Good for Obama’s Jobs Council, Good for America?

There was a time when what was good for US companies was good for America. But, the US government and US-based multinational firms may no longer share the same formula for the good life. President Obama appointed a 26-member jobs council, including corporate leaders from General Electric, Intel and Citibank, to advise on creating US jobs and growing the economy. Jobs often follow revenue and profits, and the biggest firms on the council rely on foreign sales for the majority of their growth, reports Jia Lynn Yang for the Washington Post. US multinational firms reduced their US workforce by 2.9 million between 1999 and 2009, according to US Commerce Department data, and since added 2.4 million workers overseas. Intel could be an exception: About three quarters of its business comes from overseas, and three quarters of its employees are based in the US. The council set a goal to create 1 million jobs in two years, but so far it has recycled old ideas, including reduced regulations and more vocational training. – YaleGlobal