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.
(Hello)
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.
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| [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:
http://my.barackobama.com/Romney-Economics
And consider becoming a part of the Truth Team -- we'd love to have your help.
Thanks,
Stephanie
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If you can, please donate today.
-----------------Original Message-----------------
From: Stephanie Cutter, BarackObama.com
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, RomneyEconomics.com, 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 RomneyEconomics.com 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:
http://my.barackobama.com/Romney-Economics
There's too much at stake in this election not to.
Thanks,
Stephanie
Stephanie Cutter
Deputy Campaign Manager
Obama for America
