In state after state, local newspapers are highlighting the impact Romney economics has had on their communities. Florida, Nevada, and Iowa are just a few of the states with a direct connection to Mitt Romney’s history as a corporate buyout specialist:
The case of Dade Behring in Miami, where some 850 jobs were lost while Romney led Bain has been well-documented. But there’s a new wrinkle: The company under Bain’s leadership sought and received millions of dollars in tax breaks for creating jobs in Puerto Rico—shortly before closing its facilities, costing nearly 300 jobs. — The Miami Herald
Las Vegas, Nevada
In Winnemucca, 166 miles northeast of Reno, Rich Stone, owner of a dry cleaner next to the former Stage Store, remembers the retailer as a fine fit for the community.
Since it closed, residents of the small town of 8,900 and surrounding Humboldt County can’t buy non-Western-themed clothes there. They have to travel to Reno or shop online, Stone said.
“It’s a void,” said Stone, who is also a city councilman and a Republican. “We lose a lot of sales tax revenue.” — Las Vegas Sun
Des Moines, Iowa
“He led a pack of wolves that went in and fed upon these communities and took jobs away,” Sagar said.
Sagar pointed to two specific instances in which Bain profited from dismantling companies: Stage, a clothing store that had locations in many small Iowa cities, and GST Steel, a Kansas City steel firm. — The Des Moines Register
For the rest of the story about how Mitt Romney’s decisions impacted communities across the country, check out romneyeconomics.com.
Erin, a mother of two young girls, thanks President Obama for standing up for women’s health—and explains why, this November, “the dreams of all our daughters are at stake, and they’re counting on us to fight for them.”
Hear why protecting a woman’s right to choose is so important to Erin and her family—then, let us know what supporting women’s health means to you.
Watch and share today’s video.
Mitt Romney delivered his umpteenth “major” economic speech today, and this time, his focus is on spending and debt. But take his rhetoric with a large grain of salt, because Romney’s proved at each point in his career—from corporate buyout specialist to failed governor of Massachusetts to perpetual presidential candidate—that he is the last person who should be lecturing us on reckless spending and running up debt.
In his much-touted two decades of private-sector experience, Romney made a fortune out of loading up companies with crippling debt, leading to bankruptcies, shuttered companies, huge job loss—and millions of dollars in profit for Romney and his partners.
Then, when he applied what he learned in the private sector to governing, Romney ended up leaving his successor in Massachusetts with a $1 billion deficit after loading the state’s taxpayers up with debt. In his four years as governor, public debt rose by 16 percent, leaving taxpayers with the most per-capita debt in the country. Government jobs grew six times faster than private-sector jobs, state spending went up by 6.5 percent a year, and taxes and fees went up by $750 million a year. It’s no wonder Romney never talks about his record as governor.
On the campaign trail today, Romney neglected a very important fact: Our current debt was created largely by Bush-era policies like the Iraq and Afghanistan wars and massive tax cuts for the wealthiest Americans. As Steve Benen at MSNBC’s Maddow Blog writes, “Bush not only squandered a massive surplus, added $5 trillion to the debt, and left a $1.3 trillion deficit for Obama to deal with, he also approved policies that we’re still struggling to pay for, years after his departure. … For those who care about facts, it’s not Obama’s agenda that’s causing the budget shortfall.”
And Romney’s plans would only make it worse: He’s proposing $5 trillion in tax breaks for millionaires and billionaires. He won’t specify how he’ll pay for such recklessness, but you can be certain that the middle class will foot the bill.
So when it comes to controlling debt, it’s clear: Romney has zero credibility.
Nearly 2 million companies that make new hires or increase wages would receive a tax credit under the small business hiring income tax credit President Obama is calling on Congress to pass.
The tax credit, the third item on President Obama’s job-creating To-Do List for Congress, would encourage more than $200 billion in new hiring and pay raises by providing a 10 percent income tax credit on wages added in 2012. The credit would be available to all companies, but would be capped at $500,000 per business to specifically spur small business hiring. And, companies that claim the credit would be able to do so on a quarterly basis, which means businesses would see tax relief sooner rather than later after making new hires.
By providing targeted tax relief to the businesses that are expanding and making investments in their workforce, the Small Business Hiring Credit will grow the economy, create jobs, and strengthen the recovery. In fact, the Congressional Budget Office recently found that this type of targeted credit is the single most effective business tax option for boosting hiring and spurring economic growth.