Bernie Sanders says GE is ‘destroying the moral fabric’ of America

Bernie Sanders takes on GE and JPMorgan Chase

Bernie Sanders has gone on blast against industrial giant General Electric, claiming that the company is “destroying the moral fabric” of America.

“That is greed and that’s selfishness. That is lack of respect for the people of this country,” the Democratic presidential candidate told the New York Daily News editorial board late last week, according to a transcript posted on Monday.

Sanders called out GE for shipping jobs to Mexico, shutting down American factories and working hard to minimize its tax bill.

Sanders was asked for specific examples of the kind of corporate greed he was fighting to stop.

“General Electric was created in this country by American workers and American consumers,” Sanders said. “What we have seen over the many years is shutting down of many major plants in this country, sending jobs to low-wage countries.”

A fact check of Sanders’ statement does indeed show a shrinking US worker base at GE. In 1995 nearly 68% of the company’s 222,000 employees were located in the United States. By 2005 that number shrunk to 51% and by the end of 2015 only 38% of its employees were based in America.

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While it’s workforce has increased to 333,000, the company employees less US workers now than it did in 2005.

Sanders said that US companies need to care about more than just profits.

“If the only thing that matters to you is making an extra buck, you don’t care about my family. I think that’s immoral,” Sanders said. “And I think what corporate America has shown us in the last number of years, what Wall Street has shown us, the only thing that matters is their profits and their money. And the hell with the rest of the people of this country.”

Sanders said JPMorgan Chase “and virtually every other major bank in this country” are also destroying the national fabric.

“There are still millions of people in this country who are suffering the results of the greed, recklessness and illegal behavior on Wall Street,” said Sanders.

Sanders also said “to a significant degree” Wall Street’s business model is based around “fraud.”

Written by Lisa Huyhn

Lisa Huyhn

Lisa Huyhn is the Politics and Military & Defense Editor at BusinessPundit. She is a fiercely independent voter who believes in full transparency in politics & general government activities. You can reach her at Refinance Student Loans.