Monday, May 14, 2012
Fwd: Romney Economics
Mitt Romney wants voters to focus on his private sector record. He should be careful what he wishes for.
The Obama campaign has put together a new website telling the story of three companies affected by Romney's private sector record. It's called RomneyEconomics.com -- and you should check it out today.
The email below was sent to a group of grassroots supporters dedicated to holding Mitt Romney accountable, and getting the truth out about President Obama's record. You can be a part of that team by signing up here:
Democratic National Committee
From: Stephanie Cutter, BarackObama.com
Subject: Romney Economics
On the campaign trail, Mitt Romney points to his private sector experience as his chief qualification to be president.
So we took a look at that experience, and put together a new site, RomneyEconomics.com, on it. Take a look for yourself here.
Let me sum up how Romney economics works:
Romney and his partners bought companies across the United States, often loading them up with debt in the process.
Too often, they slashed pensions, benefits, and jobs, while paying themselves and their shareholders straight from the debt they'd accumulated.
Because of that debt, several of these businesses went bankrupt, leaving workers without jobs, without pensions, and without health care -- all while Romney and his partners walked away with millions.
Everyone understands that businesses rise and fall -- and sometimes fail -- and no one is challenging Romney's right to run his business as he saw fit or questioning private equity as a whole.
But when a handful of people make a fortune by putting thousands out of work and bankrupting once-healthy businesses, it's legitimate to question whether those are the values America needs in a president -- and whether those are the values that will create an economy built to last, with a strong, secure middle class.
On the campaign trail, Mitt Romney claims that what he and his partners did is the very best of what capitalism can be. He claims to know how to create jobs based on that experience, but even his former partners admitted their business was never about creating jobs -- it was about creating wealth for investors.
Just listen to the workers of GST Steel: Mitt Romney came in, ravaged it with debt, and it ended up filing for bankruptcy. 750 workers lost their jobs and health care, and Romney's managers left their pension fund $44 million short. The 113-year-old steel mill closed its doors, and Romney's company made a 150% profit on their initial investment.
As RomneyEconomics.com shows, stories like that happened time and time again. That approach, where a few people do very well no matter what the cost to others, is the last thing we need in a president.
Romney's economics would be a disaster for the middle class. We can't afford an economy where even when the company fails, the financial wizards walk away with millions, while the workers who have invested years growing the company are left holding the bag. That won't make our economy -- or our country -- stronger.
As part of the Truth Team, it's up to us to spread the truth behind Mitt Romney's business record. We don't need to spin it here, the facts speak for themselves.
So take a look around the site -- check out the year-by-year statistics and hear from the workers and managers affected by Mitt Romney and his business partners. Then share these stories far and wide:
There's too much at stake in this election not to.
Deputy Campaign Manager
Obama for America
Contributions or gifts to the Democratic National Committee are not deductible as charitable contributions for federal income tax purposes.