but our customers in many cases require Export Credit Agencies financing for us to bid on projects. Without it, we cannot compete, and our customers may be forced to select other providers," GE Vice Chairman John Rice said in a statement.
Paul Ryan(R-Wall St.), never one to own up and take responsibility ever, had this to say.
U.S. Rep. Paul Ryan (R-Wis.) said Monday he doesn't think the shuttering of the Export-Import Bank was the only reason General Electric Co. says it will stop manufacturing engines in Waukesha and move that work to Canada.While calling GE Vice Chair Rice a liar, Ryan also shows his complete ignorance in economics and current events. Thanks to tax policies championed and enacted by Mr. Ryan, GE actually pays NO CORPORATE taxes!
Instead he pointed to American business tax rates and government regulations that induce U.S. firms to move their operations to other countries.
"I think it's horrible that these workers are being laid off at GE and I can't help but think that there have to be other reasons. Canada has a 15% tax rate and we have a 35% tax rate to name one reason," the Janesville Republican said Monday afternoon following a town-hall meeting with constituents at Snap-on Tool.About 350 jobs will be lost at the Waukesha plant, where GE Power & Water, a division of Fairfield, Conn.-based GE, builds engines used in the petroleum industry.
The company says it will move the production to a new $265 million engine factory to be built in Canada during the next 20 months.
In its announcement, the company blamed Congress for its failure to reauthorize the U.S. Export-Import Bank, an institution that finances sales of U.S. industrial equipment to overseas customers.
Apparently, Paul Ryan is such an ideas guy, he is going to find a way to lower a 0% tax rate. I look forward to seeing how he accomplishes that.
However now that he has offended one of the top exec's of GE and shown his true ignorance, maybe ts best if we let the adults in charge negotiating with GE and trying to keep them in WI.