Despite President Obama’s Stimulus Bill Caterpillar hired Workers in China instead of U.S.

Posted by PITHOCRATES - August 12th, 2012

Week in Review

Remember the Obama stimulus plan?  To pay for all those shovel-ready jobs?  And pull the economy from recession to robust economic growth?  That was going to save or create 3.5 million jobs?  President Obama even said that the Caterpillar CEO said he would start rehiring some of the 20,000 employees laid off recently if Congress passed the president’s stimulus bill.  Well, the Congress passed the president’s stimulus bill.  And it appeared Caterpillar did go on a hiring spree.  In China (see Caterpillar exporting China-made goods by Ernest Scheyder posted 8/8/2012 on Reuters).

Caterpillar Inc (CAT.N) has begun exporting Chinese-made machinery to the Middle East and Africa, part of a plan to offset a dip in China’s economic growth, a top official at the company said in an interview…

China’s economy has been pressured this year by a drop in its domestic property market and high inflation, with the economic growth rate slowing to 7.6 percent in the second quarter, the slowest pace in more than three years.

That is reflected in waning demand for the machinery Caterpillar makes at its 18 Chinese plants, and caused a glut of inventory.

How about that?  Caterpillar is building equipment in China to export to the Middle East and Africa.  Pity they didn’t build that equipment in the U.S. for export to the Middle East and Africa.  That would have added to the president’s ‘win’ column in creating jobs.  And he needs it.  For all the talk about the jobs he ‘saved’ or created his overall record since being president isn’t good.  According to The Washington Post there are fewer people working today than when he took office.  Making him a net destroyer of jobs.  Not a net creator of jobs.  Further proof that the president’s economic policies are a failure.

Guess the president’s state capitalism isn’t as good as the Chinese’s.

www.PITHOCRATES.com

Share

Tags: , , , , , , , , , , ,