This piece by Leslie Stahl about Intel is one of the best segments she has done. These selected clips prove that our economic system is a fraud.
Intel is asking for Socialism
This is the second time I have seen this Leslie Stahl piece about Intel on the 60-Minutes program. Stahl interviewed Pat Gelsinger, the CEO of Intel. Leslie asked all the right questions and provided the necessary context. Here are some highlights that became evident from the discourse.
- American Companies like Intel chose not to invest in manufacturing chips in America. Instead, they allowed foreign companies to use technology developed in America to be leveraged by foreign companies. To be clear, Intel and other high-tech companies derived their intellectual prowess from the investment by all American taxpayers in our education system and our research institutions. When companies do what Intel and others do, they are throwing away American investment.
- Intel, like many other private companies, loves government cash, giveaways, and subsidies. Intel invests more in STOCK BUYBACKS than in research and development. In fact, instead of reinvesting their massive profits in their workers and research, they enhance the shareholders. But, they want the government to invest in building factories in the United States. Doing so means the American taxpayer would be subsidizing more profits for the rich, the Intel shareholder.
Companies like Intel generally invest in lobbying organizations to reduce their taxes. They generally balk anytime we attempt to help underpaid Americans with child care, family leave, and many other social programs. They balk at providing debt forgiveness even though student debt affords their shareholders the profits they generate on the cheap.
Intel makes it clear it has no problem with socialism for the corporation. When Americans understand the dynamics of our draconian economic system, they will eventually respond. At that time, they will start electing those politicians who have their interests at hand.
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