Letter: Romney-Ryan would destroy America’s middle class
To the Editor: Romney’s record at Bain Capital should be one of many reasons to vote against him. Instead of being a “white knight” riding to the rescue of a company in trouble, Romney was a classic wall street raider. The Bain Capital record, while Romney was in charge, was recently documented in a lengthy article in the pro-business, Republican-leaning Bloomberg Businessweek magazine.
The method was: 1) Buy a good company in trouble, cheap; 2) Sell off the profitable assets and use the money to pay back Bain’s investment; 3) Borrow as much money as possible and give the money to Bain; 4) Declare bankruptcy and use the bankruptcy to reduce debt, eliminate pension liabilities, and bust union contracts; 5) Pitch company after bankruptcy as being a very good investment, put out an IPO, and trick investors into investing in their company; 6) Cash in their equity with the proceeds of the IPO and walk away with millions, leaving the company heavily in debt. The companies eventually fail, because of debt load, costing investors millions and workers their jobs and pensions.
The same pitch is being made by Romney during the campaign. He is going to reduce taxes by 20 percent, spend $2 trillion more on the military, and eliminate the deficit by closing unnamed loopholes. As President Clinton said: “Do the math. It is not possible.”
This is a snow job, similar to the Bain Capital plan, with voters instead of investors as the target.
As for job creation, Romney didn’t mention all of the jobs lost when the companies were closed. In Romney’s own words, “I like to fire people.” He even wants to fire Big Bird. Does he really think eliminating Sesame Street will balance the budget. Sesame Street was very helpful to us in educating our children. I would hate to see the next generation lose it.