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Romney Economics: Didn’t work then – Won’t work now.

Mitt Romney Fudging
Mitt Romney Fudging

From the Obama for America Romney Economics website we have a new video about Mitt Romney’s record of failure as governor of Massachusetts.

Mitt Romney ran for governor of Massachusetts promising more jobs, decreased debt, and smaller government. By the time Romney left office, state debt had increased, the size of government had grown, and Massachusetts had fallen behind almost every other state in job creation.

Romney economics didn’t work then, and it won’t work now:

Obama for America Senior Strategist David Axelrod said in a memo released on Wednesday:

Ten years ago, Mitt Romney told the people of Massachusetts that his experience in business uniquely qualified him to strengthen the state’s economy. Foreshadowing the message of his current campaign, Romney presented himself as a “job creator,” whose experience as a corporate buyout specialist had given him special insight into how to grow the economy.

It was a false representation. For, as even his colleagues have acknowledged, Romney’s goal in business was never job creation. It was to maximize quick profits for himself and his investors, and those profits often came at the expense of the long-term growth of the companies they took over and the well-being of the men and women who worked there. Whether companies succeeded or failed, Romney Economics netted huge profits for him and his investors, but sometimes proved devastating for the middle-class workers whose jobs, benefits and pensions were put at risk.

So what did that experience mean for Massachusetts?

Romney campaigned for Governor on the promises of more jobs, decreased debt and smaller government. He served during a nationwide economic expansion, and when he entered office Massachusetts’ unemployment rate was still below the national average – where it had been for nearly a decade. Republicans and Democrats across the state were hopeful that he would deliver on his promises. When he left office, however, state debt had increased, the size of government had grown, and over his four years, Massachusetts’ record of job creation was among the worst in the nation.

Now Romney’s back, making the same pitch to America that he did to the people of Massachusetts. “I’ve had a real job,” he says. “I think it helps to have a real job, to be able to create real jobs.”

But when it comes to Mitt Romney and his economic philosophy the facts are clear—it didn’t work then, and it won’t work now.

One Comment

  1. Robert Lauten Robert Lauten June 1, 2012

    The US public debt is a minor issue.

    US Public Debt $15.7 trillion as of May 2012
    US nominal GDP $15.46 trillion as of April 2012, (Gross Domestic Product)

    Derivatives and Economic Collapse

    Nine US banks own $228.72 trillion worth of derivatives, that’s 14.6 times the US public debt.
    The Huffington Post article below links to a visualization of the physical size of the nine banks’ derivatives holdings. (Click on any of the pictures for a text description.)

    Your neighborhood Bank of America is B of A + Merrill Lynch. The assets are intermingled.
    Your neighborhood Chase Bank is J.P. Morgan + Chase Bank. The assets are intermingled.
    Etc. etc. for other banks.

    The Glass-Steagall Act 1933-1999 created a separation between commercial and investment banks (Security firms like J. P. Morgan).
    Also remember that Wall Street loves debt, Romney debt, Obama debt, doesn’t matter, – Wall Street is non-partisan.
    Romney doesn’t have a jobs program. Obama doesn’t have a jobs program.
    The LaRouche program for economic recovery is,
    1A) Reinstate the Glass-Steagall Act 1933-1999
    1B) Reestablish the Hamiltonian Credit System of National Banking
    1C) Start the 1960’s NAWAPA infrastructure project

    Robert Lauten

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