Watch this video we put
together featuring people affected by Mitt Romney during his time in the
private sector, and help hold him accountable by passing it along.
It's important that you understand exactly what Romney did as a businessman, and whether the lessons and values he drew from that experience really do qualify him to be our president.
In a career of buying and
selling companies, Romney's pattern was to reap quick profits for himself and
his investors, but often at the expense of workers and communities. Sometimes
it meant outsourcing jobs to places like China Mexico
At times, his firm would buy
companies, load them with debt and pocket millions, even as the companies went
bankrupt, costing workers their jobs, health care, and pensions.
In Romney's world, CEOs and
wealthy investors prosper by any means they can get away with, even when that
means companies fail and workers are left behind. Two sets of rules -- one for
people like him, another for the rest of us.
Let me sum
up how Romney economics works:
Romney and his partners bought companies across theUnited States
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:
Romney and his partners bought companies across the
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:
Stephanie Cutter
Deputy
Campaign Manager
Obama for America
Comments from Prathap G.,
Sharjah:
The above statements sound
familiar to the manner in which some corporate honchos and their minions
conduct themselves in other parts of the world too.
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