Romney’s Breathtaking Jobs Hypocrisy Exposed; As a Corporate Raiser, Mitt Romney Always Put Himself Ahead of American Jobs
Key Point: Mitt Romney’s corporate-buyout firm was an outsourcing pioneer. On the campaign trail, he claims to support American jobs. But, as a corporate raider, he made a fortune helping companies outsource jobs to countries like China and India. Now he’s rooting for economic failure, putting his own political gains ahead of economic growth. Romney doesn’t care about American jobs.
Corporate Raider: Mitt Romney’s corporate-buyout firm was an outsourcing pioneer, making a fortune helping companies outsource jobs to countries like China and India. His economic philosophy put maximizing profits for himself and his investors before workers, companies and communities – even if it eliminated American jobs.
Campaign Hypocrisy: Mitt Romney has campaigned all over the country and claimed that he supports American jobs and that he would advocate for them as President. But as a corporate raider, Romney and his partner’s at Bain Capital actively helped several companies eliminate American jobs and ship them overseas.
Shipping Jobs Overseas: Romney and his partners at Bain Capitol helped several firms ship American jobs overseas. They bought or invested in companies like:
- Stream International, which rejected opening call centers in the United States in favor of opening them in India and Ireland.
- Modus Media, which cuts jobs in California and Washington State while expanding in foreign countries like Singapore, Taiwan, South Korea, Ireland, Mexico and China.
- GT Bicycles, a California-based bicycle manufacturer that relied on Asian labor and had two large product recalls.
- Chippac, a semiconductor manufacturer in Asia that touted outsourcing as the wave of the future and expected outsourcing trends to continue.
- SMTC, a Denver-based electronics manufacturer that laid off more than 1,500 workers and sent jobs from Denver to Mexico.
Romney would encourage outsourcing if elected President. Romney would completely eliminate U.S. taxes on companies’ foreign profits, giving them more incentive to move offshore. He would also raise taxes on hardworking families to pay for tax cuts for the wealthiest. Romney believes we should join the race to the bottom to compete with countries like China for the cheapest labor with the fewest benefits.