THE US REPORT

Las Vegas at night. (Photo courtesy Official City of Las Vegas website.)(Las Vegas, Nev.)—Jack Welch delivered the keynote address during CA World 2008 at the Venetian Congress Center and Sands Expo in Las Vegas on Monday. Calling blanket layoffs in the U.S. “kneejerk reactions,” Welch said he expects the world economy to recover in late 2009—“The US would come out of its present financial turmoil and that would happen if it seizes opportunities in crisis.”

The Times of India said Welch criticized President George W. Bush for the economic meltdown and praised India:
Welch, a supporter of globalisation, praised India in his interaction. India is a miracle where countless entrepreneurs are constantly innovating and that has brought the "have-nots" into the "haves" league, he said. "The India story is remarkable. This is what globalisation can achieve…"

The Times did not include a comparison of wages for American and Indian workers. Domestic workers in India are a classic example of what American employers compete against. The Boston Globe reported on India’s household workers’ efforts to organize: [A]lamalai, 45, a mother of four who scrubs the floors, washes the dishes, and cuts vegetables for a middle-class family here for the equivalent of $22 a month.

India’s population is also larger than that of the U.S., ensuring a supply of workers outnumbering available jobs. Add considerations for the level of U.S. corporate taxes, workplace regulations and unions, environmental regulatory constraints, and it's fairly easy to accept there's an imbalance on the global playing field.

Welch, former CEO of General Electric, told the audience President-Elect Barack Obama might bring “policy correctives” to The White House. He said the next technology boom would be in energy.