GE's Jeff Immelt: Prepare For 25 Years Of Slow Or No Growth in the U.S.Submitted by Velveeta Underground on Thu, 01/20/2011 - 12:13
According to a Reuters story quoting the head of GE, Jeff Immelt, the US will not be where GE makes their money over the next quarter-century, it will of course be China as they establish a middle-class throughout their country. Meanwhile, our dollar tanks, our elderly strap our nation's resources and our population shrinks. Nice way to start the morning...
From the Reuters article:
Immelt said the United States and the enormous buying power of U.S. consumers will not be enough to drive earnings growth for big U.S. businesses in the decades ahead. "The American consumer will always be important. But for the next 25 years, it's probably not going to be the engine of global growth," Immelt said. "It's going to be the billion people joining the middle class in Asia, it's going to be what the resource-rich countries do with their newfound wealth."