I avoid the word “socialism” to describe President Obama’s economic policy – not because it’s inaccurate, but because it’s imprecise. “Corporatism,” “National Greatness Liberalism,” and “economic nationalism” work better. And no company embodies Obama-era corporatism, in my opinion, more than General Electric. Yesterday, Obama’s hand-picked CEO advisors gathered in Washington, where they defended export subsidies, and said things like “Business and government working together helps create competitiveness.” What struck me was how willing some of these CEOs are to admit that business-government cooperation means subsidies for the biggest companies.
“Love us or hate us,” General Electric CEO Jeff Immelt told Americans yesterday, “I’m your guy.” He’s said this sort of thing before. He said on 60 Minutes late last year, “I want you to root for me…. Everybody in Germany roots for Siemens. Everybody in Japan roots for Toshiba. Everybody in China roots for China South Rail. I want you to say: win, GE.”
You have to admire Immelt’s forthrightness, but Obama is rarely so direct. The President speaks of the U.S. competing against China or Germany, instead of directly admitting that he wants to subsidize GE and Boeing against Chinese companies or Airbus. It’s all Winning the Future talk from Obama: “We need to outinnovate, outeducate and outbuild the rest of the world.” This jingoistic talk reflects an interesting rhetorical shift in liberals’ justification of big government.
Baby polar bears used to be the icon of choice for those seeking green-energy subsidies, but now it’s men in hardhats – green jobs. And curbing the excesses of Big Business used to be the Democrats’ main argument for bigger government, but now it’s beating China.
