A Quote by Jeffrey R. Immelt
Many bought into the idea that America could go from a technology-based, export-oriented powerhouse to a services-led, consumption-based economy - and somehow still expect to prosper. That idea was flat wrong. Our economy tilted instead toward the quicker profits of financial services.
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Our current expectations for what our students should learn in school were set ?fty years ago to meet the needs of an economy based on manufacturing and agriculture. We now have an economy based on knowledge and technology.
An economy oriented toward production for market exchange provides the optimal conditions for long-lasting and ever-expanding productive capacity based on modern technology.
Coming to the growth potential in financial services, there is enough data to show that, usually, financial services grow about twice or two and a half times of what the economy, the GDP growth rates.
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This kind of inequality - a level that we haven’t seen since the Great Depression - hurts us all. When middle-class families can no longer afford to buy the goods and services that businesses are selling...it drags down the entire economy from top to bottom. America was built on the idea of broad-based prosperity... That’s why a CEO like Henry Ford made it his mission to pay his workers enough so that they could buy the cars he made. It’s also why a recent study showed that countries with less inequality tend to have stronger and steadier economic growth over the long run.
America cannot become just a service and financial services economy, and to prevent that, there is no substitute for having people with successful, real-world manufacturing experience in Congress.
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Having a soft major is nowhere near the career death sentence that so many make it out to be. The world is changing, and the U.S. economy with it. Our economy is shifting to a service- and information-based economy, and soft majors are already becoming more and more valuable.
Our large size, capital base, robust funding profile, extensive distribution network, diversified portfolio, presence across the financial services sector, and leadership in technology position us very well to leverage the growth opportunities across the economy.
You know, the elites always want to shame the poor - right? - and everyone else. I mean, the fact is, this economy is based on 70 percent of the people driving consumer demand. If people do not purchase goods and services, this economy will grind to recession. And that is why, if you are going to do a tax cut, it ought to really be aimed at low-income and middle-income people.
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Broadband, wireless, and technology services have become a vibrant sector of our national economy with the potential to both empower and invest in our communities.
There's a great debate going on, you know, on whether we're moving toward a system of giant oligopolies or a system of multiples of small businesses. Which is it? I think it's both. In every sector of the economy, we have giant brands that are trustworthy guides to what's good, and then a vast number of small groups, many of them project-based, sometimes folding and re-creating, that are offering products and services through those giant global brands.
So, what people are actually left with to spend is maybe 25 to 30% of their income on goods and services, after paying taxes and after paying the FIRE sector (Finance, Insurance, Real Estate). Whether it's housing insurance or mortgage insurance. So there's an idea of distracting people. Don't think of your condition. Think of how the overall economy is doing. But don't think of the economy as an overall unit. Think of the stock market as the economy. Think of the rich people as the economy. Look at the yachts that are made. Somebody's living a lot better. Couldn't it be you?
Rural America's not coming back. That idea was lost with the Industrial Revolution. And yet with more than 80 percent of Americans living in metropolitan areas, there are still demagogues who want to run down the idea of multiculturalism, of urbanity, being the only future we have. We either live or die based on how we live in cities, and our society is either going to be great or not based on how we perform as creatures of the city.
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