As a businessman, Mitt Romney didn’t care about strengthening companies or creating jobs – he cared most about getting a high return on his investment no matter the cost to workers, companies or communities. The values and lessons Romney learned as a corporate-buyout specialist aren’t the ones we want in the Oval Office.
Today the campaign released a new part of RomneyEconomics.com, an interactive map that highlights where Mitt Romney’s economic philosophy left companies bankrupt and Americans without jobs.
o Please see the map at http://www.RomneyEconomics.com/states.
o Please see this new DNC video highlighting the coverage Romney economics is getting, titled “The Bane of Romney’s Existence.”
As CEO of a financial buyout firm, Romney didn’t care about growing companies and creating jobs. He and his partners cared most about making money for themselves and their investors no matter the cost. They loaded companies up with debt, put thousands out of work and bankrupted companies all so a handful of investors could make a fortune.
We aren’t questioning Romney’s right to run his business as he wanted, or the private equity industry as a whole. This is about Romney’s values as a businessman, and what they would mean for the economic security of the middle class.
Romney specialized in buying companies, borrowing money to load them up with debt, and extracting millions in profit for himself and his partners.
o To cut costs, he laid off longtime loyal workers and shipped jobs overseas.
o Those who kept their jobs too often saw paychecks, benefits and pensions cut.
o When the debt became too much, Romney and his partners drove several companies into bankruptcy and walked away with millions.
Romney’s business values shaped the troubling economic policies he promises today. It’s the same Bush-era formula that benefitted a few, but crashed our economy and undermined security for the middle class and those trying to join it:
o More budget-busting tax cuts weighted to the wealthiest and paid for by the middle class.
o No investing in our nation’s long-term strength through education, decent health care, consumer protections, or our roads and bridges.
o Letting Wall Street and corporations write their own rules again.
We can’t afford to go back to the same failed policies and wrong values that caused the economic crisis in the first place. Romney economics would hurt the middle class instead of helping it grow.
President Obama is moving America forward, fighting for an economy built to last, where hard work pays off, responsibility is rewarded, and everyone has a fair shot, does their fair share, and plays by the same rules.
DEBT: Romney Economics Piled Debt on Companies and Massachusetts Taxpayers – and Would Do the Same to the Entire Country
Key Point: Mitt Romney has no credibility on controlling debt given his $5 trillion tax plan that would blow a hole in the budget, his private-sector record of piling debt on companies and his public sector record of running up debt on constituents.
Hypocrisy: Romney is in New Hampshire attacking the President on spending and debt. He’s the last person who should lecture Americans about debt and reckless spending.
o Businessman: Romney economics loaded companies up with debt before bankrupting some and made millions of dollars for Romney and his partners while thousands of middle-class workers lost their jobs.
o Governor: Romney economics loaded Massachusetts taxpayers up with debt before he left his successor with a $1 billion deficit and taxpayers with the most per-capita debt in the country. State spending went up by 6.5 percent a year.
o As President: Romney economics promise to do the same thing. He’ll give $5 trillion in tax breaks weighted to millionaires and billionaires without saying how he’ll pay for it – because he knows that no matter what, the middle class will be stuck with the bill.
Romney is attacking debt created by two unfunded wars started before the President took office. The President responsibly ended the Iraq war and he’s drawing down our combat mission in Afghanistan. Romney wants to keep fighting those wars with no end in sight.
According to nonpartisan scorekeepers like the Congressional Budget Office, federal spending, taxes and deficits are all lower today than when the President took office.