“We do not need an outsourcing pioneer in the Oval Office. We need a president who will fight for American jobs, and fight for American manufacturing.”
Mitt Romney and the Republican party have campaigned on this notion that they have the proper “business experience” to be an effective president. As CEO of Bain Capital – Romney regularly made tens of millions by buying profitable companies, cutting worker’s pay and benefits, loading up the companies with debt to pay himself and his partners and then when the company goes belly up … either workers would lose their retirements or the government would have to bail them out. Meanwhile – Bain Capital made hundreds of millions. That’s not “free enterprise” as Mitt Romney likes to call it … that’s vulture capitalism. It’s the very worst part of capitalism. And making millions off the backs of the middle class as a CEO is very different than being President.
The Washington Post broke a BIG story today HERE:
Mitt Romney’s financial company, Bain Capital, invested in a series of firms that specialized in relocating jobs done by American workers to new facilities in low-wage countries like China and India.
During the nearly 15 years that Romney was actively involved in running Bain, a private equity firm that he founded, it owned companies that were pioneers in the practice of shipping work from the United States to overseas call centers and factories making computer components, according to filings with the Securities and Exchange Commission.
But despite his record – he constantly says things like this on the campaign trail:
“They’ve been able to put American businesses out of business and kill American jobs. If I’m president of the United States, that’s going to end.”
Greg Sargent points out HERE:
One of the items on Obama’s “to-do list” for Congress, which Republicans have been mocking for some time now, is a proposal that would give companies a 20 percent tax credit for the cost of moving their operations back to the United States. The proposal would “pay for this credit by eliminating tax incentives that allow companies to deduct the costs of moving their business abroad.”
The Senate may vote on this proposal, or one like it, after July 4th.
Romney, of course, has frequently talked about getting tough on China as a way to protect American jobs. Needless to say, it would be very interesting to see how Romney and Republicans react to this proposal if it is introduced.
As Greg points out – Obama has been pressing his plan to give tax credits for companies that “insource” jobs back in America; Republicans have thus far been unwilling to pass this in Congress.
You can watch President Obama’s proposal below:
Reward American Jobs, Eliminate Tax Incentives To Ship Jobs Overseas: Congress needs to attract and keep good jobs in the United States by passing legislation that gives companies a new 20 percent tax credit for the cost of moving their operations back to the U.S. Congress should pay for this credit by eliminating tax incentives that allow companies to deduct the costs of moving their business abroad.
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