Mitt Romney’s Economic Plan Promises to Make a lot of People Suffer

It is a fair assumption that many Americans really lack a comprehensive understanding of the nation’s economy as it relates to their everyday lives and financial well-being. For most Americans, a secure living-wage job with benefits, a home, and a decent retirement plan defines a personal thriving economy, but after Republican deregulation and investment banker malfeasance during the Bush administration, only the ultra-wealthy live in a thriving economy. Indeed, as the world’s economy came crashing down in 2008, the one-percent of income earners did thrive, and they have since adding to their personal fortunes at the expense of millions of Americans’ jobs, homes, and pension funds. In the race for the White House, Willard Romney promises to recreate the “thriving economy” that cost millions of Americans their jobs and financial security, and he admitted that in order to restore the Bush administration’s thriving economy, millions of Americans are going to suffer. Romney has been secretive about his economic plans for America, and despite mounting questions regarding plans to help average Americans, his message, like his wife’s, is “we’ve given all you people need to know” about a thriving economy.

It is becoming increasingly evident that Romney’s “creative destruction” model of wealth creation for himself and wealthy investors does not include a thriving economy for average Americans. During his storied tenure as head of Bain Capital, he sought out vulnerable companies, took them over, sent jobs overseas, and leveraged them with crushing debt they could hardly manage. Prior to companies going bankrupt, Bain ravaged pension funds, sold off assets that profited Bain, and lured gullible investors into buying into the “restructured companies” before they were closed for good. If companies did manage to remain open, employees lost union representation, living wages, benefits, and pensions they paid into their entire working lives. The result was a thriving economy for Romney and Bain, while shareholders, commercial banks, and employees were left with next-to-nothing if they were fortunate, and destitute if Willard’s thriving economy was completely successful.

Romney cannot claim he was unaware of the devastating effects on employees and communities because he said, “For an economy to thrive, there are a lot of people who will suffer as a result of that,” and that “it’s important to find ways to help people move through this process of losing a job and finding a position in a new type of industry that is growing.” It is a nice sentiment, but there was nothing, then or now, in Romney’s plan for America that remotely includes helping people who are not wealthy. In fact, it is no secret he plans to cut education funding, training programs, push private, for-profit schools, cut higher education funding, and slash social safety nets that would be crucial for unemployed workers seeking a job in a new type of industry that is growing.

While head of Bain, Romney invested heavily in new types of industries such as a Chinese manufacturing company that depended on American outsourcing for its profits, and it contradicts Romney’s claim that if president he “will not let China continue to steal jobs from the United States of America.” It is another nice sound-bite on the campaign trail, but outsourcing jobs is entirely different from China “stealing jobs from the United States of America.” In another deal with a new type of industry that is growing, Romney and Bain invested in a company that acknowledged its strategy was to profit from American companies that outsourced production overseas. So it is true that Romney helped workers seeking jobs in a “new type of industry,” but the workers were Chinese and not Americans, and as Romney’s personal economy thrived, Americans languished without jobs, homes, benefits, or retirement savings. For the record, these two examples occurred in 1998 before Willard lied and claimed he was retroactively retired from Bain Capital.

Romney promises that his Bain predatory investment experience gives him an insight in how to turn around the economy with jobs and deficit reduction. However, the massive tax cuts for the richest 1/10th of 1% of Americans will increase the deficit to a degree that will send the economy over the cliff. On Wednesday a Romney advisor was asked how Willard’s plan would boost economic growth while balancing the budget and reducing the deficit and his advisor was clueless, but said Americans could research his plan to find the answer. The problem for Americans, and Romney, is that there are no plans, and no answers regarding deficit reduction or job creation. What Romney has promised is to “get government out of the way” of job creators with deregulation, repeal the Affordable Care Act, and eliminate Frank-Dodd financial reform that protects consumers from predatory lenders Bain Capital used to leverage struggling companies with insurmountable debt.

As far as jobs, Romney promises to slash teacher, construction, police, firefighter, and other public sector jobs in an effort to dismantle unions. The result is a workforce making minimum wages that just might reach Romney’s grand vision of a $19,000 annual middle-class income that’s $4,000 less than the 2012 federal poverty threshold. Corporations and investors will continue enjoying their thriving economy, and public sector employees will join the ranks of millions of other Americans living at or near poverty. All the while, the wealthy will reap rewards with trillions in tax cuts that Draconian cuts to social safety nets will never make up for, and the nation’s debt will skyrocket. Americans, and the nation’s economy, will comprehend what Romney meant that “a lot of people will suffer” with no hope of recouping their jobs, benefits, homes, or retirement inherent in a vibrant middle-class economy.

Romney’s proposals will help the wealthy’s economy thrive, but like the Bush economy, millions of Americans will suffer and it brings up an important point. It was the Romney and Bain creative destruction model that helped send the world’s economy near the brink of collapse in 2008, and if any American needs to put a face on the Great Recession, they should look no further than Willard Romney. The disregard for employees, communities, and America’s economy is characterized by the Romney’s of the world who measure a thriving economy by their success at acquiring staggering wealth, and if his tenure at Bain Capital is any indication, he will pursue a course that enriches the wealthy and leaves the masses in America competing for jobs in China, South Korea, and India where a good middle class wage is a dollar-an-hour and the prospect of owning a home depends on the size of tent one can afford, and if that is Willard’s idea of a thriving economy, then it makes sense why his wife refers to Americans as “you people.”

13 Replies to “Mitt Romney’s Economic Plan Promises to Make a lot of People Suffer”

  1. Think of WILLARD (you remember the movie “Ben” about the boy named Willard that befriended the rats and sent them on a killing spree) Romney as you contemplate this article.

    Willard wants everyone to put him on some sort of Pillar of the Gods because he made his money by bankrupting companies, raiding the retirement funds, putting companies into deep deep debt that left them with the with the choices of laying off workers, cutting benefits and in most cases, filling for bankruptcy, as Willard and his “investors” (which by the way was MOSTLY Willard himself) giggled off to the bank, leaving “you people” in the wake of all the destruction.

  2. My only objection is that the article characterized de-regulation as something that only Republicans engaged in. The Democrats had a role in this as well and it seems to me that unless we are willing to be honest about this, we cannot re-regulate properly as we will have people who can point to the Democratic role and decide that what they did was fine. I know that I will not be invited to worship at the alter of Bill Clinton for this, but he bears some responsiblity. Without his signature, Glass-Stiegal would still be the law of the land. He was an enthusiastic deregulation advocate.

  3. Clinton was a NEOliberal (I admit I don’t and never did like the man). That’s the people who think that “Free Markets fix everything” (admittedly oversimplified, but accurate). They don’t realize or recognize that the “Free Markets” aren’t free, and that they’re the problem.

  4. Again, I say look to Scott of Florida for where he’d take the nation. Scott just announced that all of the state agencies need to prepare for another 5% cut in funding.

    That will mean more massive layoffs. He’s also trying to deregulate and privatize more of the state’s functions.

    I wish I could pull up my school and all my friends and take them someplace else… and financially be able to leave this damned state as well. I’d do it in a heartbeat, and leave it to the “Good Christians” and their Tea Party leaders.

  5. This man exposes himself daily for what he is: A Vulture Capitalist looking for more to ease the FEAR that drives consumption. No morality here!

  6. Why cannot we pay our way?
    14,000 income 3800 budget
    Why why why why
    2000-2011 we increased revenue by minus 30% and increased spending by 33%
    Who gained from borrowed money? The richest of the rich. Tis shamefil Fear of taxing wealth

  7. While Mitt is in London to watch his horse dance he will be attending a $75,000 a plate fund raiser given by the bankers involved in the Barclay and LIBOR banking scandals.

    So it is ok for a presidendital candidate to accept money from foreigners?

  8. I felt the way you do about Clinton and Glass/Steigal until I found out the bill was passed with a veto proof majority. Clinton could have refused to sign it, but it wouldn’t have made a difference. It was a devastatingly stupid move by Congress, both parties.

  9. From the time that Reagan averred that government is the problem, Republicans have been beating the war drums of deregulation. The deregulation of financial institutions led to the walls of middle class prosperity and living the American dream to come tumbling down. The occupants of this Trojan Horse are the ultra wealthy and the minions pulling said horse forward are the GOP elected lawmakers. They’ve pulled this horse to the gates of the middle class…. and now we are all but destroyed, crushed under the wheels of the 1% Trojan Horse

  10. Yes,after Citizens United,a corporation is allowed to give however much they like to buy an election. And they do not have to disclose where the money is coming from. And since most large corporations are multi-national,that means that foreign corporations are now allowed a say in how much is spent on “our” elections and to whom the money is given. Thanks to a consevative majority on “our” Supreme Court,this disaster of a ruling is now law. We must overturn the Citizens United ruling by sering that Obama is re-elected. Or we’ll just get a staggering amount of like rulings. Eventually only corporations will be allowed to vote if this travesty remains on the books. And since corporations have “personhood” under this ruling,they are covered under Freedom of speech!! Which includes the “freedom” to lie to us. Same with rhe media. Look at how often Fox News outright lies and you’ll see the validity of my argument. Wake up people. While we still have time.

  11. Sammy, did you hear that a number of the British members of Parliament have made an angry statement about Willard – they said the bankers have no business fundraising for Romney and they should help clear up the mess they have made already. There is a lot of anger over there and the Romney fundraiser is now in a secret location in London.

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