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Vice President Biden Highlight Mitt Romney’s History of Shipping American Jobs Overseas

Mitt Romney’s corporate-buyout firm invested in companies that pioneered shipping American jobs overseas. On the campaign trail, he claims to support American jobs, but as a corporate raider he made a fortune helping companies that sent jobs overseas. Romney doesn’t care about American jobs.

Vice President Biden is in Iowa today launching his Strengthening the Middle Class Tour. He’s contrasting President Obama’s commitment to bolstering middle-class security for Iowa families with Mitt Romney’s history of shipping American jobs overseas.

Corporate Raider: Mitt Romney made a fortune helping companies that sent American jobs overseas 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 partners at Bain Capital actively helped several companies eliminate American jobs and ship them overseas.

Shipping Jobs Overseas: Romney and his partners at Bain Capital 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 cut 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.
  • SMTC, a Denver-based electronics manufacturer that laid off more than 1,500 workers and sent jobs from Denver to Mexico.

Romney would encourage sending jobs overseas if elected President. He would eliminate U.S. taxes on companies’ foreign profits, giving them more incentive to move offshore. He’d also raise taxes on hardworking families to pay for budget-busting 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.