Mitt Romney comes out with another ad that is of course incredibly dishonest. Here is what you need to know about manufacturing in America:
Now – Romney wants to include the hundreds of thousands of jobs lost from the Bush economic crisis and blame that on President Obama. They have decided to use January 2009 as their starting point for their math even though Obama was President for only 10 days in January of 2009. As we have shared HERE - America has gained 489,000 manufacturing jobs from January of 2010 to April 2012.
In fact – in June of 2012 – America exported more goods than at any time in our history. I’ve shared that HERE:
The Wall Street Journal writes HERE:
U.S. exports bucked a world-wide trade slowdown in June, but face serious headwinds from the recession throughout much of Europe and softening growth in Asia. The U.S. trade deficit with other countries narrowed to $42.9 billion in June from $48 billion a month earlier, the Commerce Department said Thursday, as imports fell and exports grew. Exports, which have been a pivotal contributor to the economic recovery, were strong almost everywhere except to Europe, where a recession and a protracted sovereign-debt crisis have sapped demand.
In June, the U.S. notched increases in exports of a variety of goods including pharmaceuticals, cars and industrial engines. Exports increased $1.7 billion to $185 billion, the highest monthly tally ever. Imports declined $3.5 billion to $227.9 billion, driven largely by a drop in oil prices that reduced the value of petroleum imports. Total U.S. exports are up 6% in the first six months of 2012 from the same period a year ago.
Even more than that … the U.S. has been the #1 country to move manufacturing jobs to for the past two years. We have written about that HERE. In other words – they’re bringing jobs back … slowly but they’re coming back.
And if Romney is so concerned about manufacturing jobs … he may want to ask Republicans in Congress why 42 out of 46 voting Republican Senators voted against eliminating tax breaks for companies that outsource jobs. Only 8% of Republicans in the Senate voted for it. 92% voted against it. You can find more on that HERE:
CNN has the story HERE:
With job creation the top issue this campaign season, and outsourcing being blamed as a big contributor to the high unemployment rate, Democrats saw the bill as an election-year winner. Sponsored by Sen. Debbie Stabenow, D-Michigan, who is running for reelection, the bill made it to the top of the “to-do list” for Congress President Barack Obama unveiled earlier this year.
The Bring Jobs Home Act would provide a 20% tax break for the costs of moving jobs back to the United States and would rescind business expense deductions available to companies that are associated with the cost of moving operations overseas.
And even more hypocritical than that – this claim is coming from a guy who unknown millions by buying companies that were profitable, terminating employees and shipping their jobs overseas. More on that HERE:
Business Week explains Bain’s history with the AMPAD plant HERE:
The box contains records of a long-ago chapter in the history of Bain Capital, the Boston investment firm Romney led from 1984 to 1999. Back in 1992, Bain acquired a manufacturer called American Pad & Paper, or Ampad. Bain then used Ampad as a vehicle to buy and restructure similar companies. Following standard “roll-up” strategy, Bain closed factories and laid off workers in anticipation of selling off a leaner, more profitable company via an initial public stock offering.
Two years into the roll up, Bain had Ampad acquire an office supplies plant in Marion, Ind., a manufacturing town 70 miles northeast of Indianapolis. At the time, Johnson worked the night shift making hanging files. “We come back from the July 4th holiday, and this is what we find posted,” Johnson says, producing from the Romney box a one-page notice: “As of 3 p.m. today, July 5, 1994, your employment with SCM Office Supplies Inc. will end.” Most of the 258 employees were allowed to reapply for jobs at reduced wages and benefits. Johnson’s pay fell 22 percent, he says, from $10.05 an hour to $7.88. Dismayed to see their old union contract torn up, the Marion workers negotiated with Ampad management for several months, then called a risky strike. In early 1995, Ampad called the union’s bluff, closed the plant, and laid off the remaining workers.
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