"You shouldn't get to call yourself an American company only when you want a handout from the American taxpayers," President Obama said last week.
He was referring to American corporations now busily acquiring foreign companies in order to become non-American, thereby reducing their U.S. tax bills.
But the president might as well have been talking about all large American multinationals.
Only about a fifth of IBM's worldwide employees are American, for example, and only 40 percent of GE's. Most of Caterpillar's recent hires and investments have been made outside the U.S.
In fact, since 2000, almost every big American multinational corporation...