On Thursday night the Washington Post’s Tom Hamburger dropped a story on Republican presidential candidate Mitt Romney’s business experience related to job creating. Unfortunately for Romney the jobs he specialized in creating were located overseas and replaced the jobs of American workers.
From the story:
Mitt Romney’s financial company, Bain Capital, invested in a series of firms that specialized in relocating jobs done by American workers to new facilities in low-wage countries like China and India.
During the nearly 15 years that Romney was actively involved in running Bain, a private equity firm that he founded, it owned companies that were pioneers in the practice of shipping work from the United States to overseas call centers and factories making computer components, according to filings with the Securities and Exchange Commission.
While economists debate whether the massive outsourcing of American jobs over the last generation was inevitable, Romney in recent months has lamented the toll it’s taken on the U.S. economy. He has repeatedly pledged he would protect American employment by getting tough on China.
“They’ve been able to put American businesses out of business and kill American jobs,” he told workers at a Toledo fence factory in February. “If I’m president of the United States, that’s going to end.”
Speaking at a metalworking factory in Cincinnati last week, Romney cited his experience as a businessman, saying he knows what it would take to bring employers back to the United States. “For me it’s all about good jobs for the American people and a bright and prosperous future,” he said.
Obama for America Senior Strategist David Axelrod released the following statement in reaction to Thursday’s story:
“Tonight’s story in the Washington Post exposed Mitt Romney’s breathtaking hypocrisy. He has campaigned all over this country, vowing that he would be an advocate for American jobs. But tonight we learned that he made a fortune advising companies on how to outsource jobs to China and India. Maybe that explains why, despite his campaign rhetoric, Romney continues to support tax policies that would reward companies who send American jobs overseas.”
The Washington Post story undercuts the core of Romney’s argument for why he should be president of the United States. His formula for economic growth and job creation maximizes profits by undercutting middle class security. The Romney-Ryan budget touted by Romney includes tax breaks and economic rewards for companies that move jobs overseas.
You can see the California breakdown of Romney Economics’ state-level impact here: http://www.barackobama.com/romney/economics/states/
More from the story:
For years, Romney’s political opponents have tried to tie him to the practice of outsourcing American jobs. These political attacks have often focused on Bain’s involvement in specific business deals that resulted in job losses.
But a Washington Post examination of securities filings shows the extent of Bain’s investment in firms that specialized in helping other companies move or expand operations overseas. While Bain was not the largest player in the outsourcing field, the private equity firm was involved early on, at a time when the departure of jobs from the United States was beginning to accelerate and new companies were emerging as handmaidens to this outflow of employment.
Bain played several roles in helping these outsourcing companies, such as investing venture capital so they could grow and providing management and strategic business advice as they navigated this rapidly developing field.
So yes, Mitt Romney has proven himself to be the kind of job creator America doesn’t need. As this story demonstrates, Mitt Romney is all about destroying the economy here in the United States. He will also say anything he thinks will help him get elected, no matter how much of a hypocrite he becomes in the process.