Jun 20, 2017
Though it's often cited as an example of declining manufacturing prowess, General Electric, once the most valuable company on the planet, is doing pretty well. The industrial conglomerate earned $8 billion last year on revenue of $124 billion, and its various business units are busy these days on such tasks as upgrading gas turbines at a major energy plant, creating water-quality monitoring systems, and, just a few weeks ago, signing a $5.5 billion contract to develop two power plants.
GE is building things and it's creating jobs. The problem is, almost none of those jobs are in the U.S. It used to make trains in Erie, PA, a major source of employment in the area, and recently landed a $2.6billion contract to supply trains to India. Unfortunately for those laid off from its transportation plant in Erie, the Indian contract will see GE pour $200 million of investment in India, where they'll be building the trains. The jobs aren't coming back.
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