(Source: Trade Reform, June 6, 2012)
Dan Akerson, CEO of GM, says that seven out of 10 GM automobiles are built outside the U.S. They have 11 joint ventures with Chinese government controlled auto manufacturers. They are moving R&D to China.
When the federal government bails out an industry or provides tax incentives or subsidies, or when state economic development agencies do the same, there need to be terms that benefit the U.S. in terms of production and job growth. We can’t subsidize offshoring. Producing here and selling to our wealth consumer market need to go together.
Vince Wade has this video documenting GM’s actions.