Thursday, May 17, 2012

How will Republicans under Mitt Romney Create Jobs?

    How will Mitt Romney create jobs? By bolstering the corporations? By making business loans available? By increasing government civil service positions? By expanding the number of government subcontractors?

Below is a copy of am email from Stephanie of the Obama-Biden campaign.  It discusses past examples of business practices of Mitt Romney.

There is an email within the email. The original is posted in the bottom half of the boxed area. It is even more informative than the top half.


Watch this video we put together featuring people affected by Mitt Romney during his time in the private sector, and help hold him accountable by passing it along.

Video: Romney economics
[This is an ad by Democrats. There is much info here, especially in the timeline across the bottom of the add page. Ignore the first popup. The others are all about information gathered from the people involved in the assistance provided by Romney's company. ~Knee Jerk Reactions added this caption.]

It's important that you understand exactly what Romney did as a businessman, and whether the lessons and values he drew from that experience really do qualify him to be our president.

In a career of buying and selling companies, Romney's pattern was to reap quick profits for himself and his investors, but often at the expense of workers and communities. Sometimes it meant outsourcing jobs to places like China and Mexico. Other times, it would mean reducing wages and benefits.

At times, his firm would buy companies, load them with debt and pocket millions, even as the companies went bankrupt, costing workers their jobs, health care, and pensions.

In Romney's world, CEOs and wealthy investors prosper by any means they can get away with, even when that means companies fail and workers are left behind. Two sets of rules -- one for people like him, another for the rest of us.

It's our job to let people know the truth about Romney's record, and what it says about the economic vision and values he would bring to the presidency.

The real strength of the economy is a growing, thriving middle class, not simply a band of successful financial engineers, and Romney doesn't get that.

I sent the note below to the Truth Team, a group of grassroots supporters who've signed up to be on the front lines of doing just that.

So check out this video:

And consider becoming a part of the Truth Team -- we'd love to have your help.



More than 1.9 million people like you power this campaign. If you can, please donate today.

-----------------Original Message-----------------
From: Stephanie Cutter,
Subject: Romney economics

Friend --

On the campaign trail, Mitt Romney points to his private sector experience as his chief qualification to be president.

So we took a look at that experience, and put together a new site,, on it. Take a look for yourself here.

Let me sum up how Romney economics works:

Romney and his partners bought companies across the United States, often loading them up with debt in the process.

Too often, they slashed pensions, benefits, and jobs, while paying themselves and their shareholders straight from the debt they'd accumulated.

Because of that debt, several of these businesses went bankrupt, leaving workers without jobs, without pensions, and without health care -- all while Romney and his partners walked away with millions.

Everyone understands that businesses rise and fall -- and sometimes fail -- and no one is challenging Romney's right to run his business as he saw fit or questioning private equity as a whole.

But when a handful of people make a fortune by putting thousands out of work and bankrupting once-healthy businesses, it's legitimate to question whether those are the values America needs in a president -- and whether those are the values that will create an economy built to last, with a strong, secure middle class.

On the campaign trail, Mitt Romney claims that what he and his partners did is the very best of what capitalism can be. He claims to know how to create jobs based on that experience, but even his former partners admitted their business was never about creating jobs -- it was about creating wealth for investors.

Just listen to the workers of GST Steel: Mitt Romney came in, ravaged it with debt, and it ended up filing for bankruptcy. 750 workers lost their jobs and health care, and Romney's managers left their pension fund $44 million short. The 113-year-old steel mill closed its doors, and Romney's company made a 150% profit on their initial investment.

As shows, stories like that happened time and time again. That approach, where a few people do very well no matter what the cost to others, is the last thing we need in a president.

Romney's economics would be a disaster for the middle class. We can't afford an economy where even when the company fails, the financial wizards walk away with millions, while the workers who have invested years growing the company are left holding the bag. That won't make our economy -- or our country -- stronger.

As part of the Truth Team, it's up to us to spread the truth behind Mitt Romney's business record. We don't need to spin it here, the facts speak for themselves.

So take a look around the site -- check out the year-by-year statistics and hear from the workers and managers affected by Mitt Romney and his business partners. Then share these stories far and wide:

There's too much at stake in this election not to.



Stephanie Cutter
Deputy Campaign Manager
Obama for America

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