Mitt Romney Would Run the Country as He Ran Bain Capital, and the Middle Class Would Suffer
The campaign launched a new website and released a new two-minute ad and a six-minute video highlighting the real story of Mitt Romney’s business record. The American people should decide for themselves whether they want a President who believes in two sets of rules – one for those at the top, and another for everyone else.
- For more information, see the new website: http://www.RomneyEconomics.com/.
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. 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.
- To cut costs, he laid off longtime loyal workers and shipped jobs overseas.
- Those who kept their jobs too often saw paychecks, benefits and pensions cut.
- When the debt became too much, Romney and his partners drove several companies into bankruptcy and walked away with millions.
Kansas City’s GST Steel was a 105-year-old steel mill that Romney and his partners made millions from while hundreds of middle-class workers lost their jobs.
- They made at least $12 million – a 150 percent return on their initial investment, but 750 hardworking middle-class Missourians lost their jobs and were denied the severance, health insurance, and full pensions they’d earned and been promised.
- Meanwhile executives and management got $9 million in severance and retention payments while the company was in bankruptcy.
- GST’s workers lost out, and Romney and his partners didn’t. Romney believes in two sets of rules – one for the guys at the top and another for everyone else – which is exactly the kind of economy we can’t afford.
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:
- More budget-busting tax cuts weighted to the wealthiest and paid for by the middle class.
- No investing in our nation’s long-term strength through education, decent health care, consumer protections, or our roads and bridges.
- 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.