Since 2000, almost every big American multinational corporation has created more jobs outside the United States than inside.
He was referring to American corporations now busily acquiring foreign companies in order to become non-American, thereby reducing their U.S. tax bill.
But the president might as well have been talking about all large American multinationals.
In fact, since 2000, almost every big American multinational corporation has created more jobs outside the United States than inside. If you add in their foreign sub-contractors, the foreign total is even higher.
At the same time, though, many foreign-based companies have been creating jobs in the United States. They now employ around 6 million Americans, and account for almost 20 percent of U.S. exports. Even a household brand like Anheuser-Busch, the nation’s best-selling beer maker, employing thousands of Americans, is foreign (part of Belgian-based beer giant InBev).
Meanwhile, foreign investors are buying an increasing number of shares in American corporations, and American investors are buying up foreign stocks.
Who’s us? Who’s them?