Immelt, for his part, remains in favor of higher energy prices to stimulate investment in clean technologies. At a meeting last September, where he called America’s energy policy “stupid,” Immelt added that the U.S. “needs to establish a ‘long-term price signal’ on carbon emissions, in order for companies to provide ‘appropriate funding for innovation’ regardless of fuel, as well as revive nuclear energy. Such moves would create jobs rather than shift them overseas.”
Immelt reiterated his call for higher prices for fossil fuels this year at a meeting at the Brookings Institution, where he emphasized the importance of a government policy that would raise energy prices to spur renewable energy.
Obama made more than a safe choice in picking Immelt. Not only is Immelt as reliant on a renewable energy future as Obama himself, but GE has become addicted to generating revenue from the president’s big-government agenda.
Looting public funds for an income rush appears to be one of Immelt’s primary business strategies. He hit the jackpot with Obama’s $787 billion dollar stimulus plan. According to Recovery.gov, GE got over $49 million in grants and contracts from a number of government departments.
In addition to getting direct support, the company will likely benefit from the hundreds of millions of dollars that were given to GE’s utility customers — Duke Energy, NextEra Energy, and Exelon.
Unfortunately, Obama and Immelt have apparently overlooked the consequences of betting our economic future on a green economy and pushing policies that will raise energy prices.
Currently, about 85 percent of our energy needs comes from fossil fuels. Making power more expensive will only drive jobs overseas.
It’s highly unlikely that job creation and innovation will come from Immelt, who has gone all in with President Obama’s big-government agenda. Most likely, the new economic panel will only serve as a propaganda arm for Obama’s “green economy.”
To stimulate our economy and job growth, our country needs economic leaders who embrace the entrepreneurial spirit — not a CEO who needs a government policy to bail out his bad bet on renewable energy.
Don’t believe the hype. Jeffrey Immelt will not bring the job change we can believe in.