Although the recession is a partial reason, Emerson CEO David Farr blames high taxes and regulation in the United States.
The federal government is “doing everything in [its] manpower [and] capability to destroy U.S. manufacturing,” Farr said at the recent Baird 2009 Industrial Conference in Chicago.
In comments reported by Bloomberg, Farr added that companies will continue adding jobs in China and India because they are “places where people want the products and where the governments welcome you to actually do something. I am not going to hire anybody in the United States. I’m moving. They are doing everything possible to destroy jobs.”
Interesting ... very interesting. We've seen companies pulling up stakes for several years, outsourcing their work out to some third-world country where someone will bust his tail for less than a buck an hour. We've bemoaned all the layoffs that have slashed companies since the economy went into the toilet a year ago, and we've heard a passel of excuses. But what we're hearing from Farr is pretty much the straight stuff.
Want to kill a business? It's easy if you're in power. Regulate them like crazy, and tax them buttless. They'll get the hint and go to friendlier surroundings soon enough, taking their jobs and tax revenue with them.
Emerson's no lightweight in the industrial world. In 2007, the St. Louis-based corporation reported revenues of $22.5 billion, making it the 111th largest company in the United States and easily pacing the home-grown electronics industry. The closest competitor in electronics is Whirlpool, the country's 127th largest company with revenues of $19.4 billion.
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