Senate Proceeding 02-03-09 on Feb 3rd, 2009 :: 4:45:30 to 4:48:35
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4:45:27 to 4:45:48( Edit History Discussion )

Max Baucus: attacks and i hope you'll in facts are otherwise. i yield the floor. mr. baucus: mr. president? the presiding officer: mr. baucus: i'll ask to speak briefly. others want to speak. i asked the research service to investigate this question, and i have a memorandum january of this year.

4:45:30 to 4:48:35( Edit History Discussion )
Speech By: Max Baucus

4:45:49 to 4:46:10( Edit History Discussion )

Max Baucus: it senior specialist of economic policy. a very respected analyst with th service. this is an independent study. it's not -- she has grind except to just get the facts. let me just briefly indicate some of the findings they have. i'll just read.

4:46:11 to 4:46:32( Edit History Discussion )

Max Baucus: the following is a list of firms with reductions, notob additions. job reductions, ang with a new source. the total repatriations for these 12 firms one-third of the repatriation,

4:46:33 to 4:46:54( Edit History Discussion )

Max Baucus: -- 312. pfizer, 7 billion. according to "new york times" editorial, pfizer laid off -- lay off 10,000 employees. i might say t april 13, pfizer had 106,000 job

4:46:55 to 4:47:16( Edit History Discussion )

Max Baucus: loss in 2005. merck repatriated 6 billion, announced layoffs of hewlett packard repatriated .5 billion. layoff 14.5,000 jobs. procter & gamble we rao e pay

4:47:17 to 4:47:39( Edit History Discussion )

Max Baucus: traited 4.7 billion and cut jobs by an unspecified amount. i.b.m. added 345,000 jobs but eliminated 5 million square feet located in the united states. pepsi and laid off 200 free tow lay

4:47:40 to 4:48:00( Edit History Discussion )

Max Baucus: workers -- frito lay workers. the list goes on. there is ample documentation that companies that did not add. they laid off. why? it makes sense. because the money that comes back is fungible. they can use it for any purpose, any purpose they want. it is not going to create jobs. they would like to have it come

4:48:01 to 4:48:21( Edit History Discussion )

Max Baucus: back and say it creates jobs, but it doesn't. my good friend from california says tax scores is positive the first two years. over ten years it is negative. a positive score doesn't mean jobs. a positive score just means there's more because they're paying a lower tax rate. that begs the question what are

4:48:22 to 4:48:39( Edit History Discussion )

Max Baucus: they going to do with those dollars? and i submit based upon the evidence that we have from the congressional research service, they don't use it for new jobs. past experience indicates