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Mitt Romney, March 16, 2012, in Rosemont, Illinois...
“I understand how the economy works, not because I debated it in congress but because I worked in the real economy. I want to use that skill,” said Romney. “We’re not going to be successful in replacing an economic lightweight if we nominate an economic lightweight, and I’m an economic heavyweight. I know how this economy works. I’m going to get it working for the American people because I care about the American people.”
How many times have we heard stuff like this from Mitt Romney? Too many to count, I'm afraid. If I'm understanding the presidential campaign strategy of the Republicans this cycle, it's all going to be about "jobs and the economy." Right? All the Very Serious people who appear on your flat screens every night keep telling us that this November's election outcome will turn on the single issue of "jobs and the economy."
Whenever Romney stumbles, contradicts himself, or just flip-flops shamelessly over culture-war issues or foreign policy questions or whether Obama really ordered the execution of Bin Ladin.....he and his conservative apologists are immediately dismissive of any criticisms directed towards Mitt and respond by stating that the 'election will not be decided on those types of questions, the election hinges on jobs and the economy.' Usually followed by some variation of...."Mitt knows how the economy works, because Mitt worked in the Real economy."
Yes, it's true that Romney was the governor of Massachusetts for one term. It is also true that Romney helped organize the 2002 Winter Olympics held in Mormon Lake City, Utah. But where did Romney get all his Deep, Heavyweight knowledge of "how the economy works?" Self-admittedly, it was his years working at Bain Capital.
Bain Capital is a Boston-headquartered alternative asset management and financial services company that specializes in private equity, venture capital, credit and public market investments. Bain invests across a broad range of industry sectors and geographic regions. As of the beginning of 2012, the firm manages approximately $66 billion of investor capital across its various investment platforms.
Investment capital. People give Bain their money to invest, and Bain invests it in a variety of ways. Some investments that Bain made with other people's money while Romney worked there were successful, some not. Some companies purchased with Bain investor money succeeded, some went belly-up. In all of Romney's experiences at Bain, however, his objective was always to satisfy the desire of already-rich investors to accumulate ever more riches.
To be clear, Romney's job with Bain was not about job creation or lifting up everybody's individual boat by trying to make the tides rise. No.....Romney's job at Bain, where he allegedly accumulated all this Deep, Serious knowledge about "how the economy works", knowledge Romney says President Obama is sorely lacking, was limited in scope to making a very small group of rich people...even richer. Sometimes workers were kicked to the curb in the process.....sometimes not. But always....rich investors became richer.
Economically speaking, what Willard Mitt Romney has vast experience in, is how to go about making a few very rich people even richer than they already are. Not being critical here.....just precise. Romney and his vocal supporters keep telling potential voters that it is THIS vast experience in the "economy" during his Bain stint, that makes "heavyweight" Mitt more qualified for the presidency than the "lightweight" Barack Obama, who, according to Mitt, has only "debated (the economy) in Congress."
Don't misunderstand. The American economy needs investment capital outfits like Bain....if for nothing else than for helping to make very, very wealthy citizens even more wealthy. Very, very wealthy citizens are Americans too....even if it's true that there are very, very few of them. Mitt served those few very well while directing Bain Capital.
However, when Mitt tells average citizens that "I want to use that (Bain) skill" to get the U.S. economy "working" again.....what would that actually look like? I mean, how might a man deeply experienced in how to make a few very rich investors, even richer.....translate to the job of the presidency?
Fortunately, we don't have to speculate. Mitt Romney has embraced, endorsed and all but baptized Paul Ryan's budget plan. Sure, Mitt may have changed his mind this morning, as his custom seems to be, but here's what he said about Paul Ryan's budget plan in March....
"I applaud it," he said. "It's an excellent piece of work, and very much needed."
Don't forget.....Romney "understands how the economy works", is, "an economic heavyweight" and is going to get our economy "working again" by using the "skills" he honed at Bain. That deep and vast ocean of experience has led the "heavyweight" Romney to embrace and endorse Paul Ryan's budget for America.
Ryan's budget proposes cutting tax rates by another one third on the already-wealthy few who just happen to be paying capital gain, dividend, and income tax rates at 60 year national lows right now. Ryan would also cut corporate tax rates by one third...down to 25%. Cutting tax rates on the already-wealthy by another third will add $3 trillion to the national debt. In addition, Ryan's plan would give U.S. businesses in foreign countries a tax amnesty on all their profits made overseas.....an amount close to $130 billion.
See why Romney endorses the Ryan plan? Romney's "heavyweight" experience at Bain.....where Mitt worked hard to make rich investors even richer.....is reflected in Paul Ryan's budget plan. Ryan's plan makes the very rich few in the U.S....richer, just like Romney used to do when working at Bain. Ryan's budget plan for all the American rich looks just like something Romney would cook up to increase the riches of his already-rich Bain clients. Run up new huge national debts by borrowing another $3 trillion for tax handouts to the top 1%.....and then wait for the rising tide from these "job creators" to lift everyone's boat.
And hey, if it doesn't pan out,.....just like the numerous times it didn't work out when Mitt was indebting companies for the purpose of making rich clients richer.....then it's just the way of capitalism. You know, you win some and you lose some.
I submit to you that Mitt Romney only "knows" how to make rich people richer. That's the "heavyweight" credentials he brings to the presidential campaign debate...nothing more. Romney, if elected, is promising to bring his "heavyweight" experience at making rich people richer to the entire nation. In other words, Romney wants to buy the country using his and his very rich clients "investment" money, run up new huge debts in the form of $3 trillion+ in tax giveaways to himself and his investors.....and when the nation's economic situation turns dire under all the weight of Romney's new debt.....Romney will have no other choice but to gut the company, I mean the country, through eliminating all domestic safety net programs. Just like Romney's knowledge of "how the economy works" led him to shutter numerous companies he bought while working at Bain hoping to reward his already-rich investor-clients.....so too Romney's "understanding" of the economy will reward only rich Romney clients while bankrupting the nation.