Former Governor Mitt Romney was the founder and CEO of Bain Capital, a financial and investment management firm. He made substantial profits.
A recent ad from President Obama’s reelection campaign attacked Romney for firing workers that were employed by factories managed by Bain Capital. Romney’s management closed a few factories. There is no discussion there. However, that’s what businesses do. Businesses make profits and that’s their only goal.
President Obama’s ad is sad for this very reason. It’s a sad ad not because it’s an unfair attack on Romney. It’s depressing to see that Obama doesn’t understand our capitalist economy. Obama doesn’t understand that businesses exist to make profits rather than philanthropic work. In fact, Romney actually saved businesses and ultimately saved people’s jobs because that’s how the economy works. As businesses profit, they expand employment. Bain Capital remodeled and began businesses such as Staples, Domino’s Pizza and Sports Authority which created a sum of 100,000 jobs. The firm made 50 to 80 percent annual gains during his management (goo.gl/VJnFB).
But Obama doesn’t think so. The Obama ad features several unemployed workers that were laid off because of Bain Capital. One of them said, “He’s running for President and if he’s going to run the country the way he ran the business … he would be so out of touch with the country. How could you care?” (goo.gl/1crKD).
His ad may be clever, but Obama’s record is not pristine. It’s hard for Americans to buy Obama’s ad. Where was Obama on job growth? He rejected the Keystone Pipeline which would have created 118,000 jobs (goo.gl/LvyMm). Obama was the one that spent half of his presidency on healthcare reform (or lack thereof) instead of jobs. The president hasn’t done well in the economy and the American people know it. A recent USA Today/Gallup Poll asked, “Who would improve the economy the most in the next four years?” The answer was loud and clear. Romney led with a 55 percent to Obama’s 46 percent (goo.gl/m5Z7C).
Mitt Romney’s ad is much more persuasive. The Republican candidate ran an ad explaining the success story of Steel Dynamics — a steel plant that Bain Capital invested heavily in. The ad states that the company added 3,600 jobs from 1,400 employees to 6,000 (goo.gl/dpDmy). Bain Capital did this same kind of investments in many other factories, which witnessed generous profits.
So, who is out of touch here? Who can create more jobs in our private economy? Americans don’t want a president that will expand the size of government. Americans want a president that will lead and create more jobs not by burdening the economy with a bigger scope of government but to allow companies to expand their businesses and encourage growth. Healthy economic growth comes from the private sector, not the government.
As much as Obama wants to destroy Romney’s reputation and paint him to be “out of touch,” the American people know that Obama’s economic policies were not very helpful. This election should be about the facts and not about pithy populist messages. Look at the record of both of these candidates and then make up your mind. Romney worked in the private sector and he gets it. Obama … well, the unemployment rate is still high. He broke his stimulus package promise to lower unemployment below 8 percent (goo.gl/hGNkB)
You tell me: who is more trustworthy?