This time in the tech industry:
Microsoft Corp. Chief Executive Officer Steven Ballmer said the world’s largest software company would move some employees offshore if Congress enacts President Barack Obama’s plans to impose higher taxes on U.S. companies’ foreign profits.
“It makes U.S. jobs more expensive,” Ballmer said in an interview. “We’re better off taking lots of people and moving them out of the U.S. as opposed to keeping them inside the U.S.”
When Obama first unveiled his new tax plan last month, Heritage fellows JD Foster and Curits Dubay wrote:
President Obama and Treasury Secretary Geithner unveiled a tax reform plan yesterday that, if enacted, would seriously damage the international competitiveness of U.S. businesses. The plan would:
* Limit the ability of American businesses to defer U.S. tax on their foreign income and
* Reduce the credit for foreign taxes paid.
Both provisions would substantially raise taxes on U.S. businesses operating globally. Although intended to keep more jobs in the U.S., these proposals would cost Americans jobs and wages.
On a related note, another half million jobs were lost in the month of May:
U.S. private employers chopped more than half a million jobs in May, signaling job conditions remain tough and dashing some hopes the economy was not deteriorating as rapidly as thought, a report on Wednesday showed.
U.S. companies axed 532,000 jobs last month, though this was fewer than the revised 545,000 jobs lost in April, according to the ADP National Employment Report.
The April figure was originally a decline of 491,000.
No matter how hard the media tries to spin things positively — and, as you can plainly see above, they're trying to do exactly that — the reality is that under Obama's leadership this economy has tanked. Here's the visual on job losses:
At an average rate of 648,000 jobs per month, we'll have lost well over 27 million jobs by the time the 2012 term begins. By my un-economist-educated calculator, that's roughly an additional 11% unemployment on top of the 9+% we've already got. And we won't be getting any help, either, what with the quadrupled deficits he's generated, the coming tax increases to cover that debt, the expiring Bush 2001/2003 tax cuts, the energy price increases through his cap-and-trade policy, his tax increases for nationalized health care, and so on.
Yessiree, Barack Obama is doing a bang-up job of 're-making' America. If he gets a full 8 years in office, we'll be about as prosperous as Zimbabwe.
There's my two cents.