The need for change is even more apparent today as our economy faces challenges both here at home and abroad. For decades, we have talked about the long-term economic challenges confronting our country but still the tax burden is too high, business is stifled by regulations and more money goes to defending against junk lawsuits than promoting research and innovation. Now, Washington must act and take the steps necessary to strengthen our economy. With a career spent turning around businesses, creating jobs and imposing fiscal discipline, I am ready to get my hands on Washington and turn it inside out.
I guess it depends on your definition of "turning around businesses, creating jobs and imposing fiscal discipline". As in:
On the stump in economically struggling Michigan and South Carolina recently, Mitt Romney has been making the case that “it always makes sense to fight for every single good job.”
But this position seems to be at odds with the Republican contender’s one-time role as chief executive officer of Bain Capital, a large private equity firm.
• In 1992, the firm acquired American Pad & Paper. By 1999, the year Romney left Bain, two American plants were closed, 385 jobs had been cut and the company was $392 million in debt. The next year, Ampad was forced into bankruptcy.
• Bain Capital and Goldman Sachs bought Dade International for about $450 million in 1994. The firm quickly fired or relocated at least 900 workers. Over the next several years, it sunk increasingly into debt and laid off 1,000 workers. In 2002 — after Romney had left Bain — it filed for Chapter 11 bankruptcy protection.
• A 1997 buyout of LIVE Entertainment for $150 million resulted in 40 layoffs, roughly one in four of the company’s 166 workers. The job cuts affected all aspects of the company, from production and acquisition to legal and public relations.
• In 1997, Bain bought a stake in DDI Corp., a maker of electronic circuit boards. Three years later, Bain took the company public and collected a $36 million payout. But by August 2003, the company filed for bankruptcy protection, laying off more than 2,100 workers.
Under Mitt the First, the bread is going to be tasty and the circuses are going to be awesome.