Mitt Romney is not the solution to today’s job crisis, but rather part of the problem. Born to wealthy industrialist George Romney, Mitt was born on third base, thinking he’d hit a triple.
In 1984, Mitt co-founded Bain Capital, a private equity firm that acquired struggling companies and turned them around for profit. Bain would purchase the firm, withdraw all of its assets and send it into bankruptcy, firing thousands of workers. The firm made $58 million from Georgetown Steel before plunging it into bankruptcy.
“Bain Capital replaced longtime managers with bean counters,” longtime steelworker James Sanderson said. “They demanded increasing financial performance with little idea of how daily operations were run.”
Romney said that his tax rate is about 15 percent of his income, a lower rate than what most Americans pay despite an income of over $21 million in 2011. He takes advantage of a loophole that allows him to treat his share of investment profits as capital gains that are taxed at 15 percent, instead of the regular income tax of 35 percent.
On Tuesday, Romney said that he didn’t make “very much” money from speaking fees. Yet the $374,000 he made from appearances is almost eight times more than the average American’s yearly income.
Romney’s tax plan would save millionaires an average of $146,000, but only $138 for middle-class families.
In a sense, Romney is looking out for the wealthy and corporations, but not the middle class. In August, he said that “corporations are people,” comparing the needs of for-profit businesses to the needs of working Americans.
It is quite clear that Romney is completely out of touch with ordinary Americans and will not be the president who paves the way for a prosperous middle class.
Jordan Lewis is the publicity chair for UM Young and College Democrats. He is a sophomore majoring in politcal science.