Immelt's appointment raises fresh questions about Obama's courtship and future policy proposals. Firms like GE say good jobs will come from lower taxes and less regulation. Immelt told analysts Friday that he'll focus on tax policy and regulation, among other topics. "A clear problem in the recovery is that it's been a much stronger recovery for business in terms of their profit and earnings than for those folks who work and earn a living in the U.S.," said Gary Burtless, a former Labor Department economist and now a fellow at the Brookings Institution, a research and policy organization in Washington.
Burtless said Immelt was likely hired to reassure corporate America. Political opponents have cast the Obama administration as unfriendly to business interests, and the administration has had difficulty rebutting that theme. Immelt's hiring was yet another step in that direction.
"It's a significant piece of outreach to the business community," said Douglas Holtz-Eakin, a former director of the Congressional Budget Office and top economic adviser to Sen. John McCain's 2008 presidential campaign. The appointment could mean business has a "genuine liaison" at the White House, Holtz-Eakin said.Oh, good. Because Lord knows that the Obama administration has been terrible for America's plutocrats. If it were any worse, they'd collapse under the huge mounds of cash they have to carry around everywhere.
Edit: The worst part is that this useless hump is replacing Paul Fucking Volcker, who was one of only reasons why one could believe that Barry 'n Co. were getting any decent economic advice whatsoever. So much for that.