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Monday Night Acoustic Excellence: Tommy Emmanuel, "Hope Street"

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Amory Blaine10/05/2015 11:07:41 pm PDT

Paul Ryan says he doubts Export-Import Bank is reason behind GE move

U.S. Rep. Paul Ryan (R-Wis.) said Monday he doesn’t think the shuttering of the Export-Import Bank was the only reason General Electric Co. says it will stop manufacturing engines in Waukesha and move that work to Canada.

Instead he pointed to American business tax rates and government regulations that induce U.S. firms to move their operations to other countries.

“I think it’s horrible that these workers are being laid off at GE and I can’t help but think that there have to be other reasons. Canada has a 15% tax rate and we have a 35% tax rate to name one reason,” the Janesville Republican said Monday afternoon following a town-hall meeting with constituents at Snap-on Tool.

About 350 jobs will be lost at the Waukesha plant, where GE Power & Water, a division of Fairfield, Conn.-based GE, builds engines used in the petroleum industry.

The company says it will move the production to a new $265 million engine factory to be built in Canada during the next 20 months.

Something something Ayn Rand